How Chainlink Staking Hitting $690 Million May Impact LINK Price

Chainlink‘s Staking V0.2 Community Pool swiftly accumulated nearly 41 million LINK, with an astonishing 19 million LINK staked within seven hours of the early access launch. This signals a robust continuation of LINK’s current bullish trajectory.

On December 7, Chainlink initiated the early access phase for its Staking V0.2 Community Pool, extending priority to V0.1 stakers following the completion of the staking upgrade.

Around $690 Million in LINK Staked

The upgraded V0.2 pool currently holds a substantial 40,875,000 LINK, worth around $690 million. On-chain data from Nansen shows that the staking contract has amassed the largest share of LINK, closely trailed by an address controlled by Binance with 38 million LINK.

“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 LINK to work to help secure the Chainlink Network and the verifiable web,” Chainlink said.

Compared to the initial version’s 25 million LINK capacity, the V0.2 pool boasts several enhancements, including bolstered security measures, heightened flexibility, a dynamic reward system, and a modular architecture.

The network’s general access is scheduled to commence on December 11, enabling public participation in the staking pool. Still, this is contingent upon space availability that hinges on existing stakers withdrawing their LINK.

The likelihood of withdrawals is minimal, considering the enticing base reward rate of 4.32% for community stakers, which the dynamic reward model potentially further augments.

Crypto Market Is Bullish on Chainlink

The remarkable engagement in LINK staking underscores the project’s escalating significance. This echoes the mounting positive sentiments surrounding Chainlink as it stands as the foremost Oracle network within the crypto industry.

Last week, BeInCrypto noted a high demand for LINK as whales accumulated around $50 million. This trend has continued with many traders betting on LINK’s price to rise.

Read more: 7 Must-Have Cryptocurrencies for Your Portfolio Before the Next Bull Run

According to Santiment, the ratio of LINK Longs vs. Shorts on Binance is at a 4-week high. The last time it was this high was on November 11, when LINK was worth $16.43.

Read more: Chainlink (LINK) Price Prediction 2023/2025/2030

Presently trading for $17.16, LINK has surged to its highest price since April 2022. This represents an impressive year-to-date growth of 204% and a remarkable 7.5% increase within the past 24 hours.