A whale has been spotted aggressively accumulating LINK, the native token of decentralized oracle network Chainlink, according to blockchain tracking firm Lookonchain.
Lookonchain reports that a whale suddenly created 30 new wallets to accumulate $34.1 million worth of LINK tokens from Binance.
“Suspicious LINK accumulation spotted!
Over the last 5 days, 30 newly created wallets withdrew 1.37 million LINK ($34.1 million) from Binance.
At the time of writing, Chainlink is trading at $24.04, up 34% in the past month.
Earlier this week, Chainlink released Smart Value Recapture (SVR), a solution aimed at enabling DeFi solutions to recover non-toxic maximum extractable value (MEV) from the main oracle’s price feeds.
“Based on real-world testing, we believe that Chainlink SVR can expect to achieve a realistic value recovery rate of around 40% (i.e. for every $100 that would have been disclosed via the MEV liquidation, $40 was recovered). Although some alternative solutions claim to achieve a higher efficiency rate for recovering MEV in liquidation, we have not seen conclusive concrete data to demonstrate this. We think 40% is a conservative but realistic estimate: real-world performance will be needed to collect real data.
On the same day as Chainlink’s announcement, Aave, the largest crypto lending platform, offered to use SVR.
Specifically, the proposal was for activating a pilot program of SVR oracles on Aave v3 to recover MEV from the platform’s liquidations to restore its own ecosystem. The proposal is currently awaiting questions and comments from the community.
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Featured image: Shutterstock/GrandeDuc
