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Link Token Holders Can Now Earn 3% Interest On DeFi Application

Stefan by Stefan
10/01/2020
in ChainLink News
Reading Time: 2 mins read
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Chainlink Paints, link, price, market, LINK
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The LINK token holders can now earn 3% interest if they use the freshly launched Aave protocol so let’s find out more in the chainlink coin news.

In the newest DeFi launch, money market protocol Aave will gather off-chain pricing data through the decentralized oracle services of Chainlink. LINK token holders will also have the opportunity to earn some interest with Aave. On January the 8th of 2020, the mainnet of Aave protocol was launched and was announced that “the first attempt in DeFi at uncollateralized lending,” by the Aave developer Emilio Frangella.

The Link token holders now have the opportunity to take a loan of cryptos from a reserve if they return the initial sum plus a certain percentage fee, to the reserve once the transaction is finished.
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While the service is first and foremost oriented towards the developer community and it requires a certain amount of technical knowledge the wider DeFi community can reap the rewards. In a recent interview Pablo Candela Andrade, the community manager of Aave said:

 “Some opportunities for flash loans would be, for example, arbitrage opportunities, but also rebalancing a loan you have opened in a protocol. [You could] open it back in another [protocol], liquidate a loan or position in some platform, for example, a maker Vault, and pay back the flash loan with the margin you got. ”

The newest addition to the list of 16 tokens on offer is the token of Chainlink, LINK. This is owed partially because of the Aave leveraging the decentralized oracle services of Chainlink to gather off-chain data, with pricing and lending rates. The significance of running secure oracles was made obvious in June of 2019 after the mishap on the DeFi application Synthetix.

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What happened was that an arbitrage bot on the platform took advantage of the false external data that was transmitted to the smart contracts of Synthetix. This error had the consequence of losing 37 million synthetic Ethereum (ETH). This sum was replaced at a later time after the negotiations with the owner of the bot. Kain Warwick, the founder of the company said:

 “This particular bot was able to take advantage of the mispricing issue immediately, and exploit it repeatedly.”

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: 3 percent interest3% interestaavechainlinkchainlink token holdersdefidefi applicaitondefi launchlink tokenlink token holderstoken holders
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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