LINK Price Rises as Chainlink Staking Pool Hits $690 Million

Chainlink’s Staking V0.2 Community Pool has made a significant impact by amassing nearly 41 million LINK, including an astonishing 19 million LINK staked within seven hours of the early access launch. This surge reinforces the ongoing bullish trend for LINK.

The early access phase began on December 7, with Chainlink prioritizing V0.1 stakers after completing the staking upgrade. The upgraded V0.2 pool currently holds a substantial 40,875,000 LINK, valued at around $690 million. On-chain data indicates that the staking contract secured the largest share of LINK, closely followed by an address controlled by Binance with 38 million LINK.

Chainlink expressed gratitude to the community for actively participating, emphasizing the pivotal role in securing the Chainlink Network and the verifiable web by putting 40,875,000 LINK to work.

Enhancements in the V0.2 pool, including improved security measures, increased flexibility, a dynamic reward system, and a modular architecture, differentiate it from the initial version with a 25 million LINK capacity.

General access to the network is scheduled for December 11, contingent upon space availability for public staking. The attractive base reward rate of 4.32% for community stakers, potentially increased by the dynamic reward model, diminishes the likelihood of withdrawals.

This significant engagement in LINK staking underscores the growing importance of the Chainlink project, reflecting positive sentiments. Recent whale accumulations of around $50 million in LINK further contribute to traders’ optimism about LINK’s price trajectory.

Santiment reports a 4-week high in the ratio of LINK Longs vs. Shorts on Binance, reinforcing the positive outlook. Currently trading at $17.16, LINK has reached its highest price since April 2022, boasting a remarkable year-to-date growth of 204% and a noteworthy 7.5% increase in the past 24 hours.

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