Chainlink Staking Hits $600M Limit, Spurring 12% LINK Surge

• Chainlink Blockchain Data-Oracle Project Sees Robust Adoption of Expanded Crypto-Staking Program
• Initial Success of the V0.2 Community Staking Mechanism
• Expanded Staking Pool Capacity
• Staking as Integral to Chainlink's Economics 2.0

Chainlink Blockchain Data-Oracle Project Sees Robust Adoption of Expanded Crypto-Staking Program

Chainlink$15.6 -4.61%, a leading blockchain data-oracle initiative, witnessed a substantial inflow for its enhanced crypto-staking scheme, attracting over $632 million in LINK tokens. The uptake reached its maximum within merely six hours following the inception of an early-access phase, as per a company statement.

Initial Success of the V0.2 Community Staking Mechanism

The V0.2 community staking system opened for early access at 12 p.m. ET. In just half an hour, approximately 32.8 million LINK tokens were staked. Six hours later, the community pool had grown to the newly inflated capacity of 40.875 million LINK tokens.

Concurrently, the price of LINK experienced a 12% surge over the last 24 hours, reaching $16.72, based on data from relevant sources.

Expanded Staking Pool Capacity

Overall, the extended staking pool capacity has risen to 45 million LINK tokens, a significant increase from the previous 25 million under v0.1. This figure includes the allocation for the community pool as well as a separate pool for node operators.

As per a representative from Chainlink, the node operator pool currently holds 1.8 million LINK tokens, out of a maximum capacity of 4.125 million LINK tokens. Furthermore, about 21.9 million LINK tokens were transferred from the earlier version of the staking program.

Staking as Integral to Chainlink's Economics 2.0

Staking is an essential component of what Chainlink refers to as Economics 2.0, a strategy designed to bolster the security of the Chainlink system.

Chainlink staking allows node operators - who assist engineers in retrieving external data - along with community members, to enhance the performance of oracle services using staked LINK tokens. In addition to this, participants can also accrue rewards.

Staking v0.2 introduces crucial new security features and readies the system for further expansion in the upcoming year, stated Sergey Nazarov, co-founder of Chainlink.

Edited by Jonathan Stoker