$632m in LINK Raised as Chainlink's Early Access Staking Gains Traction

Chainlink’s Early Access Staking Program Exceeds Expectations

Chainlink’s early access staking program, aimed at enhancing its infrastructure, saw strong community interest as users staked approximately $632 million worth of Chainlink (LINK) tokens. The program quickly reached its limit of 45 million LINK tokens, filling up within six hours. This accounts for 8% of the token’s circulation supply. Chainlink plans to open general access to staking on December 11, allowing anyone to stake up to 15,000 LINK.

Revamped Staking Model as Part of Economic 2.0 Plan

The decision to introduce a revamped staking model aligns with Chainlink’s Economic 2.0 plan, which aims to expand the ecosystem and incentivize on-chain participation. Through the Chainlink Staking program, participants such as node operators and community members can support oracle services using staked LINK and earn rewards for securing the network.

Surge in LINK Price and Other Developments

The announcement of early access staking caused a surge in the price of LINK, with a 12% increase. Prior to this, LINK had experienced a 35% surge in late October 2023 in anticipation of the new staking mechanism. Additionally, Chainlink has made significant progress throughout the year, including deploying its Cross-Chain Interoperability Protocol (CCIP) on Coinbase’s Ethereum layer-2 scaling network, Base.

Controversy Surrounding Security Measures

Chainlink faced controversy when it modified the security measures governing its multi-signature wallet. Users criticized the change from a 4-of-9 threshold to 4-of-8 signers, raising concerns about decentralization and security.

Hot Take: Chainlink’s Early Access Staking Program Attracts Over $600 Million

Chainlink’s early access staking program has garnered significant attention and participation, with users staking around $632 million worth of LINK tokens. This overwhelming response demonstrates the strong interest in Chainlink’s infrastructure and the potential benefits of staking LINK. As the program expands to general access, it is expected to attract even more users looking to earn rewards for securing the network. The surge in LINK’s price following the announcement reflects the positive sentiment surrounding Chainlink and its developments throughout the year.