The importance of staking for LINK Coin and its future prospects have been previously discussed, especially in recent evaluation articles. While the Bitcoin price attempts to surpass $38,200, the Chainlink team has presented positive news in accordance with their plan. Following the eagerly announced staking announcement, what does this latest development mean?
Starting from today, current v0.1 stakers can transition to the second version during the nine-day Priority Pass phase. Those who meet the eligibility criteria set until December 7th will have the opportunity to stake their LINK tokens. General access will be activated thereafter. Chainlink Staking v0.2 is an expanded version of the previous staking pool.
Staking added a new crypto-economic security layer to the Chainlink Network with Chainlink Economics 2.0. This step for LINK Coin was referred to as a milestone when it was first announced.
Staking allows ecosystem participants such as node operators and community members to support the performance of oracle services with staked LINK. This not only enhances security but also provides rewards to stakers. The most significant detail is that it helps LINK Coin to shed the label of being a “useless token” for the project.
Furthermore, while the staking pool is expanded to 45 million, about 8% of the circulating supply will not be available on exchanges, creating a supply shortage. All these factors could positively influence the long-term performance of LINK Coin’s price.