Whale accumulates $34M in LINK amid Chainlink’s SVR launch

A whale has been detected making significant moves in the Chainlink (CRYPTO:LINK) market.

According to blockchain tracking firm Lookonchain, the whale has created 30 new wallets to accumulate 1.37 million LINK tokens, worth $34.1 million, from Binance over the past five days.

This surge comes as Chainlink launched its new Smart Value Recapture (SVR) solution, aimed at allowing decentralised finance (DeFi) platforms to recapture non-toxic Maximal Extractable Value (MEV) from Chainlink’s price feeds.

“Based on real-world testing, we believe Chainlink SVR can expect to achieve a realistic value recapture rate of approximately 40% (i.e., for every $100 that would have been leaked via liquidation MEV, $40 was recaptured). While some alternative solutions have claimed to achieve a higher efficiency rate for recapturing liquidation MEV, we have not seen conclusive real-world data to showcase this. We believe that 40% is a conservative but realistic estimate—real life performance will be needed to gather actual data,” the team stated in Chainlink’s announcement.

The team acknowledged that some alternative solutions claim higher recapture rates but emphasised that their estimate of 40% is conservative.

On the same day of the SVR announcement, Aave (CRYPTO:AAVE), a prominent lending platform in the crypto space, proposed using SVR oracles on its platform.

The proposal involves activating a pilot program to recapture MEV from Aave’s liquidations and return it to the platform’s ecosystem.

The proposal is currently awaiting questions and feedback from the Aave community.

At the time of reporting, the Chainlink price was $23.69.