Before trading any crypto assets it is important to understand the risks. This overview summarizes certain risks associated with LINK.
No securities regulatory authority has expressed an opinion about LINK, including an opinion that LINK itself is not a security and/or derivative.
Token Description & Project Background
Chainlink has created a decentralised network that connects smart contracts to off-chain services. Originally called ‘Smart Contract’, the project soon changed its name to Chainlink, and the ticker symbol ‘LINK’.
Chainlink was created in 2014 by Sergey Nazarov and Steve Ellis as a private company SmartContract, was noted for being the world’s first decentralised oracle service. This means it improves on the original smart contract model on Ethereum by allowing contracts to access data feeds and APIs.
Chainlink is built on the Ethereum network.
Its native token, LINK, compensates node operators for the retrieval of data from external sources, turning it into a blockchain readable format.
The LINK token was first sold in November 2017.
Risks of LINK
Like an investment in other crypto assets, there are some general risks to investing in LINK. These include: (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to thestatement.
In addition to these general risks, an investment in LINK is subject to the following specific risks:
- Any potential success associated with LINK depends on its rate of adoption by decentralized applications. There are a number of competing oracle platforms (such as Band Protocol) which have entered the field since 2014.
- Any potential success associated with LINK depends on a number of external factors, such as the continued growth of decentralized applications and their need for having data validated by other blockchains.
We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with LINK. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.
The LINK community and founding team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of LINK have no recourse to the LINK community, its founding team, or Uphold if LINK declines in value for any reason.
Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.
Uphold’s Evaluation Process
Prior to listing LINK on the Uphold Platform, Uphold performed due diligence on LINKand determined that LINK is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following:
- The creation, governance, usage, and design of LINK, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community.
- The supply, demand, maturity, utility, and liquidity of LINK.
- Any marketing materials put forward by the LINK social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
- Material technical risks associated with LINK, including any code defects, security breaches and other threats concerning LINK and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
- Legal and regulatory risks associated with LINK, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of LINK.
Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.
Uphold users should read thestatement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.
Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following. Please also review the for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and statement.
Last updated on June 13, 2023.
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