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Chainlink Addresses Concerns Over Multisig Wallet Change

Chainlink, the decentralized oracle network, has responded to criticism and concerns raised by users regarding a subtle change in the signer requirement for its multisignature (multisig) wallet.

by Alexander
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Chainlink, the decentralized oracle network, has responded to criticism and concerns raised by users regarding a subtle change in the signer requirement for its multisignature (multisig) wallet.

The Controversial Adjustment

Critics, including crypto researcher Chris Blec, noted that Chainlink had quietly altered the multisig wallet configuration, reducing the number of signatures required from 4-of-9 to 4-of-8, sparking debates about centralization risks.

A spokesperson for Chainlink clarified that the change was part of a routine signer rotation process aimed at maintaining the reliability of Chainlink services. This process involved updating the multisignature Gnosis Safes while keeping the regular threshold configuration intact.

Persistent Criticisms

Chris Blec has been a vocal critic of Chainlink, expressing concerns about the potential centralization risks within the decentralized finance (DeFi) ecosystem, especially for projects like Aave and MakerDAO that rely on Chainlink’s oracles for crucial price data.

Chainlink serves as a critical component in the DeFi landscape, facilitating secure communication between Ethereum-based smart contracts and real-world data and services, bridging the gap between blockchain networks and external information.

LINK Token Performance

Despite the ongoing discussions, Chainlink’s native cryptocurrency, LINK, has exhibited strong performance, showing a nearly 20% gain in the past month, according to Cointelegraph’s price data.

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