A crypto whale has been busy buying up a massive amount of Chainlink (LINK) tokens.
Mysterious LINK Purchases
Blockchain sleuths at Lookonchain noticed a whale creating 30 new wallets to scoop up $34.1 million worth of LINK from Binance. This massive purchase happened over just five days and has raised some eyebrows.
Chainlink’s New DeFi Tool
This big LINK buy comes right after Chainlink launched a new tool called Smart Value Recapture (SVR). SVR aims to help DeFi platforms recover lost funds from something called Maximal Extractable Value (MEV). Essentially, it’s designed to reduce losses for DeFi projects. Chainlink estimates SVR could recover around 40% of these lost funds.
Aave Jumps Onboard
Aave, a major crypto lending platform, is already interested in using SVR. They’ve proposed a pilot program to see if it can help them recover funds lost through liquidations on their platform. The community is currently reviewing this proposal.
Disclaimer
Remember, this isn’t financial advice. Investing in crypto is risky, so always do your own research before investing.
