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Top Cryptos to Watch This Week: Fantom (FTM), Chainlink (LINK), Pendle (PENDLE)

By May 20, 2024May 21st, 20244 minute read
Note: This blog is written by an external blogger. The views and opinions expressed within this post belong solely to the author.

Even after a month of Bitcoin Halving, there is no sign of a bull run. Bitcoin is still struggling to cross its all-time high, and the crypto community is in a dilemma: whether to keep HODLing or sell its digital assets to avoid further losses.

Even in this critical situation, various altcoins are making efforts to increase their gains, and we keep an eye on the top cryptos that shine on a weekly basis. Let’s have a look at the top-performing cryptos of this week: Fantom (FTM), Chainlink (LINK), and Pendle (PENDLE).

#1 Fantom (FTM)

Fantom is a decentralized, permissionless, open-source smart contract platform for Decentralized Applications (dApps) and digital assets. It is one of several blockchain networks designed to compete with Ethereum. The Fantom blockchain mainnet launched in December 2019, and its network architecture aims to address the blockchain trilemma by maintaining a stable balance of scalability, security, and decentralization.

Fantom aims to deliver greater scalability and lower costs than the legacy first-mover smart contract platform Ethereum 1.0 can. The platform’s infrastructure is connected via its Asynchronous Byzantine Fault Tolerant (aBFT) Proof-of-Stake (PoS) consensus method, which ensures the network’s operating efficiency. The aBFT network topology is optimized for security while optimizing performance.

The price of Fantom (FTM) on WazirX is INR 75.963 today. According to CoinMarketCap, the 24-hour trading volume is $318,850,973, with a circulating supply of 2,803,634,836 FTM and a market cap of $2,457,731,888.

Fantom (FTM) is experiencing a price surge due to a major rebranding initiative, introducing a new S token and renaming the network to Sonic. The rebranding includes launching the Sonic Network, a new layer-1 blockchain with enhanced performance and a native layer-2 bridge to Ethereum. The Fantom Foundation has allocated substantial funds to support Sonic’s ecosystem development, including marketing, business development, and migration grants. A dual-support system will also ensure continuity for current users while promoting migration to the more efficient Sonic Network, driving investor interest and boosting FTM’s price.

#2 Chainlink (LINK)

Chainlink is a blockchain abstraction layer established in 2017 that allows for globally connected smart contracts. It is a Decentralized Oracle Network (DON) that enables blockchains to communicate safely with outside data feeds, events, and payment methods. Chainlink also provides the essential off-chain data advanced smart contracts require to emerge as the main digital agreement form.

The price of Chainlink (LINK) on WazirX is INR 1,472.39 today. According to CoinMarketCap, the 24-hour trading volume of LINK is $719,385,876, with a circulating supply of 587,099,970 LINK and a market cap of $9,771,603,753.

Chainlink (LINK) has experienced a price surge due to a recent bullish rebound, consistent trading volume, and breaking past key resistance levels. The price surpassed the critical $16.42 mark, attracting new liquidity and setting the stage for further gains. The token’s rise above the 20-month consolidation and the formation of a triple bottom near $13 have fueled optimism among investors. As LINK continues to climb, it aims to reach targets beyond $20, potentially hitting yearly highs of around $21.8. The strong bullish sentiment and robust market interest suggest continued upward momentum for Chainlink.

#3 Pendle (PENDLE)

Pendle is a permissionless DeFi protocol that allows tokenizing and trading future yield using an Automated Market Maker (AMM) mechanism. This yield-trading protocol is implemented on the Ethereum network and EVM-compatible chains Arbitrum and Avalanche, and it offers a platform where users can apply various sophisticated yield strategies. Pendle fundamentally enables people and protocols to make the most of their profits, regardless of the market’s current condition.

The main objective of Pendle Finance is to create an environment for crypto investors who own yield-generating assets with time decay, allowing them to increase their profits and lock in prospective gains upfront. Additionally, without requiring underlying collateral, the protocol gives traders direct exposure to future yield streams.

The price of Pendle (PENDLE) on WazirX is INR 474.995 today. According to CoinMarketCap, the 24-hour trading volume is $130,952,625, with a circulating supply of 153,950,564 PENDLE and a market cap of $822,047,727.

Pendle (PENDLE) has surged due to its unique approach to tokenizing yield. Currently priced at $5.30, it has seen a 6.55% increase in the last 24 hours and a significant 31.39% rise over the past week. This has boosted its market value to $809.1 million, with a robust trading volume of $108.2 million in the last 24 hours. Pendle’s protocol allows for tokenizing and exchanging future yield, featuring a new AMM that handles assets with time decay. This innovation gives users more control over future yields, attracting market interest and driving the price surge.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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Shashank is an ETH maximalist who bought his first crypto in 2013. He's also a digital marketing entrepreneur, a cosmology enthusiast, and DJ.

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