Chainlink

Halal Rating :
Comfortable
Last Price $26.3 Last updated:
Rank 11
1D Change 11.28 %
Market Cap $16.77b
Circulating supply 638,099,970
Maximum supply None
Crypto Overview Crypto Impact

Crypto Overview

Categories
  • Platform
  • DeFi
  • Oracles
  • Smart Contracts
  • Ethereum Ecosystem
  • Substrate
  • Polkadot
  • HECO Ecosystem
  • Avalanche Ecosystem
  • Solana Ecosystem
  • Framework Ventures Portfolio
  • Polygon Ecosystem
  • Fantom Ecosystem
  • Cardano Ecosystem
  • Web3
  • Near Protocol Ecosystem
  • Arbitrum Ecosystem
  • Cardano
  • Injective Ecosystem
  • Optimism Ecosystem
  • Real World Assets
  • Celsius Bankruptcy Estate
  • Gnosis Chain Ecosystem
  • Sora Ecosystem
  • Hoo Smart Chain Ecosystem
  • Milkomeda Ecosystem
  • Energi Ecosystem

Purpose and Utility

Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. It solves a fundamental problem in blockchain technology known as the 'oracle problem' by providing a reliable way to connect blockchain applications with external data sources.

Business Model

The LINK token serves as payment for node operators who provide data to smart contracts. Node operators must stake LINK tokens as collateral to ensure honest behavior. This creates a clear utility-driven ecosystem where the token facilitates real economic activity.

Real-World Adoption

Chainlink has achieved significant adoption with over 1,000 projects integrating its oracle services. Major partnerships include Google Cloud, SWIFT, and numerous DeFi protocols. The network secures billions of dollars in smart contract value across multiple blockchains.

Platform Development

The project maintains active development with regular updates and improvements. Recent developments include the implementation of staking v0.1, Cross-Chain Interoperability Protocol (CCIP), and Dynamic NFTs. The GitHub repository shows consistent commits and contributions.

Token Distribution

Chainlink has a transparent token distribution model. 35% was sold in the ICO, 30% reserved for node operators and ecosystem development, and 35% held by the team. Team tokens have vesting periods to ensure long-term alignment.

Crypto Impact

To assign a comfort level investing in Chainlink from a halal perspective we need to determine whether it has a net positive or negative impact.

Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Chainlink.

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