Okay, I thought about this for some time and I think it’s time to take a step back from Decentralized Finance and take a look at some monster projects with tremendous potential.
The first one that popped into my mind when I thought about the above criteria was Chainlink. Not only this, its native cryptocurrency, LINK, just painted a fresh all-time high. Take a moment to think about it - it’s one of the very few cryptocurrencies that managed to accelerate at a rate that LINK did and it’s well above its 2017 value.
Here, we will take a closer yet simple look at what Chainlink is and where to buy LINK tokens (with leverage).
What is Chainlink?
First of all, it’s worth noting that back in the prolonged bear market of 2018, a lot of projects perished to unthinkable depths and had very hard times. Chainlink wasn’t one of them. It straight-off defied the bearish market.
That’s because it actually brings something to the table.
You see, blockchains are terrific because they don’t require trust - they use math to take that out of the equation. To be more specific, they use cryptography and decentralization. However, there’s one serious problem - in the world of blockchain, it’s every man for himself. In other words, you can picture every blockchain as its own universe. This is where Chainlink steps into the picture.
The guys behind Chainlink came up with a way to get information in and out of a certain blockchain without having to compromise security, trust, and decentralization.
The sources of information between the real world and blockchain are known as oracles. Chainlink created a network of nodes that provides information to and from the blockchain. This has become a very important piece of smart-contract infrastructure.
Chainlink oracles, as those pieces of information are called, can deliver important data such as event results, price feeds, links to traditional payment systems, and so forth. And it does all of this without compromising security or decentralization.
What are LINK tokens?
Chainlink’s network uses a token based on the ERC677 standard called LINK. It inherits its functionality from the ERC20 token standard.
It’s used for payment of the data providers who translate the data into the blockchain. This information is then paid for by the purchaser.
So, essentially, the primary way to acquire LINK tokens is through becoming a data provider on the network.
Of course, LINK is one of the biggest cryptocurrencies, and, as such, is listed on almost every major exchange.
I prefer buying it through FTX, though. This is mostly because the exchange has a lot of other options such as volatility trading and whatnot and I somehow prefer it to Binance Futures. You can also buy it at spot on FTX, which is quite convenient. You can trade it with a leverage factor of up to 101x.
Alternatively, you can just click on the below image:
Disclaimer: None of the above content is financial advice. The information hereby provided is for educational purposes only. Do your own research before investing in cryptocurrency. Trading cryptocurrency, especially with leverage, comes with a serious risk of capital loss. Be careful! Never trade with money that you can’t afford to lose!