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Chainlink Staking Program Exceeds Expectations, Drives LINK Price Up By 12%

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7 months ago

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In a significant development for the blockchain data-oracle project, Chainlink (LINK) has witnessed a significant response to its enhanced crypto-staking program, amassing over $632 million worth of its LINK tokens within a remarkably short period. 

The company announced a recent press release highlighting the “overwhelming demand” during the early-access period, which filled the staking limit in just six hours.

Chainlink, recognized as the industry-standard decentralized computing platform, unveiled Chainlink Staking v0.2, the latest upgrade to the protocol’s native staking mechanism. 

The Early Access phase has commenced, inviting eligible participants to stake up to 15,000 LINK tokens. This phase will last four days before transitioning into the General Access phase, enabling investors to stake up to 15,000 LINK tokens as long as the staking pool remains unfilled. 

Per the announcement, the upgrade introduces an expanded pool size of 45,000,000 LINK tokens, equivalent to 8% of the current circulating supply. This enlargement aims to enhance the accessibility of Chainlink Staking, enabling a more diverse audience of LINK token holders to participate. 

Staking forms an integral part of Chainlink Economics 2.0, which brings an additional layer of cryptoeconomic security to the Chainlink Network. Specifically, Chainlink Staking empowers ecosystem participants, including node operators and community members, to support the performance of Oracle services by staking LINK tokens and earning rewards for contributing to network security.

While v0.1 served as the initial phase of the Staking program, v0.2 has been restructured into a fully modular, extensible, and upgradable Staking platform. Building upon the lessons learned from the previous release, the v0.2 beta version focuses on several key objectives. 

Chainlink is introducing several new features to enhance its staking program. These include a new unbinding mechanism that provides more flexibility for Community and Node Operator Stakers.

Additionally, security guarantees for Oracle services are being reinforced by slashing node operator stakes. A modular architecture is being adopted to support future improvements and additions, and a dynamic rewards mechanism is being introduced to seamlessly accommodate new external sources of rewards in the future, such as user fees.

Following the conclusion of the Early Access phase on December 11, 2023, the v0.2 staking pool will transition to General Access. At this stage, anyone will have the opportunity to stake up to 15,000 LINK tokens.

Given Chainlink’s successful upgrade, LINK, the native token of the decentralized computing platform, experienced a significant surge of 12%, reaching a price as high as $17.305. 

This price level has not been seen since April 2022, signifying a new yearly high for the cryptocurrency. However, LINK has retraced slightly and is currently trading at $16.774.

Crypto analyst Ali Martinez has highlighted a critical support zone for Chainlink. Martinez noted that over 17,000 addresses purchased 47 million LINK tokens from $14.4 to $14.8. 

This accumulation by many addresses suggests strong buying interest in this price range, potentially acting as a support level for the token.

Chainlink
The 1-day chart shows LINK’s uptrend over the past 24 hours. Source: LINKUSDT on TradingView.com

While the support zone may hold and trigger a rebound in the price of LINK, Martinez cautions that investors should remain vigilant. Any signs of weakness, such as a breach of the support zone or negative market sentiment, could prompt investors to sell their LINK holdings to avoid losses.

It remains to be seen whether LINK can maintain its position above these critical levels and whether the broader cryptocurrency market will enter an accumulation phase or experience a retracement after the significant upward movement witnessed in recent weeks. 

Such a retracement could potentially impact LINK’s price and lead to a test of the support above levels. On the other hand, the token faces immediate resistance at $17.483, $18.069, and $18.910. These represent the final hurdles to overcome before LINK reaches the $20 milestone.

Featured image from Shutterstock, chart from TradingView.com 



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blockchain development

Chainlink climbs as Hedera tops developer activity leaderboard

Published

7 days ago

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July 2, 2024

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Chainlink saw a considerable spike in developer activity in June as the decentralized oracle network climbed into second spot behind Hedera, according to data by market intelligence platform Santiment.

According to Santiment analysis, Hedera remained crypto’s top coins in terms of GitHub activity. However, Chainlink developer data from its GitHub repository showed a surge in the number of events in the past 30 days, with the project rising to 2nd.

Santiment revealed in a post on X on July 1 the list of top 10 projects as per number of GitHub events in June.

The ranking is based on a calculation of development activity by “counting any non-redundant activity.” The platform then averaged the data based on daily activity for a 30-day leaderboard.

While Hedera continues to lead by 759 GitHub events, Chainlink (on Ethereum) counted 526 events to rank second.

