Crypto
Chainlink's Strategic Reserves Swell to $5.7 Million with Latest LINK Token Addition
Chainlink's strategic reserve has grown to $5.7 million following the addition of 706,809 LINK tokens in July.
The protocol uses its off-chain business profits and on-chain protocol revenues to buy LINK tokens, aiming to drain the circulating supply and support network growth.
This strategy is part of Chainlink's reserve, established last August using market buybacks funded by its network's revenues.
Despite accumulating over 5 million LINK tokens in its reserves, the token price remains stagnant at $8.08, down 84.4% from its ATH reached on May 9, 2021.