Gemini has listed Chainlink (LINK), Maker’s stablecoin DAI, and Orchid (OXT) on its exchange. This would increase liquidity for these cryptocurrencies. Gemini announced this via a tweet on Friday.
— Gemini (@Gemini) April 24, 2020
In a blog post, Gemini announced that users can now directly deposit LINK, DAI, and OXT into their accounts, starting from April 24. Trading with these cryptocurrencies will follow thereafter, bringing the total number of tradable tokens on Gemini’s platform to nine.
The existing supported tokens on Gemini include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Zcash (ZEC). Before listing the three new tokens, the exchange had also recently added support for Basic Attention Token (BAT). Besides, Gemini also provides custody support for another 15 cryptocurrencies.
According to sources, Gemini has chosen the tokens based on their proven markets and new consumption models. The exchange thus expects the demand for these tokens to continually increase with the evolving ecosystem and went on to highlight this further in its blog post.
Chainlink: linking smart contracts and off-chain data
According to Gemini, Chainlink acts as a bridge between smart contracts and off-chain data. This broadens their access to information and increases their potential application. At present, smart contracts have limited applications as they only use data that is found on their respective blockchains.
Chainlink provides a comprehensive solution to this problem by allowing nodes to gather and organize data from the internet. With the broadcast of the data onto the Ethereum blockchain, it enables other Ethereum-based smart contracts to use. The use of the LINK token includes paying these nodes as they set their payment parameters.
Dai: providing stable crypto dollars on Ethereum network
Dai is a decentralized and collateral-backed stablecoin from Maker, pegged 1:1 with the US dollar. It attempts to provide the used stable crypto dollars on the Ethereum network. When a deposit of ETH or any other ERC20 assets is made into the Maker platform, it creates DAI, which loans 66% of the deposit value to the user.
Furthermore, users can get their collateral deposit by returning the DAI and paying a stability fee. The stability fee is however not fixed and can fluctuate according to the price of DAI in relation to the dollar.
Orchid: P2P marketplace for VPN
Orchid is a decentralized peer-to-peer (P2P) marketplace for virtual private networking (VPN) bandwidth. It gives an alternative solution to the centralized VPN bandwidth. To pay for VPN services, OXT can be used. Staking of OXT tokens, must, however, be done, to enable VPN providers to operate on the network.
The Gemini blog post also pointed out that existing Ethereum addresses would not support the new listings. So, users would have to create a new deposit address for the LINK, DAI, and OXT tokens.
Recently, Gemini announced the completion of important security certification, the Service Organization Control (SOC) 1 Type 1 examination by Deloitte & Touche LLB.