Chainlink token price pumped 60% a few days ago after Google Cloud said they will support link. I didn't pay much attention to this token until the Google Cloud announcement. I did a little digging today and would like to share this with my readers. Here's how chainlink token works in the link ecosystem:
Chainlink is used by node operators as collateral. Node operators with more link get higher rewards. That's how chainlink gets its main usecase.
Node operators or a pool like linkpool uses chainlink to make more chainlink. You can pool your link on linkpool to get a cut from the total rewards linkpool receives.
Link doesn't have much use at the moment. Linkpool made 1629 tokens in two weeks.
Distribution of the earned $LINK from our node is complete! Just over 1629 LINK was sent to all our holders. View our ownership dashboard within our app for your exact amount.
The price is mostly speculative at the moment. The holders are speculating on the success of link and its utility.
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