Chainlink, a prominent Oracle network, has introduced an upgrade to its staking mechanism, Chainlink Staking v0.2, marking a substantial advancement after the initial staking introduction in December 2022.
The staking pool has grown significantly from 22.5 million LINK to 45 million LINK, comprising 8% of the altcoin’s circulating supply—a 96% increase and a notable expansion in staking capacity.
To facilitate the transition to the upgraded system, Chainlink has implemented a phased approach. A nine-day priority migration period started on November 28, allowing existing v0.1 stakers to transfer their staked LINK and rewards to the new system. Following this, a four-day early access period permits eligible LINK holders to stake up to 15,000 LINK tokens before opening access to the general public.
Chainlink, a leading Oracle network, provides external real-world data to blockchain applications. The staking upgrade enhances the token’s utility, enabling LINK holders to support Oracle services and earn rewards for contributing to network security. Initially focused on securing the Ether ETH/USD price feed, the staking pool was capped at 25 million LINK tokens.
Despite the positive development of the Chainlink Staking v0.2 upgrade, the market response for LINK has been relatively modest, with a 4% increase in the past 24 hours. Broader market indicators suggest a decline in LINK accumulation and reduced market participation.
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