Chainlink, a decentralized oracle network that connects smart contracts to real-world data, has transferred a large amount of its native altcoin LINK from its uncirculated supply to Binance.
According to data from Etherscan, a total of 21 million LINK (approximately $111 million) have been transferred today from Chainlink's four official cryptocurrency wallets marked as Uncirculated Offering, of which 17.95 million LINK ($95 million) have been transferred to Binance.
The reason for this massive transfer is unclear, but Chainlink noted that tokens from the non-circulating supply are used as subsidies to nodes, including oracle rewards.
Chainlink made the following statement in a recent post:
“Chainlink is working towards the creation of a self-sustaining oracle economy where user fees meet and exceed the operating costs of the network's node operators, coordinators and stakers. Chainlink is creating a longer-term, more predictable token issuance program where tokens from the circulating supply are used as subsidies to nodes, including oracle rewards, to support the functioning of the network until full sustainability is achieved.”
*Not investment advice.
