What is Chainlink (LINK)?
Chainlink is a decentralized oracle network that brings off-chain data, such as asset prices, into smart contracts. It was co-founded by Sergey Nazarov and Steve Ellis, and LINK was sold in a token offering in September 2017, with the mainnet following in 2019.
- Type
- Oracle network token
- Launched
- 2017
- Consensus
- Secured by Ethereum
- Max supply
- 1 billion LINK
- Swap network
- Ethereum
- Sector (Messari)
- Oracles
How Chainlink works
Independent node operators fetch data from many sources, aggregate it and deliver signed results on-chain, so a contract does not have to rely on a single provider. The same network also offers services such as verifiable randomness, automation and cross-chain messaging through CCIP.
What LINK is used for
LINK is how node operators are paid for their services, and it can be staked to back the performance of certain oracle services. It is also a widely held DeFi asset used as collateral on lending platforms.
LINK supply
LINK has a fixed total supply of 1 billion tokens, all created at launch, with no ongoing inflation.
Before you swap LINK
LINK is an ERC-677 token that works like a standard ERC-20 on Ethereum, so you need ETH to pay gas when you later move it from an Ethereum wallet. Bridged versions exist on other chains, so match the network when you withdraw.