February 5, 2023

Ethereum (ETH)-based decentralized oracle network Chainlink (LINK) announces the launch of its highly anticipated staking feature.

Yesterday, Chainlink announced the impending launch of a staking protocol was ready to go live.

According to the official Chainlink Twitter account, the early access platform went live today as planned.

“Chainlink Staking v0.1 Early Access is now live on the Ethereum mainnet!

The initial stake pool of 25 million is available for early access, so stake your LINK today to secure your spot and earn rewards for securing the Chainlink network and the wider Web3 ecosystem.

This is reported by Chainlink bloggingthe addition of staking will improve network security and help it scale to serve a wider range of applications.

“Chainlink Staking is an important crypto-economic security mechanism where stakers capture LINK tokens in smart contracts to support certain performance guarantees around oracle services. The addition of staking will allow Chainlink’s decentralized oracle networks (DONs) to scale to serve a wider range of higher value applications and use cases across Web3 and traditional Web2 industries.”

Chainlink Strike comes as on-chain data reveals that LINK whales and sharks have aggressively collected LINK. According to blockchain analytics firm Santiment, Chainlink’s active whale and shark addresses currently hold the largest percentage of LINK’s supply since 2017.

“Chainlink’s shark and whale address, with between 1,000 and a million LINKs, has experienced an unprecedented wave of accumulation. These wallets have added a combined 26.8 million LINK ($194.3 million) in just two months, a 12.8% increase in coins in their bags.”

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Featured image: Shutterstock/SVPanteon/David Sandron

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