While reserve efforts for altcoins continue aside from Bitcoin (BTC) and Ethereum (ETH), the latest move was for an altcoin named Chainlink (LINK).
Accordingly, the Chainlink team announced in its official statement that the Chainlink Reserve has been launched to accumulate LINK from the revenues generated.
According to the official blog post, Chainlink has launched Chainlink Reserve, a system that automatically converts on-chain and off-chain revenue into LINK using Payment Abstraction technology.
The announcement stated that approximately $1.1 million worth of 65,539 LINK has been sent to the launched LINK Reserve.
Chainlink Reserve is designed to support the long-term growth and sustainability of the Chainlink Network by accumulating LINK using off-chain revenues generated from large businesses adopting the Chainlink standard and on-chain service usage.
No withdrawals are planned from the LINK Reserve for several years.
We are excited to announce the launch of Chainlink Reserve, a new upgrade focused on creating a strategic on-chain reserve of LINK tokens.
We do not expect any withdrawals from the reserve over the next few years, and therefore we anticipate its growth over time. As demand for Chainlink's unique capabilities increases in the sector, we believe that the adoption of Chainlink services will further contribute to the growth of the Reserve.
