Chainlink (LINK) is now the most-traded token among the top 1000 Ethereum whale addresses during the past 24 hours. LINK has surpassed Yearn Finance, which was previously holding this position.
At the time of writing, LINK was trading at $13.12, dipping by 5.6% during the past 24 hours. The token has dipped by 75.1% from its all-time high of $52.70 that was created in May last year. It ranks as the 23rd largest cryptocurrency with a market cap of above $6.12 billion.
Chainlink dominates Ethereum whales
One of the 1000 Ethereum whales holds more than $168 million worth of LINK tokens, according to data from WhaleState. This whale accounts for around 1.93% of the total holdings held by other addresses.
📰 JUST IN: $LINK @chainlink had flipped $YFI to be most traded token among the top 1000 #ETH whales#Chainlink #whalestats #babywhale pic.twitter.com/75FccGTZiw
— WhaleStats – BabyWhale ($BBW) (@WhaleStats) March 9, 2022
The LINK token also ranks among the most utilized smart contracts by Ethereum whales. It is the ninth-largest utilized smart contract in this ranking. The growing adoption of LINK among Ethereum whale addresses has seen the token attempt an uptrend, but the recession across the broader cryptocurrency market has prevented this uptrend from growing stronger.
While LINK is becoming popular among ETH whales due to the number of coins held, Uniswap is also winning big in being the top coin held by Ethereum whales in terms of dollar value. FTT is also ranking at the top by this metric.
Ethereum whales currently hold more than $1.4 billion worth of FTT coins. This comprises more than 16% of the entire holdings. Nevertheless, LINK ranks as one of the most-purchased altcoins among Ethereum wallet addresses.
Developments on the Chainlink ecosystem
The Chainlink blockchain was created in 2017. Chainlink is an abstraction layer that promotes the growth of smart contracts with a universal connection. Chainlink is popular for its oracle nodes. These oracle nodes have been adopted by some of the top players in decentralized finance (DeFi) because they allow developers to access market data in real-time.
One of the major developments in the Chainlink ecosystem was the integration of the Chainlink verifiable Random Function (VRF) on the Polygon mainnet by Aloha. This development happened in October last year to boost transparency and user experiences in Aloha.
Aloha is a DeFi platform that focuses on a comprehensive set of offerings such as non-fungible tokens (NFTs) and staking. Aloha is developed on the Ethereum blockchain, and it is powered by Polygon. Polygon is a layer two scaling solution on Ethereum that seeks to boost speeds and lower transaction fees.
The Chainlink VRF was selected by Aloha because it has focused on academic research and its oracle infrastructure has been tested and secured using cryptographic proofs. These proofs test the integrity of the numbers supplied to the smart contracts.
The Chainlink VRF is a protocol that combines block data with the pre-committed private key on the oracle to create a random number and cryptographic proof. The Aloha smart contract limits random number input to valid cryptographic proofs to boost security. Aloha also stated that it would use the Chainlink VRF for raffle and giveaway contests.
This would provide on-chain verifiable data that the contest was fair and not tampered with. It further proves that the oracle and the Aloha team were not biased during the process.
“Chainlink VRF was seamless to integrate, providing our platform with access to an on-chain source of randomness that anyone can audit to prove that it’s tamper-proof. Ultimately, integrating Chainlink VRF will help further a more transparent and fair platform experience for users participating in our community games and events,” said Martin, the founder of Aloha DeFi.
To learn more visit our Investing in Chainlink guide.
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