Over the last few months there has been a lot of interest around ChainLink (LINK). Although the project has been around since 2017, it just came into the limelight after its launch a year ago. Its popularity is based on the role the project is playing in the Decentralized Finance (DeFi).
Since hitting a high of $19 on August 17 the ChainLink (LINK) price has been on a free fall. After an impressive growth to hit the $6.7 billion in MCap the token is now ranked eighth after dropping from rank 5 by market capitalization.
ChainLink (LINK) Use Case Relevance
Investors who bought LINK in mi August at around $19 might feel short charged after the token shed almost 50 percent of its value. However, the project is very promising given its real world use case. The platform offers additional efficiency in DeFi space and demand for the service is on the rise given the current decentralized finance hype.
With the current economic meltdown, more people are seeking for loans and insurance and the blockchain technology is the right option. The ChainLink route to the market is clear cut giving it an edge over other projects in the same niche.
ChainLink Crypto Staking Feature
Though the LINK price has seen a drop of 3% to change hands at $10.07 in the last 24 hours, it has seen a 13 percent growth in the last 7 days. Interestingly the platform partnership with the popular Google Cloud is a major boost from a partner who has been against crypto projects.
With the ChainLink crypto staking feature, you can now stake digital tokens that are idle and make some profits. Not many crypto platforms offer an environment where you can earn passive income giving ChainLink an upper hand in the market.
Investing in crypto is an individual choice and this write up is just a personal opinion. However, the DeFi sphere is still very young in a highly dynamic digital money market. A little research on your part should act as your guide before investing.
