A ChainLink address has transferred a significant amount of 15.69 million LINK tokens to Binance deposit address on September 15.
The transfer was done with the address sending LINK tokens in transactions of 1.75 million, 3.5 million twice, and 6.94 million in a consecutive order, according to Etherscan data.
The onchain analyst Lookonchain noted that the LINK tokens are transferred from ChainLink’s non-circulating supply which accounts to approximately $97 million. ChainLink has deposited a total of 71.8 million LINK, approximately $446 million since August, 2022.
As analysts within the crypto industry began speculating on the intentions behind releasing tokens from non-circulating supply, ChainLink’s community ambassador, ChainLinkGod.eth, shared that it is part of the company’s approach to achieving a sustainable oracle economy.
With a novel 12-month token release plan from Q2 2023 to Q1 2024, ChainLink aimed to unlock 7% tokens from its total supply. This allocation shall be used to pay for ecosystem development and subsidies to node operators.