Chainlink's recent announcement of Staking v0.2 under its Chainlink Economics 2.0 initiative appears to be fostering a positive market response for its native token, LINK. Despite experiencing a near 3% price dip on the day of the announcement in August 2023, LINK has demonstrated a strong recovery with a weekly gain of 31%, trading at $14.44 on Binance.
The updated staking program aims to bolster network security by allowing node operators and community members to stake their LINK tokens in an expanded pool. The new pool increases capacity from the initial 25 million to 45 million tokens, enhancing support for oracle services performance.
Chainlink has outlined a phased launch for the staking update, beginning with Priority Migration for existing v0.1 stakers on Tuesday, November 28, 2023, at 12 PM ET. This will be followed by Early Access starting on Thursday, December 7, 2023, and eventually opening up to General Access on Monday, December 11, 2023.
The positive market reaction suggests investor confidence in the token's potential growth, buoyed by the anticipated rewards for community stakers and node operators participating in the new staking pool. With the price of LINK already doubling over the past month, market watchers are keenly observing its trajectory as the beta upgrade aims to progressively expand access to more participants.
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