Reduced Signer Requirement Sparks Backlash
Decentralized oracle network Chainlink faced criticism on social media after quietly reducing the number of signatures required on its multi-signature wallet from 4-of-9 to 4-of-8. Crypto researcher Chris Blec and other users on social media platform X raised concerns over the change, calling out Chainlink for not making an announcement.
Chainlink Responds
In response to the backlash, Chainlink explained that the change was part of a standard signer rotation process. While critics like Blec have long been vocal about their concerns, Chainlink maintained that the update was a security measure and not a cause for alarm.
Centralization Risk in DeFi
Chris Blec has been an outspoken critic of Chainlink, expressing concerns about the potential centralization risk it poses to various DeFi projects, including Aave and MakerDAO. These projects rely on Chainlink's oracles for price data.
About Chainlink
Chainlink is a decentralized oracle network that enables Ethereum-based smart contracts to securely communicate with real-world data and services outside of blockchain networks.
LINK Token Performance
Chainlink's native LINK (LINK) token has recently been one of the top-performing crypto assets, with a nearly 20% increase in value over the past month, according to data from Cointelegraph.
