One recent analysis by WhaleStats revealed that Chainlink had flipped Decentraland (MANA) to become the most traded token. The data provided by WhaleStats analyzed the trading history of the top 5000 Ethereum (ETH) whales.
Chainlink becomes a most-traded token
WhaleStats is a platform that monitors whale activity regularly. The analysis looks at the activity of the top 5000 Ethereum whales. The data includes addresses that hold an average of $16,426,154 and more than 10,082 Ether (ETH) tokens.
MANA previously held the top position as the most traded token by Ethereum whales. However, the token has now been surpassed by Chainlink (LINK), becoming a preferred token by these whale addresses.
These wallet addresses now rank MANA as the most widely held token. The FTT token is also occupying the largest token position in dollar value. LINK currently ranks as the tenth-largest token by trading volumes and in terms of sold tokens. The token is also the most purchased and ranks fourth as the most used smart contract.
The recent activity by whale addresses is happening despite the recent action in the market. The cryptocurrency market has been declining since the beginning of the week, and as the sell-offs intensify, LINK has declined to around $6.28. The market is currently showing some signs of recovery, which could support LINK’s uptrend and maybe support increased whale activity.
Developments within the Chainlink ecosystem
Over the past few days, LINK had registered a significant pump before the latest recession kicked in. The pump was caused by the team releasing a new roadmap introducing staking and a wide range of new features for the Chainlink community.
The updated Chainlink roadmap dubbed Chainlink 2.0 introduced staking on the protocol. Staking is a feature that will allow Chainlink users to unlock rewards and penalties. Staking incentivizes the network to ensure that it functions as expected.
Chainlink 2.0 was introduced as part of the white paper released in April 2021. The white paper was followed by another teaser in January 2022. The idea was to open up new ways that the community can earn passive income from staking activities. This offering would be available to ecosystem participants such as community members and node operators.
One of the other benefits of staking is that it boosts the security guarantees of the oracle services because they are backed by staked LINK tokens. Chainlink has maintained a top position as one of the leading oracle networks, which has aided in LINK’s dominance as one of the most popular coins in the market.
The original implementation of Chainlink was dubbed vo.1. The implementation is slated for the second half of 2022. Once this goes through, it will signal the start of Chainlink Economics 2.0. This is a new era for the project targeted toward security and growth.
When unveiling this new roadmap, Chainlink oracles also pointed to their deep integration with some of the leading applications in the cryptocurrency sector. According to the company, the benefits would include better security and user-friendliness.
“The increase in oracle security and user assurances brought about by staking will be key in helping the multi-chain smart contract economy scale to eventually secure multi-trillion-dollar markets across major global industries,” the announcement said.
Chainlink also said the rollout would be the same as deploying to the Chainlink price deeds. Chainlink price feeds are a popular price oracle network adopted by decentralized finance (DeFi) applications.
To learn more visit our Investing in Chainlink guide.