Chainlink (LINK) has now become a household name in the crypto arena. It is presently the most valuable DeFi token by market capitalization, following a surge in interest by crypto traders and investors, since the era of the COVID-19 pandemic, and has continued to attract many crypto fans globally.
Data retrieved from Coingecko revealed the fifth most valuable crypto by market capitalization, at the time this report was written was trading at $12.56, with a daily trading volume of $1.4 billion.
READ: FIRS inaugurates online portal for financial institutions in the country
Its market capitalization presently stands at $4.82 billion, only trailing the likes of Bitcoin, Ethereum, Tether and Ripple.
Quick fact: Chainlink is a blockchain that is designed to bridge the space between blockchain technology-based smart contracts (created by ETH), and other user programs. It has a circulating supply of 390 million coins and a max supply of 1 billion coins.
READ: Fastest growing cryptocurrency, Compound (COMP) up over 143% in 24 hours
Since blockchains by principle can’t have access to data outside their paths or networks, a DeFi instrument is needed to facilitate data feeds in smart contracts, and Chainlink helps to solve such needs.
What you should know: Chainlink is a DeFi based token, as Defi means “decentralized finance.” It is a crypto ecosystem made up of financial apps designed on leading blockchain platforms.
READ: Ethereum loses more than 10%, plunges below $340
These digital assets are designed on Ethereum codes, and usually exhibit characteristics that include having protocols and financial smart contracts.
It should also be noted that about a year ago, Chainlink announced that Google was integrating Chainlink into its approach to smart contract adoption on how users could use Chainlink to connect to BigQuery, one of Google’s most popular cloud services.