Blockchain oracle service Chainlink has undergone a quarterly token unlock of 19 million LINK worth over a quarter of a billion dollars.
According to pseudonymous on-chain analyst Ember CN, two Ethereum (ETH) addresses unlocked and transferred 19 million LINK tokens worth $262 million to new wallets.
Of the unlocked tokens, Ember CN says $205 million worth of LINK was sent directly to Binance, the world’s largest crypto exchange by trading volume. An additional $57 million worth of LINK was transferred to a separate multi-signature address.
Says Ember CN,
“Every three months, Chainlink’s non-circulating supply address will unlock about 10 to 20 million LINK. Most of them will be transferred directly to Binance, and a small part will be transferred to the 0xD50…8Af address (the LINK transferred to this address enters the LINK staking reward distribution contract and is used to distribute rewards to LINK staking users).
Since 2022, nearly 163.65 million LINK ($1.81 billion) have been unlocked and flowed into Binance through the above method, with an average transfer price of $11.06.
Although a huge amount of LINK is unlocked and flows into Binance on a quarterly basis, each time LINK is transferred to Binance, it does not have a significant impact on the LINK price in a short period of time.”
Blockchain tracking firm Lookonchain notes that before the latest token distribution, Chainlink had gone through 10 different unlocks, and nine of them preceded rallies for LINK.
At time of writing, LINK is trading at $14.02, 73% down from its all-time high.
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Featured Image: Shutterstock/Tithi Luadthong
