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The KelpDAO exploit appeared to become a blessing for the Chainlink [$LINK] oracle network.
Multiple protocols operating on LayerZero’s network have since migrated to Chainlink’s CCIP. That shift pushed network activity to record levels.
Why is Chainlink activity surging?
Chainlink’s CCIP recorded its highest-ever Daily Active Addresses count following the recent migrations.
During the week of KelpDAO’s transition to CCIP, Daily Active Addresses climbed to 80.43K. The figure surpassed the previous 67K record by nearly 20K.
Apart from KelpDAO, four other protocols migrated to CCIP. They included Lombard Finance, Kraken, Solv Protocol, and Reinsurance Protocol. The spike reflected the direct impact of the migration wave.
As usage of Chainlink’s CCIP increased, service fees were converted into $LINK tokens. This left traders focused on whether rising activity could support price recovery.
Is buying pressure building for $LINK?
Higher CCIP usage also increased protocol revenue. The collected fees were used to buy $LINK tokens from the market, creating additional Buying Pressure.
Since the migrations began, more than 500K $LINK have entered the reserve. That equaled nearly $5 million in buy volume.
On top of that, the buybacks continued fueling a potential Supply Squeeze. The total Chainlink Reserve reached 3.66 million $LINK, valued at roughly $35 million.
More importantly, Chainlink ETFs continued recording positive inflows for more than five months.
Since launch, Grayscale’s GLNK and Bitwise’s CLNK have yet to record a single day of outflows. Together, they accounted for 1.66% of $LINK’s supply.
Can $LINK hold this recovery?
$LINK’s Price Action remained under pressure as sellers tightened control over the market. The steady decline on the hourly chart pushed the altcoin toward the $9 support zone.
However, $LINK later broke above a slanting resistance line and began showing recovery signs near the lows.
The support zone aligned with a historical demand area and could suggest a local bottom formation. Even so, bulls still faced significant overhead supply.
A breakdown below the current base could invalidate the ongoing recovery attempt.
Final Summary
- Chainlink’s CCIP hits a new record high of active addresses amid a massive migration to the oracle after the Kelp DAO exploit.
- The increase in activity has driven demand, shrunk the supply, and caused a potential market structure shift.
