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Chainlink Moves Millions of LINK in Support of Oracle Accessibility

Sat, 06/17/2023 - 09:48
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Godfrey Benjamin
Chainlink has dedicated funds to support its oracle service accessibility to Web3.0 startups
Chainlink Moves Millions of LINK in Support of Oracle Accessibility
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Chainlink protocol is doing all it can to boost the usage of its oracles through direct contribution of LINK tokens from its treasury. As revealed by independent Chinese journalist Colin Wu, a total of 21 million LINK tokens worth approximately $111 million was moved from the blockchain protocol's four official wallets.

As detailed by the journalist, about 17.95 million LINK ($95 million) was transferred to Binance from the funds that are from Chainlink's non-circulating supply. While the purpose of the transfer remains unknown, new light has been shed on the purpose of the non-circulating supply held and managed by Chainlink.

As an oracle provider, the usage of its protocol comes at a cost that can generally deter some emerging decentralized applications (dApps) from making use of the service. As such, Chainlink takes it upon itself to support protocols that want to adopt its products. This support is backed by funds lodged in the addresses holding the non-circulating supply of LINK tokens.

The ultimate goal for Chainlink is to create a self-sustainable oracle economy. While this may be a tough move, Chainlink is dedicated to "establishing a longer-term, more predictable token release schedule, where tokens from the non-circulating supply are employed as subsidies, including as oracle rewards to nodes."

Chainlink (LINK) Setting Pace for Bullish Growth, Here's Reason

Positive outlook on LINK

The move by Chainlink to support open and free access to its oracles will, in the long term, have a very positive undertone for the LINK token. This positive undertone can be reflected in the form of massive price growth based on the accumulation of LINK tokens.

At the time of writing, LINK is changing hands at a price of $5.36, up by 1.90% over the past 24 hours. The brewing sentiment in the Chainlink community following its growing partnerships and renewed commitment of the protocol to the most used oracle in the industry has contributed to driving the growth of LINK in the short term.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.