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Chainlink Unveils MEV Recapture Solution For DeFi, LINK Jumps 9%
In a groundbreaking move, Chainlink has unveiled its innovative MEV (Maximal Extractable Value) recapture solution for the decentralized finance (DeFi) space. The announcement sent shockwaves through the crypto market, causing Chainlink’s native token, LINK, to surge by an impressive 9% in just one day.
In a bold step forward, the blockchain oracle provider has introduced Smart Value Recapture (SVR), a groundbreaking solution designed to enable DeFi lending protocols to recapture non-toxic MEV. This pioneering technology empowers these applications to “recapture” value from liquidations that would otherwise be lost, making it a significant game-changer for the entire ecosystem.
As you may know, when DeFi protocols utilize price oracles during liquidations, a substantial portion of this value is captured by third parties, including searchers and validators. However, with Chainlink’s SVR, this scenario is about to change dramatically. By implementing the innovative SVR solution, DeFi lending protocol apps will be able to recapture around 40% of the previously lost revenue.
The impact of this announcement on the cryptocurrency market has been immense. LINK, the native token of the Chainlink platform, skyrocketed by a whopping 9% in one day alone. Despite having retreated somewhat from its intraday high, it remains trading above $24, still up significantly since the news broke. This is particularly noteworthy considering that the asset has yet to fully recover from its May 2021 all-time high of over $52.
The DeFi landscape has also seen a significant impact, with AAVE prices surging by over 15% on the day. While it remains down nearly 43% from its peak in May 2021, the current price action suggests that investors are increasingly optimistic about the prospects for growth in this space.
By introducing SVR, Chainlink has demonstrated its commitment to pushing the boundaries of innovation and creating tangible value for all stakeholders within the DeFi ecosystem.
Source: cryptopotato.com
