Chainlink, the leading oracle network, achieved a significant milestone with the launch of the enhanced version of its staking feature, known as Staking v0.2, on the Ethereum network. This move aligns with Chainlink’s Economics 2.0 initiative, aiming to improve cryptoeconomic security and broaden the utility of the LINK token.
The migration phase is already underway, allowing current LINK token holders to transition their assets to the new version, v0.2, during the prioritized migration period, which extends until December 7. Following this phase, early access will be open until December 11, during which anyone can participate in staking with up to 15,000 LINK tokens, provided the pool capacity has not been reached.
Staking LINK tokens play a crucial role in the security and flexibility of the Chainlink ecosystem. Additionally, this practice enables participants, including node operators and community members, to contribute to network security and earn rewards for their contributions.
Price Evolution of Chainlink (LINK)
Chainlink has been experiencing an interesting bullish period for several weeks. According to the latest data from CoinMarketCap, LINK is trading at $14.77 per unit after a 3.44% increase in the last 24 hours. However, analyzing the variations over the past week, this increase reaches 4.33%. This is relatively modest compared to the 34.21% growth achieved in the last month. Its market capitalization surpasses $8.22 billion, and its volume exceeded $600 million; both metrics grew just over 3% in the last day.
As Santiment explained in a post on X, there have been significant movements of old Chainlink coins recently, which, it highlights, often precede significant price increases, as was the case before LINK’s 30% surge.
🔗📊 #Chainlink has quietly had a massive amount of older coins moving wallets today. Big older coin movement typically is followed by big price movements, which is what occurred September 15th, resulting in a +31% $LINK price climb the following 2 weeks. https://t.co/Cb1TGg3hvG pic.twitter.com/Vh7zYrE6oa
— Santiment (@santimentfeed) November 29, 2023
The enhanced version, Staking v0.2, introduces key improvements that enhance flexibility and security. A more flexible “unbonding” mechanism allows users to withdraw their tokens more efficiently. Furthermore, a penalty approach, known as “slashing,” has been implemented for node operators in case of breaches, aligning incentives toward more reliable performance.
The capacity of the new staking pool has been increased to 45 million LINK tokens, with 40,875,000 allocated for the community, and the rest reserved for node operators currently serving as data sources. Community participants can stake from 1 LINK to a maximum of 15,000 LINK, while node operators have the option to stake up to 75,000 LINK.
Chainlink is deeply committed to improvement and scalability. Moreover, it stands out for its adaptability, enhanced flexibility, and robust security. These factors are essential pillars for Chainlink’s ongoing success in providing real-world data to blockchain applications.