In a significant development for the blockchain data-oracle project, Chainlink (link) has seen significant response to its enhanced cryptocurrency staking program, accumulating $632 million worth of LINK tokens in a very short period of time.
the company announced A recent press release highlighted ‘overwhelming demand’ during Early Access, with the staking limit being met in just six hours.
Chainlink releases staking v0.2
Chainlink, recognized as the industry standard decentralized computing platform, has released Chainlink Stake v0.2, the latest upgrade to the protocol’s underlying staking mechanism.
The Early Access phase has begun. eligible participant You can stake up to 15,000 LINK tokens. This phase will last for four days before transitioning to the general access phase, where investors will be able to stake up to 15,000 LINK tokens as long as the staking pool is not filled.
According to the announcement, the upgrade expands the pool size of LINK tokens by 45,000,000, equivalent to 8% of the current circulating supply. This expansion aims to improve the accessibility of Chainlink staking, allowing a wider range of LINK token holders to participate.
Staking forms a core part of Chainlink Economics 2.0, which provides an additional layer. Cryptoeconomic Security On the Chainlink network. Specifically, Chainlink Stake enables ecosystem participants, including node operators and community members, to support the performance of Oracle services by staking LINK tokens and earning rewards for contributing to network security.
While v0.1 was the initial phase of the staking program, v0.2 was rebuilt into a fully modular, scalable and upgradable staking platform. Building on lessons learned from previous releases, the v0.2 beta focuses on several key goals:
Chainlink is introducing several new features to enhance its staking program. This includes a new unbinding mechanism that provides more flexibility for community and node operator stakers.
Additionally, security guarantees for Oracle services are being strengthened by cutting node operator stakes. A modular architecture is being adopted to support future enhancements and additions, and a dynamic rewards mechanism is being introduced to seamlessly accommodate new external reward sources in the future, such as user fees.
The v0.2 staking pool will enter general access after the Early Access phase ends on December 11, 2023. At this stage, anyone will have the opportunity to stake up to 15,000 LINK tokens.
LINK surges to new year’s high
With Chainlink’s successful upgrade, LINK, the native token of the decentralized computing platform, has gained significant experience. soar It rose 12% to a high of $17.305.
This price level has not been seen since April 2022, marking a yearly high for the cryptocurrency. However, LINK has bounced back slightly and is currently trading at $16.774.
Crypto analyst Ali Martinez said: highlighted important Chainlink support area. Martinez noted that more than 17,000 addresses purchased 47 million LINK tokens at prices ranging from $14.4 to $14.8.
This accumulation by many addresses suggests strong buying interest around this price range and potentially acts as a support level for the token.
The support zone holds, which could trigger a rebound in LINK price, but Martinez cautions investors to remain cautious. Signs of weakness, such as support zone violations or negative market sentiment, may lead investors to sell their LINK holdings to avoid losses.
It remains to be seen whether LINK can sustain its position above these critical levels, and whether the broader cryptocurrency market will enter an accumulation phase or experience a retracement after the significant upward moves witnessed in recent weeks.
This retracement could potentially impact the price of LINK and lead to a test of support above the level. On the other hand, the token faces immediate resistance at $17.483, $18.069, and $18.910. This represents the final hurdle LINK must overcome before reaching its final goal. $20 Milestone.
Featured image from Shutterstock, chart from TradingView.com