Chainlink is an oracle platform that facilitates the creation of advanced blockchain applications, enabling interoperability across various blockchains and existing systems.

How does Chainlink work?

Chainlink operates as a decentralized oracle network, connecting smart contracts with real-world data and providing a secure interoperability layer for different blockchain networks.

What are the key features of Chainlink?

Chainlink is an open-source platform that enhances blockchain interoperability and supports decentralized applications, protecting financial assets in DeFi.

What are the risks associated with using Chainlink?

Users should be aware of the volatility of digital asset prices, verify contract addresses, and understand the implications of self-custody and centralized platforms.

Where can I find official resources for Chainlink?

Official resources for Chainlink can be found on their website at https://chain.link/ and their whitepaper at https://chain.link/whitepaper.

How can I verify Chainlink before acquiring it?

Verify the asset name, network, and contract details before transferring. Ensure the destination address is correct and review custody methods.

Chainlink (LINK)

Rank #13

Market snapshot

Price: $10.56
Market cap: $7.9B
24h volume: $666.0M
Circulating supply: 748,099,970.4249
Total supply: 1,000,000,000
Max supply: 1,000,000,000

What is Chainlink?

Chainlink is an oracle platform designed to create advanced blockchain applications. It allows different blockchain networks and existing systems to interoperate, embedding critical data and compliance features to enhance functionality.

How Chainlink works

Chainlink operates as a decentralized oracle network that connects smart contracts with real-world data. It provides a secure interoperability layer, simplifying operations across various custodians, venues, and blockchain networks. This functionality enables seamless data transfer and integration between different blockchain ecosystems.

Key information

Symbol: LINK
CMC rank: #13
Network / platforms: ApeChain, Arbitrum, Astar, Avalanche C-Chain
Categories: N/A
Date added: Sep 20, 2017

Contract address

Contract addresses are stored from CoinMarketCap metadata and are shown as recorded. CoinLoom does not independently certify them as official.

ApeChain
0xf575731b78981B86d34321d875A3D25a48479be6
Arbitrum
0xf97f4df75117a78c1A5a0DBb814Af92458539FB4
Astar
0x31efb841d5e0b4082f7e1267dab8de1b853f2a9d

Key characteristics

Chainlink is an open-source platform that supports the development of decentralized applications. It is designed to enhance blockchain interoperability by allowing assets to move across different ecosystems, thus unlocking new use cases such as lending and staking. Chainlink's decentralized security architecture has been proven to protect substantial financial assets in decentralized finance (DeFi).

Documented uses

Chainlink enables assets to move and be utilized across different blockchain ecosystems, unlocking deeper liquidity and new use cases, including lending, staking, and settlement. Additionally, it supports secure and compliant blockchain interoperability, as demonstrated in various projects like Project Guardian.

Official resources

Risks

Digital asset prices can be volatile and can change materially. Users should verify the contract address and network before transferring assets. Self-custody requires secure private-key and recovery-phrase handling. Centralized platforms can involve operational, custody, and counterparty risk. Availability and regulatory treatment can vary by jurisdiction. Transaction finality and reversibility can differ by network.

Transfer and custody notes

Verify the asset name, network, and any supplied contract details before transferring. Verify destination address and network before sending assets. Review the custody method, including self-custody versus a third-party platform. Understand that transfers may be irreversible and that CoinLoom does not confirm exchange availability.

FAQ

What is Chainlink?: Chainlink is an oracle platform that facilitates the creation of advanced blockchain applications, enabling interoperability across various blockchains and existing systems.
How does Chainlink work?: Chainlink operates as a decentralized oracle network, connecting smart contracts with real-world data and providing a secure interoperability layer for different blockchain networks.
What are the key features of Chainlink?: Chainlink is an open-source platform that enhances blockchain interoperability and supports decentralized applications, protecting financial assets in DeFi.
What are the risks associated with using Chainlink?: Users should be aware of the volatility of digital asset prices, verify contract addresses, and understand the implications of self-custody and centralized platforms.
Where can I find official resources for Chainlink?: Official resources for Chainlink can be found on their website at https://chain.link/ and their whitepaper at https://chain.link/whitepaper.
How can I verify Chainlink before acquiring it?: Verify the asset name, network, and contract details before transferring. Ensure the destination address is correct and review custody methods.

Related cryptocurrencies

View all cryptocurrencies