Posted on:
- Chainlink has launched the v0.2 upgrade on its network.
- Demand for LINK has decreased over the past two weeks.
Leading oracle network Chainlink (LINK) announced the mainnet launch of the v0.2 upgrade of its basic staking mechanism.
#Chainlink Staking v0.2 has officially been released on mainnet ⬡
Starting today, existing v0.1 stakers will have 9 days to migrate their staked LINK and accumulated rewards to the 45 million LINK v0.2 pool, with guaranteed access before early access begins.
🧵https://t.co/pcFAVXct3L
— Chainlink (@chainlink) November 28, 2023
This upgrade comes 11 months after the protocol first introduced staking to the network in December 2022.
According to a press release dated November 28, Chainlink stated that the v0.2 upgrade will expand the staking pool size to 45 million LINK.
This represents 8% of the altcoin’s current circulating supply and a 96% increase from the 22.5 million LINK allocated to the staking pool when the staking mechanism was first launched last December.
Chainlink added that a nine-day priority migration period will begin on November 28. During this period, existing v0.1 stakers will be able to transfer their staked LINK and accumulated rewards to the new upgrade.
After that, there will be a four-day early access period during which LINK holders who already meet the specified requirements can stake up to 15,000 LINK tokens. Access will then be granted to the general public.
How did LINK react?
With the price stuck in a tight price range, LINK recorded a 4% increase in the last 24 hours. At the time of reporting, the altcoin was said to be trading at $14.58. CoinMarketCap’s data.
Current consolidation has reduced LINK accumulation. An evaluation of key momentum indicators on the daily charts showed that spot market participants gradually stopped buying LINK starting mid-month.
At press time, LINK’s Money Flow Index (MFI) is below the center line and trending downward. This suggests that coin distribution has exceeded accumulation.
Likewise, the token’s Chaikin Money Flow (CMF) appears poised to breach the center line and dip into negative territory at press time.
Realistic or not, LINK’s BTC market cap is as follows:
LINK’s CMF decline showed that the spot market has been marred by consistent liquidity exodus over the past two weeks.
Source: LINK/USDT on TradingView
The token futures market is no different. This is because open interest has steadily decreased since November 12th. As of press time, LINK’s open interest has decreased by 35% to $291.3 million.
Source: Coinglass