Categories: News

Why ChainLink is the Hottest DeFi Coin Right Now

ChainLink (LINK) is a decentralised system that verifies real world data within blockchain-based smart contracts. It was formed in 2014 by CEO Sergey Nazarov. The token has subsequently become one of the most envied in the world, largely brought about by the world’s increasing interest in blockchain-based payment systems and cryptocurrency as an alternative to fluctuating fiat currencies. It currently has a circulating supply of 390 million coins and a maximum supply of 1 billion coins.

As blockchain is an inward looking process and cannot access data outside of its scope, a (decentralised finance) DeFi system facilitates data feeds into smart contracts. ChainLink performs such a job, thus making it highly sought after.

Nairametrics reported that ChainLink is now the most valuable DeFi coin on the market. More crypto traders and investors have turned to the coin in the wake of the global Covid-19 pandemic, and it continues to garner fans the world over. Its market capitalisation stands around $4.82 billion, surpassed only by its competitors Bitcoin, Ethereum, Ripple, and Tether.

ChainLink is a DeFi-based system. This is a crypto environment that includes crypto apps designed on the foremost blockchain platforms.

According to Medium.com, the current price of a LINK stands at $3.44, although it could easily rise to $25 by the end of 2020. This makes the coin extremely sought after. It can expect major gains in times to come despite being relatively cheap at the moment. One is able to buy the coin on cryptocurrency exchanges such as Coinbase and Binance.

Although Coindesk reported that the September returns on the currency were poor, there are expectations that this will soon increase. However, there are always risks when it comes to cryptocurrency, as Cryptolydian recently reported.

Raïs Tarek

Journalist and lawyer, with a passion for global politics, economics and current affairs.

Recent Posts

The Most Important Things to Look Out for In Your Potential Crypto Broker

At its inception, cryptocurrency was traded solely through unique and dedicated cryptocurrency exchanges, or via…

2 months ago

KuCoin Hacker Moves $4.5M of Stolen XRP

KuCoin logo [...]

2 months ago

China Holds Half of Global Blockchain Patents in 2020

China has applied for 4,435 blockchain patents so far, accounting for about half of the…

2 months ago

Bahrain Allows UK’s Fasset to Test Blockchain-Based Solutions

Central Bank of Bahrain [...]

2 months ago

Deep Divisions Over Cryptocurrency Risks, Says Survey

Divided opinion on the perceived risks of cryptocurrency, including the links between cryptocurrency and illicit…

2 months ago