CHAINLINK price, news and Forecast (LINK US DOLLAR)
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CAKE price bottoms out as PancakeSwap announces $25 million burn
PancakeSwap’s price increased nearly 3% on Monday after the decentralized exchange platform on the Binance Smart Chain announced a token burn of more than 8.9 million CAKE tokens, collected from trading fees across Automated Market Makers Version 2 and 3 of the platform.
Ripple lawsuit to see SEC response on Monday, XRP nears 4.5 million mark in liquidity pools
Ripple closed above $0.52 on Sunday and resumed its climb on Monday, May 6. Sentiment among market participants is positive as traders await Securities and Exchange Commission response filing and XRP locked in Automated Market Maker liquidity pools crosses 4.31 million.
Crypto AI tokens post near double-digit gains amidst launches from NVIDIA, OpenAI and Amazon
AI-based cryptocurrencies have experienced nearly double-digit or higher gains on Monday, well above the price increases seen among the main crypto assets, likely fuelled by recent announcements of new developments from AI and tech giants in the US.
Addressing the crypto investor dilemma: To invest or not? Premium
Bitcoin’s consolidation crosses the two-month mark but shows no signs of a breakout or a directional move. Investors waiting with bated breath for a volatile move remain confused about whether to buy the dips or keep some cash reserves for a rainy day.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
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WHAT IS CHAINLINK?
Chainlink is a decentralized oracle network that greatly expands the capabilities of smart contracts by enabling access to real-world data and off-chain computation while maintaining the security and reliability guarantees inherent to blockchain technology.
LINK tokens are the digital assets used to pay for services on the network.
Characteristics of Chainlink
Chainlink main objective was creating a blockchain that allows users to connect with real world data.
- Chainlink makes it possible for users to work with off-chain data.
- It offers the possibility of making payments through a contract to any payment system or banking network.
- Its users can use smart contracts which includes an oracle reputation called a service level agreement. It punishes the oracles that violate network rules or provide incorrect data.
- Uses an aggregation contract to collect all the off-chain oracles’ data to create a weighted aggregate response.
Differences between Chainlink and Bitcoin
Which are the main differences betweeen LINK and BTC?
- LINK demand and value of the tokens is directly correlated to the number of operators that offer off-chain services to the system.
- The LINK token is described by developers as an ERC-20 token, with the additional ERC-223 “transfer and call” functionality.
- The LINK token sale was capped at $32 million, with a total supply of 1 billion LINK tokens.
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