ChainLink launched a new chain reserve, called the ChainLink reserve, designed to channel the business request in his native liaison token, the company announced on Thursday.
The reserve accumulates the link using the income of the two costs paid by large institutions for the services of Chainlink and the costs of use on the chain from decentralized applications, said the company in a press release, which added that the reserve is designed to support the growth and sustainability of the ChainLink network.
ChainLink uses what he calls abstraction of payment to allow users to pay tokens like ETH or USDC., Instead of requiring that all payments be made in the link.
These payments are then automatically converted in line via ChainLink services and decentralized exchanges. The new reserve is fully built from these converted payments and is supposed to finance long -term growth and help secure the network, according to the press release shared with Coindesk.
The reserve already contains more than a million dollars in link. ChainLink said that he does not expect withdrawals from the reserve for “several years” and that the balance should increase as more companies are directed to the channel.
“The launch of the Chainlink reserve marks a pivotal development in Chainlink, establishing a funded strategic liaison reserve using the out-of-chain income, as well as the use of chain services,” said the co-founder of Chainlink, Sergey Nazarov, in a press release. “The demand for the Chainlink standard has already created hundreds of millions of dollars in income, considerably with large companies.”
Large companies that use the Chainlink infrastructure include Mastercard, which has teamed up with the company to allow card holders to buy crypto in chain, and JPMorgan, whose Kinexys digital payment platform is linked to the ONDO channel using ChainLink technology.
ChainLink also published a dashboard to follow the balance of the reserve on reserve.chain.link, as well as the reserve contract on Etherscan.
