Chainlink

What Is Chainlink (LINK)?

‍Chainlink (LINK) is a decentralized oracle network that aims to connect smart contracts on blockchain platforms with real-world data, events, and payments. It provides a secure and reliable way for smart contracts to interact with external data sources, ensuring that the data used in contract execution is accurate and tamper-proof.

Who Are the Founders of Chainlink?

‍Chainlink was co-founded by Sergey Nazarov and Steve Ellis. Sergey Nazarov is a well-known figure in the blockchain industry, with a background in developing decentralized applications and smart contracts. Steve Ellis is a software engineer with expertise in secure systems and decentralized networks.

What Makes Chainlink Unique?

‍Chainlink is unique for its role as a decentralized oracle network, which is critical for the functionality of smart contracts that rely on external data. By providing a secure and reliable way to bring real-world data onto the blockchain, Chainlink enables a wide range of use cases, from DeFi to insurance and beyond, that were previously impossible or impractical.

How Many Chainlink (LINK) Tokens Are There in Circulation?

‍Chainlink has a total supply of 1 billion LINK tokens. As of the latest update, there are approximately 467 million LINK tokens in circulation. The remaining tokens are reserved for various purposes, including incentivizing node operators, funding the project's development, and supporting the ecosystem.

How Is Chainlink Secured?

‍Chainlink is secured through a decentralized network of independent node operators who are incentivized to provide accurate and reliable data. These nodes are required to stake LINK tokens as collateral, which can be forfeited if they provide incorrect data. This mechanism ensures that the network remains secure and trustworthy, as nodes have a financial stake in maintaining their reputation and reliability.

What is the cheapest way to buy chainlink?

Simply buy some EUROs from a decentralized exchange (DEX), then go to TheStandard.io and deposit the EUROs into the Yield Account. Your EUROs will start buying LINK automatically at a discount of 9.1%. This discount comes from the LINK that people exchange on the platform. Remember, you need to stake some TST tokens in the Yield Account too. By doing this, you'll also earn more EUROs, which will be used to buy more crypto, like LINK, at a discounted price.

How do I borrow against my chainlink (LINK) holdings?

To borrow against LINK (Chainlink) tokens with 0% interest using TheStandard.io, here's a simplified and reassured process:

2. Open a Smart Vault on TheStandard.io: Go to TheStandard.io and create a new Smart Vault. This is where you'll lock up your LINK tokens as collateral. Remember, TheStandard.io operates on a non-custodial basis, meaning you maintain control over your private keys throughout the entire process. Your assets remain under your control, ensuring that you never have to trust TheStandard.io with your tokens.
3. Deposit LINK as Collateral: Directly deposit your LINK tokens into the Smart Vault. The amount of stablecoins you can borrow is determined by the value of your LINK and the platform’s collateralization ratio, providing a flexible way to access liquidity based on your holdings.
4. Borrow Stablecoins: With your LINK secured in the Smart Vault, you can borrow stablecoins, such as the Standard Euro (EUROs), at 0% interest. This allows you to leverage your crypto assets for liquidity without needing to sell, ideal for meeting immediate financial needs or taking advantage of other investment opportunities.
5. Manage Your Smart Vault: Use TheStandard.io’s intuitive dashboard to monitor and manage your Smart Vault. You have the flexibility to adjust your collateral by adding more LINK if needed to enhance your borrowing limit or to maintain a safe collateralization level.
6. Repay Your Loan to Unlock Your Collateral: When you're ready, repay the borrowed stablecoins to release your LINK tokens from the Smart Vault. The 0% interest rate means you only need to repay the principal amount, making it a cost-effective option for accessing funds.
7. Stay on Top of the Collateralization Ratio: Keep an eye on the market and your collateralization ratio. Since TheStandard.io is non-custodial, you're in full control to respond to market changes by adding collateral or repaying part of your loan to avoid liquidation risks.
8. No Liquidation Surprises: In the event the market value of LINK decreases, ensure your Smart Vault's collateralization ratio doesn't fall below the required threshold (110%) to prevent liquidation. TheStandard.io's non-custodial approach means you can manage your assets and decisions without intermediaries, offering a transparent and secure way to borrow.

TheStandard.io provides a secure, transparent, and user-friendly platform for leveraging your LINK tokens without selling them. The non-custodial nature of the platform ensures that you retain control over your assets and private keys, offering peace of mind and security in your DeFi transactions.

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