Chainlink’s Enhanced Crypto-Staking Program Attracts Over $632 Million in LINK Tokens
Chainlink has seen a significant response to its enhanced crypto-staking program, with over $632 million worth of LINK tokens amassed in a short period. The company announced the overwhelming demand during the early-access period, which filled the staking limit within six hours.
Chainlink Unveils Staking v0.2
Chainlink has unveiled Chainlink Staking v0.2, the latest upgrade to its native staking mechanism. The Early Access phase allows eligible participants to stake up to 15,000 LINK tokens for four days before transitioning into the General Access phase. The upgrade introduces an expanded pool size of 45,000,000 LINK tokens, enhancing accessibility for a diverse audience of token holders.
New Features and Objectives
The v0.2 beta version of the Staking program includes new features such as an unbinding mechanism for flexibility, reinforced security guarantees through slashing node operator stakes, and a modular architecture for future improvements. A dynamic rewards mechanism is also introduced to accommodate new external sources of rewards in the future.
LINK Surges to New Yearly High
Following the successful upgrade, Chainlink’s native token LINK experienced a surge of 12%, reaching a price as high as $17.305. This marks a new yearly high for the cryptocurrency. However, it has retraced slightly and is currently trading at $16.774.
Critical Support Zone Identified
Analyst Ali Martinez highlighted a critical support zone for Chainlink, indicating strong buying interest in the $14.4 to $14.8 price range. This accumulation by multiple addresses could potentially act as a support level for the token.
Hot Take: Chainlink’s Enhanced Staking Program Gains Massive Response
Chainlink’s enhanced crypto-staking program has garnered significant attention, attracting over $632 million in LINK tokens. The introduction of Chainlink Staking v0.2 and its new features aims to enhance accessibility and security while offering rewards to participants. This development has propelled the price of LINK to a new yearly high, indicating strong market interest. With the support zone identified by analysts, it remains to be seen how LINK will perform in the coming days as more participants have the opportunity to stake their tokens.
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