It’s no secret that the crypto market has been in a state of free fall for the better part of the year. After hitting historic highs, the market has come crumbling down. However, an interesting trend has emerged in recent months. Some of the most popular tokens like Chainlink (LINK) and Curve DAO (CRV), once considered the darlings of whale investors, have lost investor trust en masse. Surprisingly, the up-and-comers like Snowfall Protocol (SNW) are leading the market recovery. Let’s see what’s happening with these tokens.
Chainlink (LINK) enables universally connected smart contracts by allowing blockchains to interact with external data sources. Many blockchains rely on Chainlink to supply real-world data on events, payments, etc. Chainlink allows the swift execution of smart contracts without the involvement of third parties. Although Chainlink offers strong utility, it has largely struggled to attract funding. The recent launch of staking on the platform hardly produced a noticeable impact on its price chart.
Currently, Chainlink has hit a support price in the vicinity of $5.5 and is trading sideways. If Chainlink breaches $4.8, it’s another free fall for the token. These are dangerous times to be a Chainlink investor.
Curve DAO (CRV)
Curve DAO (CRV) is a decentralized cryptocurrency for stablecoins. Curve DAO acts as an automated market maker (AMM) and tries to fetch the best prices for both buyers and sellers without an order book. By offering staking and yield farming opportunities to users, Curve DAO supplies the liquidity required to execute speedy transactions on its platform. And CRV is Curve DAO’s governance token which gives token holders voting power over the decision-making process of the platform’s future.
In theory, Curve DAO offers several benefits that should make it a huge hit among investors. However, Curve DAO’s hay day was its launch day. Since then, Curve DAO has racked up nothing but losses. Even the collapse of FTX, which gave a sudden shot in the arm for many dexes, did not have any sustainable positive impact on Curve DAO. Most investors have written off Curve DAO as a bad investment.
Snowfall Protocol (SNW)
Snowfall Protocol (SNW) is an interoperability bridge that connects multiple blockchains. It’s the most ambitious project trying to create an interconnected multiverse where users can buy or win NFTs on one platform and use them on another. Snowfall Protocol’s (SNW) vision has captured the imagination of retail investors and whale investors alike.
During the three rounds of sales that Snowfall Protocol (SNW) has held, it has already generated over $3 million in funds. Snowfall Protocol (SNW) offers several other benefits like staking, yield farming, token swapping, liquidity for transactions, lending, borrowing, etc. Although the platform is set to launch in early February, Snowfall Protocol (SNW) has already published a beta dApp on the blockchain to give developers a sneak peek into the future. Between the presale and stage 3 sale, SNW’s price grew by over 450%. Naturally, investors are rushing to buy the token. Its double-digit growth yesterday is hardly surprising.
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