Chainlink Staking v0.2 Community Pool Fills Up, More than 19 Million LINK Staked Within Hours

 Key takeaways:

• Chainlink’s staking protocol launched and hit its 19 million LINK capacity limit within the community staking pool in just 7 hours.
• The Staking allows LINK token holders to stake their tokens in a pool in exchange for annual yields up to 12%
• Chainlink’s LINK token is currently priced at $16.44

Chainlink’s long-awaited staking protocol launched this week to immediate success.

The “Staking v0.2” upgrade which reportedly went live on Thursday, allows LINK token holders to stake their holdings in a pool in exchange for yield as high as 12.5% annually.

However, the response to the staking opening has been overwhelming, with the pool reaching a 19.5 million LINK, which is roughly $170 million capacity hours after the opening.

According to Chainlink’s tweet on thursday, “The Chainlink Staking v0.2 community pool has officially filled, with over 19M additional LINK staked in under 7 hours since Early Access opened”

The #Chainlink Staking v0.2 community pool has officially filled, with over 19M additional LINK staked in under 7 hours since Early Access opened ⬡

We want to thank the community—both v0.1 migrators and new stakers—for participating in the v0.2 launch and putting 40,875,000… pic.twitter.com/SpbFR7b7lX

— Chainlink (@chainlink) December 7, 2023

This $19m link token represents about just a 6% of the total supply of LINK so far, which according to Chainlink, is reported to be around 40,875,000 LINK.

The staking v0.2 community pool is part of the Chainlink 2.0 whitepaper, which outlines the vision for a scalable, secure, and decentralized oracle network that can power any smart contract application. It is a way for LINK holders to participate in the network and benefit from Chainlink’s growth.

Additionally, it also creates a positive feedback loop for holder, as more staked LINK tokens will increase the value of the network, which will attract more users and developers, which will generate more fees for the node operators and delegators, which will incentivize more staking, and so on.

About Chainlink

Chainlink is one of the most widely used oracle networks in the blockchain industry, which serves over 1,000 smart contract applications across various domains, such as DeFi, gaming, insurance, NFTs, and more.

Additionally, it provides reliable and tamper-proof data feeds for any external data source, such as market prices, weather, sports, events, and more

LINK Price Movement

Chainlink (LINK) is currently selling at $16.44 with a 24-hour trading volume of 1.86B and a market cap of $9.172B. 

According to our price prediction based on the algorithm. The token will hit $16.89, which is a 4.17% surge from its current price. Our algorithm also predicts a 446.05% increase in the next year.