Chainlink drew in 24.27 million tokens, worth about $170 million, through its first-ever staking pool. Community allotment filled up in two days. This staking effort helps secure the quality of the project’s price feed for Ether.
Participants and node operators under the system commit their holdings of Chainlink’s LINK tokens as a form of guarantee in exchange for 4.75% annualized rewards. The staking community pool’s limit of 22.5 million total LINK tokens was 100% filled, as per the Chainlink team. It said the node operators are able to stake their LINK tokens because the overall staking pool is capped at 25 million LINK. As such, the node operators are left with around 730,000 remaining LINK tokens to stake.
At the time of writing this article, Chainlink was up by 2.34% and trading at $7.01. The chainlink team describes staking as a key part of the project’s Chainlink Economics 2.0 plan which is a new era of sustainable growth, cyber economic security, and deeper value capture. The platform said stakers will earn rewards for helping secure the Data Feed. Stakers have to participate in a decentralized altering system that flags if the Data Feed has not met certain performance requirements regarding uptime.
Surging interest in the new staking project shows that some crypto investors and users are eager to sock money into digital-asset projects despite the global market being mired in crypto winter and Bitcoin being down by 64% year to date.
