- Chainlink, a leading blockchain oracle provider is preparing to launch staking on the Ethereum network.
- Chainlink’s initial plan for staking was to lock LINK tokens for 12-24 months, the team announced an update with more frequent releases.
- Chainlink price surged 22% in the last two weeks, the altcoin is primed for further gains.
Chainlink is eyeing gains ahead of its staking launch on Ethereum mainnet in December. Staking is a core initiative of Chainlink Economics 2.0, a new program offering LINK holders the opportunity to earn rewards.
Also read: Chainlink Price Prediction: The uptrend rally depends on these factors
Chainlink prepares for staking launch on Ethereum network
Chainlink (LINK), a leading blockchain oracle provider is preparing to launch staking on Ethereum. This is part of LINK ecosystem’s long-term sustainable economic program for the blockchain network. Chainlink Economics 2.0 is focused on providing multiple opportunities to help LINK holders earn passive income.
Chainlink Economics 2.0
Staking on LINK is a crypto economic security mechanism in which stakers commit LINK tokens in smart contracts to back certain performance guarantees around oracle services. A blockchain oracle is a third-party service that provides smart contracts with external information and serves as a bridge between blockchains.
On December 1, Chainlink announced an update on staking initiatives. The oracle provider confirmed that LINK staking will go live as early as December 6 in beta mode on the Ethereum mainnet.
Originally, Chainlink announced a 12-24 month lockup period. In their latest announcement, the team confirmed that there will be rapid iterations and frequent releases. The first phase of Chainlink staking is a beta release, the staking pool will support the ETH/USD data feed on Ethereum mainnet.
Stakers will earn rewards and help secure Chainlink’s data feed, specifically by participating in a decentralized alerting system that flags if the data feed has not met certain performance requirements regarding uptime.
Chainlink price could face resistance at $8
The oracle service provider’s token LINK yielded 22% gains for holders in the past two weeks. Chainlink is one of the few cryptocurrencies climbing higher despite marketwide uncertainty. LINK experienced turbulence during the week and Chainlink price climbed 12.3%.
Chainlink started the week strong at the $7.38 floor and climbed to the weekly high of $7.74. A test of the $8.00 level is likely. At the time of writing Chainlink is trading at $7.55.
Chainlink price has tested the $9.50 level three times since June 2022, as seen in the chart below. This is a key level for Chainlink price. Below $9.50, $8.50 and $8.02 are the two resistance levels.
The resistance at $8.50 coincides with the 200-day Exponential Moving Average.
LINK/USDT price chart
Michaël van de Poppe, a leading market analyst and founder of Eight Global also anticipates that Chainlink price will cross the $9.00 level.
#Chainlink showing a ton of strength, also expecting continuation there to happen.
— Michaël van de Poppe (@CryptoMichNL) November 29, 2022
If I didn't have a long yet (but I do), then I'd be targeting for something like this in which I'd be looking at $9 area for a TP. pic.twitter.com/rRdv4eL91H
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.