- Chainlink’s all-time highest trading price was around $53.
- Node operators look interested in the newly launched staking pool.
Chainlink is a decentralised oracle network built on Ethereum that provides real-time data of prices, stablecoin, fiat currencies, stocks, and other financial products for blockchain. The network has recently announced the launching of its first-ever staking pool.
According to the blog post, Chainlink has locked 24.27 million LINK tokens within just two days of launching the staking pool. The total staked LINK tokens are worth 170 million USD.
The major aim of launching the staking pool is to enhance the security and quality of the project price feed for Ether (ETH) below the system participating users and nodes operators commit their holdings of LINK tokens as a form of guarantee in exchange for 4.75% rewards per annum.
The Twitter post of the Chainlink community revealed on December 8, 2022, that the staking pool of 22.5 million limits is 100 percent filled with LINK tokens. It is important to note that the community-allotted staking pool is totally filed but also node operators can also stake their LINK tokens because the overall staking pool is capped at 25 million LINK tokens while allowing the users to deposit around 730,000 remaining in the staking pool.
The public access for the staking program opened on December 7, 2022. After the allowance of public access, it was monitored that the staking program mirrored impressive growth or hike, and while writing this article, the total staked were worth around 170 million.
Staking is essential to the project “Chainlink Economics 2.0” plan. It is quoted on the project’s official website as a “new era of sustainable growth, crypto-economic security and deeper value capture.”
The blog also notes that Staking is an integral component of “Chainlink Economics 2.0” that enables community members and node operators to earn rewards for helping increase the crypto-economic security of oracle services.
The community of Chainlink is surprised after receiving a tremendous response on the recently launched staking pool. It is believed that users and investors are still eager to invest in digital asset projects even after crypto winters. After we talk about crypto winter, some major cryptocurrencies like Bitcoin lost around 74% compared to its all-time high and Ethereum degraded by approximately 73% compared to its all-time high.
Price of LINK Token
Link token is now looking to rebound from its support range of $5.50, which is key support for the bulls to regain momentum. The token is trading in a narrow range without any decisive moves. In the last week, the token formed a W pattern, and the neckline of the pattern is broken on the lower side, leading to a fall in prices.The token is now trading at $6.983 with sustaining on its 20 MA which is the hope for buyers to hold their positions.
As per reliable, the all-time high trading price was $52.88, which is 52% higher than its current price. The total supply and maximum supply of LINK tokens are the same, around 1 Billion, and the total circulating supply of the token is around 51% of the maximum supply.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/12/09/crypto-token-link-gained-170-million-in-staking-pool/