May 29, 2024
Chainlink Staking Hits $600M Limit; LINK Surges 12%
Latest Cryptocurrency News

Chainlink Staking Hits $600M Limit; LINK Surges 12%

Chainlink’s blockchain oracle project experienced significant growth with the expansion of its “V0.2” staking program, enlarging the capacity from 25 million to 45 million LINK tokens.

During the early-access period, the community staking mechanism attracted an impressive sum of over $632 million in LINK tokens, hitting the upgraded limit within a mere six hours of the program’s initiation at noon ET.

In the initial 30 minutes, a substantial 32.8 million LINK tokens were staked, and after the six-hour mark, the community pool successfully reached the new capacity of 40.875 million LINK. This remarkable response coincided with a 12% surge in the price of the LINK token, reaching $16.72.

The expanded staking pool now boasts a capacity of 45 million LINK, a substantial increase from the previous 25 million under v0.1. This encompasses both the community and node operator pools, with the node operator pool currently holding 1.8 million LINK out of a total capacity of 4.125 million. Notably, 21.9 million LINK migrated from the earlier version of the staking program.

Staking plays a pivotal role in Economics 2.0, fortifying Chainlink’s system security. It facilitates node operators and community members in supporting Oracle services by utilizing staked LINK, thereby earning rewards.

Sergey Nazarov, the co-founder of Chainlink, underscored the significance of Staking v0.2, emphasizing its introduction of crucial security features and its strategic positioning to accommodate future growth in the coming year.

Image by mamewmy on Freepik

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