LINK price movement after preparations to launch staking on Ethereum

The decentralized blockchain oracle network Chainlink (LINK/USD), which is built on top of Ethereum (ETH/USD) as a means of enabling the transfer of tamper-proof data from off-chain sources on on-chain smart contracts, will introduce staking.

Chainlink’s team made an announcement on November 30, 2022, that they will launch Chainlink Staking v0.1.

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Chainlink Staking as a catalyst for growth

Staking is a core initiative of Chainlink Economics 2.0. Chainlink Staking will launch on top of the Ethereum mainnet on December 6, where it was originally on a 12-24 month lockup period.

In the latest Chainlink news, the team discussed with the community and node operators that the outcome is more rapid iteration with more frequent releases.

The goal is for every release to have a condensed scope focusing on key features. Due to this, Staking v0.2 is planned to launch in 9 to 12 months, after which v0.1 stakers can unlock and migrate their staked LINK tokens and rewards.

Note that the launch of the beta for v0.1 on Ethereum will only become an availability for addresses that qualify for early access.

Those that do qualify can stake upwards of 7,000 LINk tokens in a capped staking pool, and the eligibility is determined by on-chain as well as off-chain activity, verifiable by user wallets.

On December 8, the Staking Pool will become open for general access for all other LINK holders, all of which can participate in it. The initial total pool cap is also at 25 million LINK.

Should you buy Chainlink (LINK)?

On December 1, 2022, Chainlink (LINK) had a value of $7.545. 

The all-time high of the Chainlink (LINK) cryptocurrency was on May 10, 2021, when it reached a value of $52.70. Here we can see that at its ATH, it was  $45.155 higher in value, or by 598%.

In terms of the 7-day performance, Chainlink (LINK) saw its low point at $6.60, while its high point was at $7.74. Here we can see a difference of $1.14 or 17%.

However, when we take a look at its 24-hour performance, Chainlink (LINK) saw its low point at $7.33, while its high point was at $7.74. This marked a difference of $0.41 or 5%.Investors will want to buy LINK as it can climb to $8.2 by the end of December 2022.