Chainlink (LINK), a decentralized oracle network aiming to connect smart contracts with data from the real world, has recently suffered a setback.
According to reports, a large number of Chainlink (LINK) tokens have been removed from cryptocurrency exchanges.
A tweet by Will Clemente gave details about the change on some cryptocurrency exchanges:
Almost a million $LINK tokens removed from exchanges in a day wow.. Do they know something? 🤔 pic.twitter.com/QhKtj6U3xt
— Will Clemente (@wgclemente2) September 2, 2020
According to the tweet, 807,597LINK tokens were removed from Binance within a day. Accordingly, 179,262 LINK tokens were removed from Huobi within a day.
The tweet also attracted different reactions; some owners of LINK tokens commented saying:
Yeah right after I take a position in $link…of course 😭
— James Jordan (@james_joeee) September 2, 2020
im taking 800k worth of $LINK off right now!
— ⚡Çπ¥¶†Ω💥ⴼθᎠŁⲝ𞤫💲฿ቶⵛ💲Ⓥ💲 (@Crypt0HODLer) September 3, 2020
In addition, another follower posed a good question:
Are they being sold or stored 🤔🤔🤔🤔
— J (@JPB7) September 2, 2020
There has been a fair amount of speculation on why the LINK tokens were removed from the cryptocurrency exchanges. However, nothing official has been reported as of yet.
Chainlink spurring development through support
The Chainlink Community Grant Program is reportedly a means of providing important financial resources to development teams that build key systems around Chainlink.
ENS, a provider of decentralized blockchain-based naming services for crypto wallets and websites, has been selected as a winner of the Chainlink Community Grant Program.
In addition, Chainlink launched a formal bug bounty program on Gitcoin. The bug bounty program already enjoys financial support of about $100,000 in LINK that was received from the Chainlink Community Grant Program. A double bounty multiplier is in effect through September 30.
Chainlink is an oracle network that provides off-blockchain data to smart contracts. The decentralized network reportedly aims to bring real-world data onto the blockchain so that smart contracts can interact with real-world events and information that exist off-blockchain. It was first described in a white paper published in September 2017.
A notable reason for creating Chainlink was to increase the potential applications and possibilities for smart contracts. Chainlink has the ability to verify data from a single source as well as multiple sources. Even better is that it can reconcile data transmitted from multiple sources.
The LINK token is the digital asset token used to pay for services on the Chainlink network. It is created on Ethereum in line with the ERC20 standard for tokens. LINK can also be bought and sold for fiat currency or other digital currencies.
At the time of writing, Chainlink’s price was $11.61 with a 24-hour trading volume of $1,007,720,188. The price of LINK is down -5.1% over the last 24 hours. It also has a circulating supply of 385 million coins and a max supply of 1 billion coins.
Recently, proof-of-stake blockchain firm Harmony (ONE) announced the integration of Chainlink’s decentralized oracle on its network. Harmony’s adoption of Chainlink’s abilities provides its clients with off-chain data resources and price feeds via Chainlink’s decentralized oracles.