As Bitcoin (BTC) re-entered an upward phase, major altcoins such as Avalanche (AVAX) and Bitcoin Cash (BCH) showed notable gains. Bitcoin's current price hovers around $111,000 (approximately KRW 154.29 million), and its market capitalization has surpassed $2.21 trillion (approximately KRW 3,075.9 trillion). This surge stems from Bitcoin's recovery, which began after a brief downtrend following a sharp rally following Federal Reserve Chairman Jerome Powell's remarks on August 22nd. At the time, Bitcoin was hovering below $112,000 (approximately 155.68 million won), but at one point surged to $117,000 (approximately 162.63 million won). However, under sustained selling pressure, it fell to $107,000 (approximately 148.73 million won) earlier this week.
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The most innovative aspect of Chainlink's economic model is its value capture flywheel mechanism. First, protocol users pay data call fees with LINK tokens. A portion of these fees goes to node operators, while another portion is incorporated into a "LINK Reserve" mechanism. This reserve mechanism automatically uses revenue to repurchase LINK and deposit it into the reserve, creating sustained buying pressure in the market and driving the token price. Second, as the application of RWAs and DeFi grows, demand for high-frequency data calls and cross-chain communication will continue to grow, exponentially increasing the protocol's revenue. This will further increase the intensity of reserve repurchases, driving up LINK's value. Third, LINK's staking mechanism provides holders with a stable annualized yield (approximately 4.3%), attracting long-term holding and node participation, thereby reducing the circulating supply.
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As Wing Hang's influence expands, blockchain investigators have begun to dig deeper, trying to estimate its true scale. One of the largest investigation companies, Elliptic, released a research report in January, concluding that at least $24 billion flowed through Wing Hang's guarantee and its merchants' cryptocurrency wallets. The blockchain intelligence company TRM Labs estimates an even higher amount of $81 billion. Regardless of the estimate, it means Wing Hang's scale far exceeds its largest predecessor - the Russia-operated "Hydra Market" closed by US and German officials.
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