Chainlink down 6% as holders stake $76M in 24 hours


Chainlink staking early access went live on Dec. 6, and over $75 million worth of LINK tokens have been staked in the first 24 hours, according to Etherscan data.

Chainlink staking is live.

According to the announcement, staking is integral to Chainlink Economics 2.0. Through staking, community members and node operators can earn 4.75% rewards by increasing the security of the oracle services.

How To Get Free Crypto  

“By committing LINK tokens in smart contracts to back certain performance guarantees around oracle services, the Chainlink ecosystem can expand to secure greater amounts of value over time.”

Meanwhile, each address can only stake 7,000 LINK tokens, and the staking pool is capped at 25 million LINK. Of this amount, 22.5 million is for community stakers, while the node operators get 2.5 million –the pool limit will be expanded in 2023.

Over $75 million staked.

Lookonchain reported that over 2,600 addresses participated in the staking activities during the first nine hours; 950 of these addresses staked 7,000 LINK tokens, while 725 addresses staked less than 1,000 LINK. As of press time, the addresses have passed 3,000.

Source: Lookonchain

Meanwhile, Chainlink’s community pool shows that 9.8 million tokens have been staked, and early access will end within the next 32 hours.

The high turnout is not surprising, given that the feature was highly anticipated. Delphi Digital noted that in the two weeks leading to its introduction, holders moved almost 17.5 million LINK from exchanges.

Coinbase Banner  

LINK down 6%

Chainlink’s LINK price has not reacted positively to the introduction of the staking feature, continuing its recent poor price performance.

CryptoSlate data shows that LINK fell by 5.93% over the last 24 hours to $6.83753 as of press time. On the seven days metric, LINK has dropped by over 8% and over 20% in the past month.

Lookonchain reported that whales had aggressively accumulated the token despite its poor price performance.

On Dec. 5, the on-chain investigator reported that a giant whale (institution) accumulated 14.3 million LINK ($107.6M) from Binance in the past two weeks at an average holding cost of $7.2. 

Read Our Latest Market Report

Analyzing the current state of Ethereum, DeFi, stablecoins, NFTs post-FTX fallout

Market report covering Ethereum, NFTs, stablecoins, usage and losses

James Van Straten · 3 days ago

Go to Source
Author: Oluwapelumi Adejumo

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.