LINK Surges 50% in 72 Hours as Chainlink Staking v0.2 Approaches

Token LINK has surged nearly 50% over the past 72 hours following the announcement from leading oracle solution Chainlink that it is transitioning from Staking v0.1 to v0.2.

Staking is a core initiative under Chainlink Economics 2.0, allowing LINK token holders and node operators to earn passive rewards while enhancing the security of this leading oracle network.

According to a tweet from X (formerly Twitter), posted on October 19, 2023, Chainlink, represented by @ChainLinkGod, the Community Ambassador, confirmed the upcoming launch of Chainlink Staking v0.2 in Q4/2023.

Specifically, Chainlink Staking v0.2, slated for release, will introduce a new staking platform built on the v0.1 release from December last year. It will also incorporate several new features:

• Unbonding Mechanism: Stakers can withdraw their funds at any time without being locked.
• Liquid Rewards: Stakers can receive rewards at any time without penalties.
• Stake Slashing: Node operators may see a reduction in their staked assets if warnings are issued, but community Stakers will not be affected.
• Modular Architecture: New oracle services can be added to Chainlink Staking v0.2 over time without requiring manual movement by Stakers.
• Dynamic Rewards: New reward sources, such as user fees, can be added over time, especially as new oracle services are supported.

Priority Migration: Upon the launch of Staking v0.2, current Stakers from v0.1 will have a 7-day priority period to migrate LINK and staked rewards from v0.1 to v0.2.

However, the project noted that only a select few eligible users will have early access to Chainlink Staking v0.2 after the v0.1 migration phase concludes. To determine eligible users, Chainlink has set specific criteria primarily based on both on-chain and off-chain activities.

While Chainlink Staking v0.2 is still approximately two months away from launch, LINK appears to be experiencing a small "bull run" over the past 3 days. Currently priced at $10.23, LINK has seen an approximately 20% increase in the past 24 hours. Over a longer timeframe, LINK has surged more than 50% in the past 7 days, significantly higher compared to its previous sideways trading days.

LINK/USDT 1D chart on Binance as of 05:40 PM on October 23, 2023.

This growth trend aligns with the overall cryptocurrency market surge. The flagship coin has officially crossed the $30,000 mark, with Bitcoin Dominance reaching its highest level in 2 years. Led by BTC, Ethereum (ETH) has also risen nearly 6% in the past 7 days, while Bitcoin SV (BSV) and Solana (SOL) have recorded the most impressive 7-day gains at 63% and 35%, respectively.