Silo Finance's Response to Chainlink Price Feed Anomaly on Arbitrum

In a recent development that has stirred the decentralized finance (DeFi) community, Silo Labs, the development team behind the decentralized lending protocol Silo Finance, reported an unexpected incident involving the Chainlink wstETH/ETH price feed on the Arbitrum network.

Timeline of Arbitrum, Chainlink

Experts of The DeFi Edge newsletter covering developments in Web3 and blockchain shared a ranking of the tokens "smart money wallets" were buying or selling last week. It looks like in anticipation of a bull run, large investors are turning toward more predictable products.

The Chainlink price has maintained a healthy upswing since the beginning of the month, with more than a 10% rise in value. The consolidated close for November had raised concerns, but the recent whale activity has displayed somewhat of a clear path for the LINK price in the coming days.

Swell, a prominent player in the decentralized finance (DeFi) space, has announced a significant enhancement to its cross-chain interoperability capabilities by integrating with Chainlink's Cross-Chain Interoperability Protocol (CCIP). The integration marks a pivotal development in Swell's ongoing collaboration with Chainlink, a leader in decentralized computing and data services.

With Bitcoin ready to sustain the uptrend, the altcoins are ready to skyrocket and get a move ahead before the 2024 bull run starts. Ranking high amongst the top performers, Chainlink's LINK price regains the bullish trend.

A crypto whale who accumulated huge amounts of Chainlink (LINK) in the last two months is now making another big move, on-chain data shows. According to blockchain tracking service Lookonchain, the deep-pocketed investor used 81 different wallets to build up a massive holding of 11 million LINK. Now, the whale just moved 1.

Decentralized finance (DeFi) platform KyberSwap has been hacked to the tune of tens of millions of dollars worth of virtual currencies, causing its native asset to dip. Data from blockchain tracker Lookonchain reveals that $46.5 million worth of digital assets were stolen from KyberSwap, including $20.78 million worth of Wrapped Ethereum (wETH), $9.

An analyst has pointed out how Chainlink might be breaking out of a bull flag right now, which could suggest a rally toward $20. Chainlink Is Escaping Out Of A Bull Flag Pattern Currently In a new post on X, analyst Ali pointed out a breakout that may be forming in the LINK price chart.

A popular crypto analyst is remaining bullish on one red-hot altcoin that more than doubled in value within a few weeks. Pseudonymous trader Altcoin Sherpa tells his 197,900 followers on the social media platform X that the gaming studio and NFT (non-fungible token) marketplace platform Vulcan Forged (PYR) has more room to run.

Chainlink has been absolutely unstoppable in its recent rally with the LINK price shooting another 10% to $14.85 as of press time. Interestingly, the LINK price has surged close to $15 for the first time in 19 months.

Grayscale Chainlink Trust (OTCQB: GLNK) is currently trading at a 200% premium to spot prices, indicating high institutional demand. Chainlink community ambassador @ChainLinkGod highlighted the growth on his X handle.