By
Bena Ilyas
April 22nd, 2024
Chainlink token LINK hit a record high of $8.86 after four consecutive weeks as the network looks to launch its v0.1 staking service in H2.
The Chainlink (LINK) token surged to a record four-week high after the network announced its updated staking roadmap. On Wednesday, decentralized oracle network Chainlink was at a daily high of $8.86, a level last seen in early May. However, despite a minor correction that brought LINK down to $8.41 as of press time, the price surge still represents a 10.42% increase in 24 hours. In addition, this development also makes the Chainlink token one of the best-performing assets within the last day amid broader crypto market volatility.
Chainlink now has a market value of more than $3.9 billion and is currently the 21st largest digital currency.
Chainlink Token Record Follows Updated Roadmap Publication
Chainlink’s token four-week record comes hot on the heels of its updated roadmap publication. This blueprint extensively covers staking implementation, including long-term goals and other operational agenda. According to the latest version of the Chainlink roadmap:
“Staking is a key mechanism that aims to bring a new layer of cryptoeconomic security to Chainlink, where crypto rewards and penalties are applied to help further incentivize the network’s proper operation.”
Chainlink also explained its staking goals. The network aims to improve security and assure participants of continuous access to services:
“The overarching mission is to give ecosystem participants, including node operators and community members, the ability to increase the security guarantees and user assurances of oracle services by backing them with staked LINK tokens.”
The exposition then caps off by explaining that LINK staking “in turn enhances the ability for nodes to receive jobs and earn corresponding fees within Chainlink.”
The initial implementation of the Chainlink staking agenda, dubbed v0.1, will take place in the second half of 2022. It will also signal the beginning of Chainlink Economics 2.0, which entails fresh sustainable growth and security.
Chainlink also touched on the deep integration of its oracles with leading crypto applications. According to the Ethereum-powered decentralized blockchain oracle network, staking will increase oracle security and user assurances. This process will eventually help secure trillions of dollars worth of markets across major global industries.
Chainlink Price Feeds
The network has said that the staking mechanism rollout will be similar to the deployment of Chainlink Price Feeds. The Price Feeds serves as the platform’s popular price oracle network for decentralized applications (DeFi). Chainlink Price Feeds began with a single price feed for ETH/USD operated by three oracle nodes. However, it eventually grew to support more than a thousand price feeds backed by over 50 node operators across twelve blockchains and layer-2 solutions.
The most recent Chainlink Price Feeds integration occurred last week with Solana (SOL). In addition to SOL, the network already plays host to some of DeFi’s most valuable apps. Examples include Aave, Compound, dYdX, Synthetix, and Nexus Mutual.
Chainlink Staking Rewards
On its staking rewards initiative, Chainlink says that the initial staking pool will begin with an aggregate size of 25 million LINK tokens. Then based on demand in the ensuing months, the pool will expand to 75 million tokens.