LINK is a decentralized oracle network. It aims to serve as a middleware between smart contracts on smart contracting platforms and external data sources, allowing smart contracts to securely access off-chain data feeds.
Chainlink is currently the highest-valued DeFi cryptoasset by market capitalization (CoinGecko) and is the consistently the leader by daily volumes. In addition, the cryptoasset has a consistently dedicated community (Link Marines) which could be tapped into via a potential listing.
I’m reusing some of the metrics that @mykha2 used as I think they present a strong case for LINK to the same extent that they do for DOT. As he pointed out, there’s a large drop-off in perp. swap volumes from BTC and ETH but LINK has comparable volumes to that of both LTC, BCH, XRP, and DOT.
I don’t have easy access to historical data for Uniswap swap volumes on a per token basis but LINK is consistently one of the most traded tokens on Uniswap (when stablecoins and rebase coins are removed). Today it has traded more than all other DeFi blue chips with the exception of UNI. Listing the coin seems to straddle a nice balance between appealing to the traditional perp. swap users (the archetypical Binance trader) with the DeFi native.
- LINK is the most popular and most-traded DeFi cryptoasset with a sizeable community who may be keen on decentralized leveraged trading.
- Historical data provides some evidence that listing LINK would be the most low-risk DeFi asset listing and given the success of YFI thus far, we should expect similar volumes for LINK.
- Given LINK’s popularity w/ traditional perp. swap markets this listing seems like a nature fit and a balance between appealing to traditional perp. swap traders and the DeFi-native user.
- Chainlink has support for LINK/USD pair.
- Description for LINK has been taken from Messari.