THELOGICALINDIAN - Band Protocol admirers rallied about latest Chainlink appraisement absurdity Of the projects powered by Chainlink about none accept switched providers
Chainlink, a decentralized answer account for the Ethereum network, has accomplished a six-hour adjournment on its amount address augment aftermost night. The answer abeyance resulted in ample transaction fees and could accept triggered a agitation advertise on LINK/USDT pairs.
Chainlink Price Oracle Stops Working
While the cryptocurrency bazaar has been ambidextrous with an unprecedented abatement in agreement of prices, some casework accept been experiencing astringent abstruse issues as well.
Reports accept shown that Chainlink, a decentralized answer account for the Ethereum network, has apparent a adjournment in its amount oracle.
A Chainlink amount advertence acute arrangement chock-full afterlight the ETH/USD amount for about six hours. The abeyance happened on Mar. 12, and lasted from 8:48 AM UTC to 4:28 AM UTC, abstracts from Chainlink feeds accept shown.
ETH/USD aggregator acute arrangement on Chainlink, via Twitter
Twitter user BAND_Jedi pointed out that the abeyance pushed Ethereum gas prices up to 150-200 GWEI, which resulted in some transaction fees activity as aerial as $25, or 0.17 ETH.
Gas prices and transaction fees on the Ethereum arrangement at the time of the outage, via Twitter
Questioning Chainlink’s Reliability
While Chainlink is yet to animadversion on the outage, abounding acicular out that the amount augment abortion fabricated the absolute DeFi arrangement vulnerable.
Many DeFi projects such as Synthetix, Aave, and Set Protocol await alone on Chainlink for their advertence data, which agency that they could accept been manipulated due to a abridgement of trusted abstracts apropos ETH prices. Still, none of these projects accept alone Chainlink.
However, the abeyance could accept additionally afflicted the beyond bazaar as well.
Namely, the answer abeyance coincided with a massive beam blast in the LINK/USDT trading pair. The beam blast enabled one banker to buy 900,000 LINK tokens for about $90 dollars, as its amount alone to as low as $0.0001 per coin.
LINK beam blast on Mar. 12, via Twitter
The blast was awe-inspiring for LINK, which has been considered one of the best-performing assets in the accomplished year. The bread was on its way to ability its best aerial of $5 back it took a abundant hit alongside the blow of the bazaar beforehand this week.
While LINK has back recovered and is trading at about $2.69 at columnist time, the huge red candle beatific shockwaves through the market.
Many complained that Binance, the barter area the barter took place, didn’t booty abundant basic measures to stop these kinds of losses.
However, both Binance and its CEO, Changpeng Zhao, bound responded to the issue, adage that the $0.0001 buy adjustment was put on Jan. 16, 2019—the first-day Binance listed LINK on its platform. At the time, Zhao explained, there were no amount bandage restrictions and the barter has a action of not abandoning its users’ orders.
