StrongBlock launches DeFi protocol but token prices slump 70%

Just-launched DeFi protocol StrongBlock has announced the integration of Chainlink oracles - however its native token's price tumbled 70% today.

StrongBlock says that low quality and insecure blockchain nodes can be unreliable and provide erratic market data, especially if they get out of synch.

The protocol's core concept is to shift the emphasis away from rewarding validators, to rewarding node security, as a way to improve public blockchain performance.

Mining rewards are in the form of Ethereum and Chainlink tokens and StrongBlock announced Sept. 30 it had integrated Chainlink's price oracles for LINK/ETH and ETH/USD to determine the prices of its own token called STRONG. With a total supply of 10 million STRONG, around 4.89 million have been allocated to the shareholders, founders, and team.

A third of this allocation was unlocked along with the DeFi protocol launch and it appears some are being dumped.

StrongBlock, launched its Blockchain-as-a-Service platform in February 2020, and selected the Ethereum network due to the network effects of the blockchain hosting the majority of DeFi platforms.

CEO and co-founder of StrongBlock, David Moss, acknowledged that Ethereum is the heart of DeFi at the moment, and that EOS does not have as much support at present.

The protocol is looking for existing and new Ethereum full nodes to be listed in order to start earning mining rewards.

A guide was published on September 24 to advise on the requirements of getting a node listed on the protocol.

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