🚀 The launch of @chainlink staking is a resounding success, with over 11 million $LINK staked so far! The long-awaited #Chainlink upgrade, introducing Staking v0.1 on the Ethereum mainnet, was completed a few hours ago.
A thread 🧵👇
A thread 🧵👇
1/ Chainlink staking is designed to make the ecosystem more stable. The native LINK token can be staked for rewards by users to encourage trustworthy behavior and increase network security.
2/ This functionality is fundamental to the operation of Chainlink Economics 2.0. The incentive system was designed to give nodes a reason to improve the oracle's data quality and performance over time.
/3 The demand for $LINK staking is extremely high. Since yesterday, only a small part of the community has been able to stake up to 7,000 LINK, or about $53,000, in the capped v0.1 staking pool, provided they meet at least one of the criteria on the early access eligibility list.
/4 As of tomorrow, December 8, at noon ET, anyone can participate in the capped staking pool, with an initial limit of 7,000 $LINK per address.
They will initially limit the total amount of $LINK that can be staked to 25,000,000.
They will initially limit the total amount of $LINK that can be staked to 25,000,000.
/5 Stakeholders in the node operator community receive 2.5 million $LINK, while the remaining 22.5 million $LINK are distributed to the community on a first-come, first-served basis.
/6 According to Etherscan data, 11.1 million $LINK, or about $75 million, had been staked as of press time. This sum is dispersed among more than 2,600 different mailing addresses. More than 950 addresses deployed 7,000 $LINK, and 725 addresses staked fewer than 1000 $LINK.
/7 The #Chainlink Staking v0.1 pool's cap should be quickly reached, given the brisk participation that is currently occurring.
/8 Participants must understand that the staked $LINK and rewards will stay locked until the anticipated release of Staking v0.2, which is expected in 9 to 12 months.
/9 Based on a conservative release cycle, a lock-in period of 12–24 months was initially anticipated. However, after discussions with several community members and node operators, faster iterations were found to be a more practical solution.
/10 Because staking reduces the available LINK in circulation, it has the potential to stimulate price increases. The $LINK price has been stuck within a narrow trading range for the past seven months.
/11 As of go time, the $LINK price had dropped by as much as 4%, mirroring the general market trend. The $6.89 price tag put it dead center in its trading range.
/12 The $5.30 mark is a crucial support level, while $9.60 is the ceiling of the range's potential movement upwards. The latter level must be broken for $LINK to return to the bullish territory.
Will you be staking your $LINK? 💰 Let us know in the comments below.
Will you be staking your $LINK? 💰 Let us know in the comments below.
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