What is Chainlink?
The Chainlink network offers clients the ability to create and execute tamper-proof digital agreements. These are known as Smart Contracts, which are used for a wide range of services including payments, online trades, and even digital document signing. Despite their innovative nature, Smart Contracts are lacking in that they can’t access data on their own. This results in connectivity issues when developers attempt to execute them since they don’t have access to off-chain data and APIs. To address this problem, Chainlink created a decentralized network to keep everything error-free and in sync.
LINK is the utility token that is used to execute Smart Contracts on the Chainlink network. LINK has been experiencing steady growth since launching in 2017, thanks to partnerships with tech giant Google and bank industry leader SWIFT, the platform continues to thrive.
For more information on Chainlink, you can visit their official website here.
How to Deposit LINK Into Your Coinmetro Account
If you're depositing from another exchange, it is important to ensure they support sending funds to ETH contracts, or using a full ETH wallet as an intermediary.
Note: As Coinmetro uses smart contracts for Ethereum and ERC-20 token deposits, the amount of gas required is slightly higher than a typical transfer. To be sure that your transaction is successful, please set the transaction gas limit to 55,000 for ETH. The fee difference is minimal. If your gas limit is too low, the transaction will simply be rejected by the Ethereum network. There is no risk of loss of assets caused by a too-low gas limit.
How to Withdraw LINK From Your Coinmetro Account
Important Note - To request a withdrawal, your account profile needs to be verified as well as having the funds to cover your withdrawal. The first time a withdrawal is made to a destination, the destination needs to be verified via e-mail. If you have 2-Factor Authentication enabled for withdrawals, you will be asked to input the code for each withdrawal, approved or not. We suggest enabling 2-Factor Authentication to protect your account.
Withdrawals waiting for approval can be canceled and withdrawal status can be found by selecting the wallet on the GO! Dashboard. Approved withdrawals cannot be canceled. If there is no Cancel button, there should be a transaction ID (TXID). This is a link to the relevant tx hash (Transaction Hash) on a blockchain explorer website.
If you are withdrawing to an external wallet such as MetaMask, please ensure that you have added LINK as a custom token on the wallet.