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The Bull Case for $LINK (Chainlink) | ChainLinkGod & Fishy Catfish
Bankless
The Role of the Link Token in ChainLink
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The link token plays a dual role within ChainLink as a payment token and a staking token. As a payment token, it is used for all ChainLink services, allowing users to pay service providers in link for various services, with a payment abstraction solution enabling users to pay in different assets that get converted to link. As a staking token, network service providers lock up link to back the performance of Oracle services, different from blockchain staking due to the non-deterministic nature of Oracle networks. Node operators compete by staking link, leading to increased crypto-economic security, higher revenues for stakers, and differentiation between operators. Ultimately, the link token fosters competition and strengthens the economic layer of the ChainLink ecosystem.
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