Avalanche (AVAX) and ChainLink (LINK) have both been affected by the recent market downturn. Avalanche traded at highs above $130 but has now fallen to a price of $18. ChainLink (LINK) has also seen its value plummet with the coin hitting highs of $50 last year and now trading at $7. Despite market pressures, ChainLink is expected to recover as its oracles are still in demand.
The path for Avalanche is less clear as the DeFi market may struggle to recover in the high interest rate environment. Chronoly.io is a new project that can help investors diversify their crypto investment goals. With a decentralized platform for luxury watch investments, the Chronoly CRNO token will benefit when more investors learn about the project. The CRNO token rewarded early investors by moving from $0.01 at $0.05 but the real gains may be yet to come.
Avalanche (AVAX) Hit by DeFi Market Collapse
Avalanche had to distance itself from struggling hedge fund Three Arrows. AVAX developers said in a tweet that Three Arrows never had control of Avalanche’s treasury. The statement comes after Three Arrows failed to meet margin calls and faced liquidation. The threat to Avalanche is that Three Arrows will be forced to shed its stake in the project. The fund’s problems increase the downside of projects like Ethereum and Avalanche at risk of further losses.
ChainLink (LINK) Oracles will always be in demand
ChainLink (LINK) was also hit by the bear market, but unlike some other projects, business is business as usual at LINK. The project still sees demand for its pricing oracles despite the downward trend. Moonbeam, which is a popular Polkadot parachain, has announced that it will integrate Chainlink pricing feeds into its smart contracts. Moonbeam developers can now leverage the oracle network to access secure price data and the project adds to the list of those who have used the ChainLink platform.
Chronoly.io could be a safe haven against Market Pain
Chronoly.io is a new project and investors are considering it in these troubled times as they look for crypto projects related to real world assets. Funds like Three Arrows are being forced to liquidate investments and other altcoins are at risk of being dragged down by liquidations of large institutions.
Chronoly has created an NFT trading platform for luxury watch investing that will allow investors to authenticate and trade investment-grade luxury watches the same way they would trade stocks.
Chronoly creates NFTs for every luxury watch that is in its vault and splits the NFT allowing anyone to own part of a luxury watch like a Rolex. Many projects are struggling because they have no tangible assets or real utility and Chronoly brings the best of both worlds. Projects CRNO token can be staked for a passive income and it will also defend crypto investors against rising interest rates and inflation. Some analysts have predicted a price target of 5000% for CRNO in the longer term. Investors who like to invest in projects early before they catch mainstream attention might consider adding Chronoly.io to their watch list.
More information on the Chronoly.io presale here: