Chainlink, the decentralized oracle network, is set to revolutionize its staking model with the upcoming launch of Chainlink Stake v0.2. This major update heralds a new era of participation and security for the Chainlink ecosystem. It promises to offer more flexibility and robustness to its users.
As stated by Wu Blockchain, a prominent Blockchain Figure, the pool size for this version is capped at 45 million LINK, valued at approximately $650 million. This allocation divides between the community, receiving 40.875 million LINK, and Chainlink node operators.
Chainlink will open LINK staking v0.2, and the staking v0.2 pool size will reach 45 million LINK (worth approximately $650 million), of which 40.875 million LINK will be allocated to the community and the rest will be allocated to Chainlink node operators. Community members can…
— Wu Blockchain (@WuBlockchain) November 10, 2023
Significantly, the staking update introduces a new detachment mechanism. This feature enhances the flexibility for participants in managing their stakes. Moreover, it aims to bolster the security of Oracle services. It does so by carefully calibrating participation levels. The upgrade’s design also anticipates future seamless transitions. It accomplishes this through a modular architecture. Furthermore, a dynamic reward mechanism is in place. This mechanism is adaptable to support new reward sources in the future.
The Chainlink Stake v0.2 will roll out in phases. The priority migration kicks off on November 29 at 01:00. This phase allows version 0.1 stakers to migrate their stakes and accumulated LINK rewards to the new version. Following this, the early access phase commences on December 8 at 01:00. Here, eligible community holders can stake up to 15,000 LINK. General access opens on December 12 at 01:00 am, broadening participation.
Currently, the price of Chainlink (LINK) stands at $14.42. This figure comes with a 24-hour trading volume of $1,906,995,724.01. Despite a minor price decline of -0.93% in the last 24 hours, LINK has seen a significant 33.00% increase over the past week. With a circulating supply of 560 million LINK, Chainlink’s market cap is valued at $8,030,070,176.
The technical indicators for Chainlink present a bullish outlook. The 4-hour Relative Strength Index (RSI) reads at 60.37. This suggests strength in Chainlink’s price, with potential for further upside. The 50 and 100 Exponential Moving Averages (EMAs) stand at 12.921 and 11.861, respectively. These indicators underline a positive trend, with the 200 EMA at 10.506 providing strong support. The 4-hour Moving Average Convergence Divergence (MACD) at 0.595 indicates continued upward momentum.
Hence, Chainlink’s strategic updates in staking, combined with favorable market indicators, point to a promising future. This bodes well for both short-term and long-term prospects of LINK. Investors and community members alike can look forward to enhanced participation and potential rewards in this evolving landscape.
