Blog Borrowing Chainlink (LINK) coin review: What you need to know

Chainlink (LINK) coin review: What you need to know

date February 18, 2021 time 3 min read 253 views

What is the Chainlink coin, LINK? It’s the crypto powering the Chainlink protocol, a decentralized oracle network built to improve smart contracts. LINK has gained over 418% in value since July 1, 2020. Here’s what you need to know about it today.

Chainlink coin helps improve smart contract interconnectivity and data
Chainlink coin helps improve smart contract interconnectivity and data
(source: academy.ivanontech.com)

Chainlink coin, better known as LINK is among the top 5 most valuable cryptocurrencies by market capitalization. 

Following a surge in interest by crypto traders in 2020, LINK gained about 451% in 6 months with a market capitalization value of about $3.35billion. In July of 2020, it was even announced that some of the top banks in Korea would send forex data directly through Chainlink protocol.

We’re going to dive into why the Chainlink price got so hot and how you can buy it for the best prices on the market.

Chainlink was created in June of 2017 to build the “ultimate decentralized oracle network.” The protocol collects data from all over the net and feeds it into smart contracts making them more reliable and trustworthy.

What’s an oracle in crypto? –  Oracles are bridges between blockchains and the outside world. They provide outside information like pricing and transaction times to processes like smart contracts to improve accuracy.

LINK is used to pay for services on the Chainlink network and reward nodes for providing accurate information to the network.

The increase in Chainlink coin price means it is the fastest growing cryptocurrency in the market today
The increase in Chainlink coin price means it is the fastest growing cryptocurrency in the market today (source: honestcrypto.io)

For years, Chainlink gained a rep for consistently making partnerships and integration announcements no matter which way the market moved. Chainlink already has significant partnerships with huge tech players like Oracle and Binance (the largest centralized crypto exchange).

Recently, Chainlink also made major moves into decentralized finance (DeFi) collaborating with notable partners like SWIFT, Zeppelin OS, Wanchain, Signal Capital, request network, and more. With the huge uptick in DeFI platforms, LINK adoption has skyrocketed.

The coin has also notably gained a large following on social media sites like Reddit, Twitter, and 4chan.

Wondering where to get Chainlink coin? Let’s run through a couple of different ways to purchase and store LINK.

LINK is quite popular these days so there are many places you can purchase or earn it including:

  • Credit/debit card purchases in fiat on sites like Kraken and Crypto.com
  • By trading crypto on major exchanges like Binance or OKEx
  • Through staking on the Chainlink network.
You can purchase Chainlink coin with a debit or credit card
You can purchase Chainlink coin with a debit or credit card (source: pxhere.com)

Chainlink coin is an Ethereum-based ERC20 token. It can be stored on most major Ethereum wallets including:

  • Mobile wallets like Trust wallet and Atomic wallet
  • Web wallets such as Metamask or MyEtherwallet
  • Hardware wallets such as Trezor, Ledger, Nano S, and Bluetooth-enabled Ledger Nano X

Tip: To avoid being hacked and ensure the safety of your stored funds, always store your crypto assets in a wallet where the private key is secured and never exposed online.

You can leverage your crypto to get LINK loans at better prices than exchanges through platforms like MyConstant.

We’re a P2P lending platform offering crypto-backed loans sourcing the best prices from major exchanges so you don’t have to.

When you withdraw your loan in LINK with crypto-credit on MyConstant you get:

  • To select your rate and term
  • Borrow from as low as 6.5% APR
  • Your collateral secured in a secure third-party wallet
  • The best exchange rates. Guaranteed.
  • No extra fees
  • 24/7 customer service
  • Borrow against 70+ different cryptos

Buy LINK on MyConstant and get in on one of the most exciting DeFi products in the crypto world today without selling your crypto. Sign-ups are free. Loans are quick and secure.

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