25 February, 2024

21 Million Link Transaction: 17.95 Million Link Transferred to Binance

8 months ago

01 Dec, 2023

Chinese reporter Colin Wu reported a transfer of 21 million LINK cryptocurrency, approximately worth $111 million, the native token of the decentralized blockchain oracle platform Chainlink’s official wallets, accounting for almost $111 million. The reporter also revealed that, of the total transacted LINKs, a 17.95 million LINK, valued at $95 million was sent to the leading crypto exchange Binance. Chainlink has proclaimed that the transferred tokens are marked as those from the Non-Circulating Supply (NCS).

Colin Wu took to Twitter to reveal the updates regarding the transfer of LINK :

In a subsequent tweet, Colin Wu referred to  Chainlink’s community ambassador ChainLinkGod.eth, in which the latter clarified that the NCS tokens are “employed as subsidies, including as oracles rewards to nodes.”

Source: Chainlink

As per ChainLinkGod.eth, Chainlink Economics 2.0  (CE 2.0) is a multi-pronged approach to boost the economic sustainability of the network. The community ambassador further asserted that Chainlink is building “a self-sustainable oracle economy” to enable user fees to surpass the network’s node operators, coordinators, and stakers’ operating costs. Reports indicated that Chainlink is also developing a “longer-term, more predictable token release schedule” to support the operation of the network for achieving full sustainability.

Chainlink also detailed the Chainlink Economics 2.0 initiatives and the vitality of subsidies for web3 infrastructures to achieve a pioneering sustainable oracle economy in its Twitter thread and blog post. As per Chainlink, the CE 2.0 initiatives focus on ‘increasing user fees, reducing operating costs, and establishing greater crypto-economic security.’

Source: Chainlink

Further, Chainlink explained that new monetization models are also being introduced including those that are usage-based, user fee-sharing, and in the BUILD program. Notably, Chainlink is also working towards introducing operating cost reduction strategies that include low-latency oracles, feed deprecation, and efficient oracle network consensus mechanism OCR2. LINK is reported to be playing a crucial role in the security of the Chainlink network, boosting its payments, security, and reputation.