|

Chainlink price to continue its uptrend with the introduction of new staking platform

  • Chainlink announces launch date for a 45 million LINK staking pool with flexible incentives for stakers.
  • Chainlink staking version 2 enhances network security and was first conceived in August 2023.
  • LINK price eyes recovery after yielding nearly 3% losses for holders on the day.

Chainlink, the native token of the decentralized blockchain oracle network, is on track to continue its uptrend with its latest announcement. In August 2023, Chainlink announced the second version of staking. 

Also read: Chainlink gains likely to extend as on-chain metrics turn bullish

Chainlink version 0.2 staking to launch soon

Chainlink staking v0.2 is launching in November. The decentralized blockchain protocol announced that staking is a core initiative of Chainlink Economics 2.0 that brings a new layer of security to the network. Staking enables node operators and community members to back the performance of oracle services.

Users can stake LINK and earn rewards for security of the Chainlink network. The first version of Chainlink Staking was released in December. LINK is set to launch a 45 million staking pool, version one was a 25 million pool. Both community stakers and node operators earned rewards by participating in the alerting system.

According to Chainlink’s announcement, the v0.2 beta upgrade will progressively expand access to the 45 million pool. The Priority Migration period starts on November 28, 2023 at 12 PM ET for existing v0.1 stakers. General Access begins on December 11, 2023 at 12 PM ET.

At the time of writing, LINK price is $14.44 on Binance. The altcoin yielded 31% weekly gains for the altcoin's traders. The altcoin’s price doubled over the past month. LINK price is down nearly 2% on the day. The altcoin is gearing up to resume its uptrend, after the recent pullback.

 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Editor's Picks

Bitcoin Weekly Forecast: BTC retreats as macro headwinds grow
Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.
XRP falls toward key support as macro uncertainty, weak momentum cap recovery
Ripple (XRP) falls below $1.33 on Friday, marking the third consecutive day of declines. The token continues to track the broader cryptocurrency market downturn, with investors closely monitoring heightened macroeconomic uncertainty ahead of the United States (US) Consumer Price Index (CPI) release and next week’s Federal Reserve (Fed) monetary policy decision.
Crypto Today: Bitcoin, Ethereum, XRP stabilize at lower levels amid ETF outflows and macroeconomic risks
The broader cryptocurrency market is rising on Friday, with Bitcoin (BTC) trading above $77,000 after testing lower support near $76,500. Ethereum (ETH) shows signs of stability, hovering above the support provided at $2,400 despite capped upside at $2,500. Meanwhile, Ripple (XRP) holds above $1.33 after three straight days of declines, reflecting growing headwinds due to macroeconomic uncertainty.
Bitcoin pulls back as another golden cross fails to deliver
Earlier this week, Bitcoin formed a golden cross, a technical signal that occurs when the price’s 50-day moving average rises above the 200-day moving average and is conventionally viewed as a precursor to a bullish rally. Historically, however, that’s often not been the case.
Bitcoin: Gearing up for a sharp move
Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.