Chainlink Transfers Millions of LINK Tokens to Binance

by Giorgi Kostiuk

2 years ago

The decentralized Oracle network Chainlink has completed its quarterly token unlock, releasing 19 million LINK tokens. A significant portion was transferred to Binance, maintaining token price stability.

Chainlink’s Regular Unlocks

Chainlink’s quarterly token unlocks have become a predictable event in the crypto market. The network unlocks 10 to 20 million LINK tokens from non-circulating supply addresses every three months. Typically, most of these tokens are transferred to Binance, with a smaller portion directed to the 0xD50 multisig address for staking rewards.

History of Token Transfers to Binance

Since these processes began in 2022, Chainlink has transferred approximately 163.65 million LINK tokens to Binance, valued at about $1.81 billion. The average price per transferred LINK token was $11.06. These unlocks and transfers have become a regular market expectation.

Chainlink completed its quarterly token unlock five hours ago, releasing a total of 19 million LINK tokens (approximately $262 million) from two non-circulating supply addresses. Among them, 14.875 million LINK (about $205 million) were transferred directly to Binance.Wu Blockchain

LINK Market Stability

Despite the large volume of tokens being unlocked, there have been no short-term price fluctuations for LINK. These unlocks are already factored into the market, and investors do not view them as a cause for concern. Chainlink is expected to continue this practice in the future.

Chainlink’s quarterly token unlocks have become a part of its tokenomics strategy. Despite the large volumes being unlocked, LINK's price impacts remain minimal, demonstrating market stability and predictability.

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