Chainlink’s Flight To Self-Sustainability Propels LINK’s Weekly Surge By 6%

June 17, 2023 by Saeed Ul Hassan

Chainlink’s native cryptocurrency, LINK, has witnessed an impressive surge of 6% on the weekly chart, leaving investors and enthusiasts buzzing with excitement. 

The timing of this surge is particularly noteworthy, as it closely follows a captivating announcement made by the esteemed Community Ambassador at Chainlink.

The positive momentum extends beyond the weekly chart, as the daily chart also reveals a notable gain of 4% for LINK. 

Currently, the cryptocurrency is trading at $5.33, exhibiting a commendable market cap increase of approximately 6.63% within the past 24 hours. These figures highlight the growing interest and confidence in the token ecosystem.

Industry experts and analysts, through their meticulous price analysis, are projecting a promising future for LINK. Forecasts anticipate an average price of $11.17 for the year 2023, implying significant growth potential. 

To provide a clearer picture, they have further estimated the minimum and maximum prices of Chainlink (LINK) to be around $6.51 and $15.82, respectively.

Considering these projections, the price predictions for Chainlink in 2023 suggest a remarkable increase of +142% from its current value. Such forecasts undoubtedly capture the attention of investors, who eagerly await the potential rewards that may lie ahead.

Community Ambassador Reveals Plans For Self-Sustainable Oracle Economy

Earlier today, it was revealed that Chainlink witnessed a massive transfer of 21 million LINK tokens, equivalent to a staggering $111 million, from its official non-circulating supply wallets. 

The majority of this sum, 17.95 million LINK ($95 million), was sent to the prominent cryptocurrency exchange Binance. 

Reports indicate that Chainlink employs tokens from its non-circulating supply to subsidize various operations, including rewarding oracle nodes.

Addressing the community, a Chainlink Community Ambassador took to Twitter to unveil the organization’s ambitious plans for establishing a self-sustainable oracle economy. 

By implementing a more predictable token release schedule, Chainlink aims to ensure user fees cover and surpass the expenses incurred by network operators, coordinators, and stakers. This strategic move seeks to bolster the network’s longevity and enhance crypto-economic security.

Emphasizing the importance of sustainable funding, the Ambassador clarified that users should contribute towards the operational costs of the services they consume rather than resorting to mere rent extraction. 

By leveraging Chainlink’s proven and secure Oracle solution, developers safeguard their users’ funds. As an alternative, less reliable options may expose them to significant risks.

Considering the historical success of subsidized services in maintaining their market share after introducing fees, it becomes evident that any alternative solution would inevitably follow suit. 

Well, Chainlink’s decision not only fosters sustainability but also underscores the importance of investing in a robust oracle infrastructure for the future.

Related Reading | Binance & Binance.US Reach A Deal With SEC To Secure Customer Funds