Optimism (OP) ranks third over the past 30 days with 481 events, while Internet Computer (ICP) comes in fourth with 434. Per the details, Cardano (ADA), Status (SNT), Cosmos (ATOM), ZKsync (ZK), Starknet (STRK) and Aptos (APT) complete the top 10.

How did these coins perform this past month?

The ranking for the top crypto coins by developer activity for June contrasts with the market performance of these projects. Other than the newly launched Starknet and ZKsync that experienced huge volatility after their airdrops, the other coins fell as the broader market tumbled in the past month.

HBAR dropped 25% in June, while LINK, OP, ICP and ADA ended the month with their prices 22%, 28%, 32% and 10% respectively. Cosmos Hub and Aptos tokens shed 19% and 22% over the 30 days.

Despite this, the high count of developer activity suggests robust network development for these projects. That also means potential product growth and user adoption, Santiment pointed out.

For instance, the Chainlink team has released an adoption update for this past week. The announcement indicates there were 12 integrations of six Chainlink services across 8 blockchain networks – including Arbitrum, Avalanche, Base, BNB Chain, Ethereum, and Polygon.

One of these integrations is Chainlink Data Streams launch on Avalanche.





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Altcoins

Decentralized Oracle Network Chainlink Leads ERC-20 Projects in Terms of Recent Development Activity: Santiment

Published

1 week ago

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June 29, 2024

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The decentralized oracle network Chainlink (LINK) leads all ERC-20 projects in terms of recent development activity, according to new data published by the crypto analytics platform Santiment.

Santiment notes that Chainlink registered 560.6 notable GitHub events in the past 30 days.

Status (SNT) was second, clocking 385.97 events.

Status aims to offer users a secure messaging app, crypto wallet and web3 browser via an open-source, peer-to-peer protocol and end-to-end encryption.

Ethereum (ETH) itself was third on Santiment’s list, registering 314 notable events.

Source: Santiment/X

The analytics firm notes that it doesn’t count routine updates and utilizes a “better methodology” to collect data for GitHub events based on a “backtested process.”

Santiment has previously said that heavy development activity centered around a crypto project indicates developers believe in the protocol. Development activity also suggests that the project is less likely to be an exit scam.

LINK is trading at $14.04 at time of writing. The 17th-ranked crypto asset by market cap is down more than 2% in the past 24 hours.

SNT is trading at $0.0264 at time of writing. The 395th-ranked crypto asset by market cap is down more than 1% in the past day.

ETH is trading at $3,385 and is down more than 2% in the past 24 hours.

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Avalanche

Chainlink Data Streams launches on Avalanche mainnet with GMX V2

Published

2 weeks ago

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June 27, 2024

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Chainlink’s Data Streams are officially live on Avalanche, according to an announcement just in from Chainlink, Avalanche and GMX, an on-chain perpetual and spot crypto exchange

The major integration has GMX as the launch partner that will help power Avalanche’s decentralized finance (DeFi) market. 

Avalanche’s dApps ecosystem will benefit from Chainlink Data Streams’ on-demand access to low-latency market data via the GMX V2 integration, the platforms said.

GMX is the leading decentralized perpetual exchange (DEX) platform by total value locked (TVL) on Arbitrum and Avalanche. GMX V2 leverages Chainlink Data Streams for high-frequency market data and automated transaction settlement. Specifically, the exchange taps into the Chainlink Data Streams settlement of trades and to trigger stops and liquidations.

The integration will see it utilize these features to bolster the Avalanche DeFi ecosystem.

“GMX’s Data Streams integration on Avalanche mainnet is all about expanding the success of our GMX V2 launch,” Coinflip, a core contributor at GMX, said. “Chainlink Data Streams has meaningfully contributed to the decentralized exchange’s speed and resiliency, and we’re excited to bring those same benefits to all the traders and liquidity providers in the Avalanche community,” Coinflip added.

Through the high-frequency market data and decentralized infrastructure mechanism of Chainlink, Data Streams allow developers to deliver high-throughput DeFi products whose user experience is comparable to that of centralized exchanges (CEXs). 

However, it also provides for massive on-chain execution speed and security. Notably, Data Streams are backed by Chainlink’s decentralized and robust infrastructure.

“By offering unmatched speed and resiliency, Data Streams enable DeFi protocols to provide ultra-fast, high-throughput DeFi products while maintaining the high-security guarantees of onchain finance,” said Johann Eid, chief business officer at Chainlink Labs.

Other DeFi protocols that have followed GMX in integrating Data Streams include PancakeSwap, ApolloX, Marquee, DRX Exchange, and YFX.



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