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Chainlink Reserve Surpasses 150K LINK After Fresh Accumulation

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Highlights:

  • Chainlink reserve has exceeded 150K tokens following a fresh purchase on August 21.
  • 41,105 LINK tokens worth $1 million were added to the reserve to mark its third inflow.
  • Swapped USDC accounted for a significant portion of the capital used for the latest purchase.

Chainlink’s (LINK) reserve has received a major boost following its latest token inflow. On August 21, the Chainlink network tweeted that the reserve now holds 150,770 tokens worth roughly $3.8 million after adding 41,105 LINK in its third acquisition spree.

According to the tweet, each LINK token was valued at an average of $21.34, totalling around $1 million. Notably, 90% of the purchase capital came from USDC swapped into LINK on Uniswap. The remaining 10% came from users’ fees, which are paid in LINK.

Hinting at possible future accumulations, the Chainlink network stated:

“Inflows are planned to occur weekly, with no withdrawals from the Reserve expected for multiple years.”

Chainlink Reserve Gradual Expansion

Launched on August 7, the Chainlink reserve has recorded impressive growth. Upon launch, the reserve accumulated 65,552 LINK worth over $1 million, followed by another $1 million worth of purchase for 44,109.76 tokens on August 14.

Describing the reserve’s significance, the Chainlink network stated:

“The Chainlink Reserve will support the long-term sustainability of the Chainlink Network by accumulating LINK using off-chain and on-chain revenues.”

LINK’s Price Record Slight Dip as Chainlink Reserve Surpasses 150K Tokens

The crypto market reacted with a transient LINK rally following the reserve launch earlier this month. However, the token has since retraced with no significant price spikes despite consistent accumulations. At the time of press, LINK is changing hands at about $24.97, following a 2.9% decline in the past 24 hours.

Despite short-term dips, other extended-period statistics reflected price increments. For context, LINK’s 7-day-to-date, month-to-date, and year-to-date recorded upswings of 9.5%, 30.9%, and 119.6%, respectively.

Source: CoinGecko

On Coincodex, Chainlink is the eleventh most valuable cryptocurrency with a $17.03 billion market cap. The sentiment on the token is bullish, with a Fear and Greed Index that reflects a neutral investor’s attitude towards LINK. Additionally, Chainlink’s risk assessment showed minimal token risk, implying a favourable outlook for the token. Notably, LINK price has increased by 120% in the past year. The token has also outperformed 97% of the top 100 most valuable cryptocurrencies, including Bitcoin and Ethereum.

LINK is trading above the 200-day simple moving average (SMA) with 16 green days in the past 30 days. Major risks include a 15.5% yearly inflation rate, and it is down 53% from its all-time high (ATH) of $52.70

Chainlink Achieves Security Milestones

Aside from token acquisitions, the Chainlink team also announced that the network recently obtained ISO 27001 certification and SOC 2 Type 1 attestation. The ISO 27001  certification implies that Chainlink meets the international standard for safekeeping data. On the other hand, the SOC 2 Type 1 attestation signifies that auditors have reviewed and certified Chainlink as a trusted platform.

The assessments mainly covered Chainlink data feeds, including price feeds, proof of reserve, and net asset valuation (NAV). They also tested the platform’s cross-chain interoperability protocol (CCIP), which allows blockchains to safely communicate and share data.

Chainlink team added:

“The examinations followed standards established by the American Institute of Certified Public Accountants (“AICPA”) by an independent accounting firm, Deloitte & Touche LLP.”

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