A recent report from blockchain tracking firm Lookonchain has revealed that a whale has been aggressively accumulating LINK, the native token of Chainlink, a decentralized oracle network. According to Lookonchain, this whale has created 30 new wallets to accumulate a staggering $34.1 million worth of LINK tokens from Binance.
The sudden and suspicious accumulation of LINK by this whale has raised eyebrows in the crypto community. The whale’s actions have not gone unnoticed, especially considering the significant amount of funds involved in the accumulation.
As of the time of writing, Chainlink is trading at $24.04, showing a 34% increase in value over the last month. This surge in price could be attributed to the whale’s accumulation and the overall bullish sentiment surrounding Chainlink.
Earlier this week, Chainlink introduced Smart Value Recapture (SVR), a solution designed to help DeFi platforms recapture non-toxic Maximal Extractable Value (MEV) from the oracle’s price feeds. This innovation aims to improve the efficiency and security of DeFi platforms utilizing Chainlink’s oracle services.
In response to Chainlink’s announcement, Aave, one of the largest lending platforms in the crypto space, proposed the integration of SVR oracles on its platform. The proposal suggests activating a pilot program of SVR on Aave v3 to recapture MEV from the platform’s liquidations, benefiting the platform’s ecosystem.
The community is eagerly awaiting further developments on the integration of SVR on Aave and how it can enhance the platform’s operations. The proposal is currently open for questions and feedback from the community, highlighting the collaborative nature of the crypto space.
As the crypto industry continues to evolve, innovations like SVR from Chainlink are essential for improving the efficiency and security of DeFi platforms. The whale’s aggressive accumulation of LINK further emphasizes the growing interest and potential of decentralized oracle networks like Chainlink in the crypto market.
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Featured Image: Shutterstock/GrandeDuc
(Source: Lookonchain/X)