2023-09-28
Chainlink’s is a decentralized oracle
network. Its role is to store real-world information into blockchains. An
oracle like Chainlink takes real-world off-chain data and bring it on-chain to create decentralized data.
Chainlink founded by Sergey Nazarov,
Steve Ellis, and Dr. Ari Juels. It was created in 2017.
Chainlink’s products and services
It enables cross-chain
interoperability.
Market and data feed has powered DeFi
platforms like Aave, Synthetix, Compound, Lido.
5. VRF (Verifiable source of randomness)
It has been used by Paxos, Aave,Gemini,
etc.
LINK token utility
LINK tokens are ERC-677 tokens. You can
send or receive LINK on Ethereum.
According to Chainlink document
1. LINK tokens use for paying Chainlink services.
Link tokens use for paying Chainlink services.
Chainlink node operators get paid for their works of retrieving data for smart
contracts.
2. LINK tokens use for staking.
LINK tokens holders can stake LINK to
help secure oracle services and earn rewards from staking. Staking is a mechanism
to make sure that node operators are up and running.
To summarize LINK tokens are utility
tokens use in Chainlink platform.
Chainklink has 45.69% market share with
$11.427 billion in total value secured (TVS). Most of DeFi protocols use
Chainlink. Chainlink has been used by 344 DeFi protocols such as Aave,
Compound, Spark, Synthetix, dYdX.
Chainlink is the most valuable oracle token. It has the most market share in oracle service. Furthermore, Chainlink is expanding to blockchain interoperability. Cross-chain communication is a growing sector in the cryptocurrency industry.
Chainlink (LINK)
Ranking: 17th
largest crypto by market cap.
Market cap: $4.308 billion.
Fully diluted market cap: $7.738 billion.
Max supply: 1 billion LINK.
Circulation supply: 556,849,970 LINK (55.68%)
As of September 28, 2023.
