By: Eliza Bennet
In a recent update, Chainlink's expanded "v0.2" staking program has successfully attracted a vast response, with more than $600 million worth of LINK tokens staked in an incredibly short period. The program's capacity was increased to 45 million tokens from 25 million, and the community's allocated portion quickly maxed out, prompting a 12% surge in the price of the LINK token.
Chainlink, a prominent blockchain data-oracle project, reported this 'overwhelming demand' during the preliminary access period, reaching its staking capacity in a mere six hours. The company has initiated the Early Access phase, where eligible participants can stake up to 15,000 LINK tokens for four days. The program will then progress to the General Access phase, where investors can stake the same amount until the staking pool is filled.
As an addition to Chainlink Economics 2.0, staking plays a crucial role in the Chainlink Network by enhancing cryptoeconomic security. By staking LINK tokens, participants such as node operators and community members contribute to network security and earn rewards in return. Following this successful preliminary phase, LINK experienced a 12% surge to a high of $17.305, a level not seen since April 2022.
Despite recent achievements, investors have been advised to stay aware of market sentiment and potential risks, including breaches of support zones. The future will reveal if LINK can sustain its standing above these critical levels and how the wider cryptocurrency market will respond to LINK's significant upward movement.
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