Chainlink (LINK) Soars Nearly 50% in 72 Hours with Staking v0.2 Upgrade Announcement

Chainlink’s LINK token has experienced an impressive surge of nearly 50% in the past 72 hours following an announcement of significant developments in the world of blockchain. This surge in value comes as Chainlink, a leading oracle solution provider, declared its transition from Staking v0.1 to Staking v0.2, marking a significant milestone in the Chainlink ecosystem.

The heart of Chainlink Economics 2.0, Staking is a crucial initiative that allows LINK token holders and node operators to passively earn rewards while contributing to the security and functionality of the Chainlink oracle network.

On October 19, 2023, the official announcement was made via the Chainlink project’s Twitter account. The Staking v0.2 upgrade, set to be introduced soon, brings with it a new staking platform built upon the foundation laid by v0.1, which was initially released in December of the previous year. Some of the notable features that Staking v0.2 will bring to the Chainlink ecosystem include:

1. Unbonding Mechanism: Stakers can now withdraw their staked assets at any time, eliminating the lock-up period.

2. Liquid Rewards: Stakers can receive rewards without penalties at any time.

3. Stake Slashing: Node operators may face asset reductions in the event of a warning, but the broader Staking community remains unaffected.

4. Modular Architecture: New oracle services can be seamlessly integrated into Chainlink Staking v0.2 without manual intervention from Stakers.

5. Dynamic Rewards: Additional reward sources, such as user fees, can be incorporated over time, especially as new oracle services are supported.

6. Priority Migration: Upon the release of Staking v0.2, current v0.1 Stakers will be given a 7-day priority window to transfer their LINK tokens and staked rewards from v0.1 to v0.2.

However, it’s important to note that only a select few eligible users will have early access to Chainlink Staking v0.2 upon the conclusion of the v0.1 migration phase. Chainlink has established specific criteria for determining early access, primarily based on both on-chain and off-chain activities.

Although the official launch of Chainlink Staking v0.2 is still approximately two months away, LINK has been on a mini “bull run” over the past three days. The current price of LINK stands at $10.2, marking a substantial 20% increase in the past 24 hours. Looking at a longer timeframe, LINK has surged over 50% in the last seven days, a notable contrast to the previous period of stagnation.

LINK/USDT 1 day chart on Binance | Source: TradingView

This recent growth coincides with a broader upward trend in the cryptocurrency market. Bitcoin (BTC) has broken the $30,000 mark, with Bitcoin Dominance reaching its highest point in two years. Following BTC’s lead, Ethereum (ETH) has seen a nearly 6% increase over the past week, while Bitcoin SV (BSV) and Solana (SOL) have experienced the most impressive seven-day gains, soaring by 63% and 35% respectively.

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