Through direct contributions of LINK tokens from its treasury, Chainlink Protocol is doing all in its power to increase the utilisation of its oracles. According to independent Chinese journalist Colin Wu, a total of 21 million LINK tokens worth around $111 million were transferred from the four official wallets of the blockchain system.
According to the journalist’s account, about 17.95 million LINK ($95 million) from Chainlink’s non-circulating supply were moved to Binance. While the transfer’s purpose is still a mystery, fresh information has emerged regarding Chainlink’s ownership and management of the non-circulating supply.
As an oracle provider, its protocol has a fee associated with it that prevents some newly developing decentralised apps (dApps) from using the service. As a result, Chainlink sees it as its responsibility to assist protocols that wish to use its solutions. The money deposited in the addresses holding the LINK tokens that are not in circulation backs up this support.
The creation of a self-sustaining oracle economy is Chainlink’s ultimate objective. Despite the potential difficulty of this decision, Chainlink is committed 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.”
Positive outlook on LINK
In the long run, the decision of Chainlink to provide unrestricted access to its oracles will be extremely beneficial for the LINK token. This upbeat undercurrent may manifest as a sharp price increase based on the accumulation of LINK tokens.
At the time of writing, the price of LINK is $5.36, up 1.90% from the previous day. Short-term development of LINK has been fueled in part by the simmering emotion in the Chainlink community as a result of its expanding relationships and renewed dedication of the protocol to the most widely used oracle in the industry.
