• The Chainlink v2.0 staking upgrade includes an expansion of the staking pool size to 45 million LINK, increasing accessibility and fostering decentralization.
• Following the v0.2 upgrade, on-chain data indicates significant movements of older Chainlink coins between wallets often considered a precursor to notable price shifts.

Earlier this week, leading Oracle services provider Chainlink announced the mainnet launch of the v0.2 upgrade of its native staking mechanism. The protocol’s upgrade introduced eleven months after the initial implementation of staking in December 2022, marks a significant development for Chainlink.

As outlined in the press release dated November 28th, the v0.2 upgrade includes an expansion of the staking pool size to 45 million LINK. This expansion accounts for 8 percent of the current circulating supply of the altcoin, showcasing a substantial 96 percent increase from the initial 22.5 million LINK allocated to the staking pool during the mechanism’s launch last December.

Chainlink stated that a nine-day priority migration period commenced on November 28th, enabling existing v0.1 stakers to transfer their staked LINK and earned rewards to the new upgrade. Following this, a four-day early access period will take place, allowing LINK holders who meet predetermined criteria to stake up to 15,000 LINK tokens. Subsequently, access will be extended to the general public.

Benefits Linked to the Chainlink v2.0 Upgrade

Chainlink has rolled out its v0.2 upgrade, introducing key enhancements to its staking protocol. Here are some of its key benefits:

1. Increased Accessibility: The staking pool capacity has surged from 20 million in v0.1 to 45 million in v0.2, marking an 80 percent expansion. This amplification aims to encourage a more diverse group of stakers, fostering decentralization and fortifying the network.
2. Enhanced Flexibility: Version v0.2 introduces greater flexibility for stakers to withdraw rewards. Stakers can initiate withdrawals at any time, with the ability to claim rewards within a 7-day period following a 28-day cooldown. This feature, absent in v0.1 beta, enhances the attractiveness for new stakers.
3. Innovative Reward System: The upgrade introduces a novel reward system comprising Claimable Rewards and Attributed Rewards. Stakers can withdraw claimable rewards post the ram-up period, with a dynamic reward rate based on staking pool stability. This variable reward system aligns with future Chainlink staking developments, tying rewards to external factors.
4. Augmented Security and Future-Ready Framework: Security takes center stage in v0.2, enabling penalties, including slashing staked LINK tokens, if node operator stakers fall short of performance requirements. The upgrade ensures seamless future iterations without migration concerns for stakers, leveraging timelock smart contracts for thorough review prior to implementation.

Chainlink’s v0.2 upgrade not only refines staking mechanisms but also sets the stage for a more secure and adaptive staking ecosystem.

LINK Whales Back In Action

Chainlink’s native cryptocurrency LINK has witnessed strong gains recently with the LINK price surging all the way to $15. At press time, LINK is trading 1.77 percent down at a price of $14.83 with a market cap of $8.05 billion.

Amid the recent Chainlink v2.0 upgrade in action, Chainlink whales are back in action. On-chain data provider Santiment explains that Chainlink experienced a substantial shift of older coins between wallets today. Historically, significant movements of older coins often precede notable price shifts. This pattern was evident on September 15th when a similar movement preceded a substantial +31 percent increase in the $LINK price over the subsequent two weeks.