Can I use Chainlink as collateral for borrowing other ERC20 tokens?

3 answers

• N B Kundan SettyJun 22, 2020 · 5 years ago
  Yes, you can use Chainlink (LINK) as collateral to borrow other ERC20 tokens. Many decentralized finance (DeFi) platforms allow users to lock up their Chainlink tokens and borrow other assets against them. This can be a useful way to access additional funds without selling your Chainlink holdings. Just make sure to carefully review the terms and conditions of the specific platform you choose to ensure that they support Chainlink as collateral for borrowing ERC20 tokens.
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• Joel KaneshiroJan 15, 2024 · 2 years ago
  Definitely! Chainlink (LINK) can be used as collateral for borrowing other ERC20 tokens. DeFi platforms like Compound and Aave allow users to deposit their Chainlink tokens and borrow other assets against them. It's a great way to leverage your Chainlink holdings and access additional liquidity in the DeFi ecosystem.
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• Leija REPNov 05, 2022 · 3 years ago
  Yes, you can use Chainlink (LINK) as collateral to borrow other ERC20 tokens. BYDFi, a decentralized finance (DeFi) platform, supports Chainlink as collateral for borrowing ERC20 tokens. You can lock up your Chainlink tokens and borrow other assets on the BYDFi platform. It's a convenient way to access additional funds while still holding onto your Chainlink tokens.
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