The Chainlink team announced in an official statement that the Chainlink Reserve has been launched to accumulate LINK from the revenues generated.
While reserve studies for altcoins other than Bitcoin (BTC) and Ethereum (ETH) continue, the latest move came for the altcoin named Chainlink (LINK).
Accordingly, the Chainlink team announced in its official statement that the Chainlink Reserve was launched to accumulate LINK from the revenues obtained.
According to the official blog post, Chainlink has launched the Chainlink Reserve, a system that automatically converts on-chain and off-chain revenue into LINK using Payment Abstraction technology.
65,539 LINKs worth approximately $1.1 million were sent to the LINK Reserve launched in the statement.
The Chainlink Reserve is designed to support the long-term growth and sustainability of the Chainlink Network by accumulating LINK using off-chain revenues from large enterprises adopting the Chainlink standard and on-chain service usage.
No withdrawals from the LINK Reserve are planned for several years.
“We are excited to announce the launch of Chainlink Reserve, a new upgrade focused on the creation of a strategic on-chain reserve of LINK tokens.
We don’t anticipate any withdrawals from Reserve over the next few years and therefore expect it to grow over time. We believe that adoption of Chainlink services will drive further growth for Reserve as industry demand for Chainlink’s unique capabilities grows.
