The animated version of the model is on Layer 2 of the Blend file: streamable.com/1a1e7
**Rough overview:
**
* Plane for outer links, and plane for inner links.
* Each plane is thin, and about the length of a link; if the offset is calculated correctly I suppose they could be any size however.
* The planes have Array modifiers and are wrapped around the same path using a Curve modifier.
* The planes are offset from each other in the X position in order to create the even-odd structure of the inner & outer links.
* Particles are added to the planes (objects); the Regrow option is essential or there's some rotation jank that doesn't go away unless the particle system is modified in some way forcing a recalculation.
* Geometry of the links is scaled in edit mode to change the size of the links.
* Offset is changed in the modifiers to adjust the spacing of the links.
* Offset of the X position of the planes is changed (relative to each other) to link the inner and outer links up with each other.