Journalist
Posted:
- 90% of the LINK deployed by community staplers in v0.1 has been migrated to v0.2 since launch.
- LINK rose 10% last week, but bearish sentiment showed an increase.
Chainlink’s [LINK] staking ecosystem has been an important space for the blockchain for quite some time. In the recent past, things got even better when the blockchain launched Staking v0.2.
Since its launch, Chainlink’s staking ecosystem has come a long way, while LINK’s price action has turned bullish.
A look at Chainlink’s staking ecosystem
To check how the space performed, it is critical to check the state of the first version of Chainlink staking. AMBCrypto’s look at Dune’s facts revealed that in v0.1 there were a total of over 7,800 stakers, with a total of 24,051,964 LINK tokens staked.
At the time of writing, 2.405% of LINK’s total supply had been deployed on v0.1.
Source: Dune
These numbers may not look impressive at first glance. The reason behind this was the launch of LINK staking v0.2, which was launched at the end of November 2023.
For the insiders, according to Chainlink’s bloggingthe original staking application, v0.1, was replaced by v0.2, a modular, extensible and upgradeable staking platform.
Since launch, v0.2 has gained a lot of traction, leading to a migration from v0.1 to v0.2. Chainlink recently posted a tweet highlighting v0.2’s journey since launch.
Last month, #Chain link Staking v0.2 launched on mainnet, with a total pool size of 45,000,000 LINK, of which 40,875,000 LINK allocated to Community Stakers.
Through the combination of a nine-day Priority Migration period, a four-day Early Access period and a 15,000 LINK… pic.twitter.com/fQ1YMtKnNx
— Chainlink (@chainlink) December 22, 2023
Staking v0.2 was released on the mainnet, with 40,875,000 LINK allocated to community stakers from a total pool size of 45,000,000 LINKs.
According to the tweet, more than 90% of the LINK deployed by community staplers in v0.1 has been migrated to v0.2. Additionally, 19,188,359 LINK tokens were staked less than seven hours after launch.
Apart from the extra features that v0.2 offers, another possible reason for the increase in statistics could be CLUTCH‘s price action. When LINK participated in a bull rally, investors might have chosen to stake more tokens in anticipation of more rewards.
Is there anything in store for investors?
LINK’s bull rally was far from over at the time of writing as the charts remained green. According to CoinMarketCapLINK’s price has risen by almost 10% over the past seven days.
At the time of writing, it was trading at $15.63 with a market cap of over $8.8 billion. The good news was that buying pressure on the token remained high, as evidenced by the dwindling exchange reserve.
AMBCrypto found that both LINK’s active addresses and transfer volume also remained high.
Source: CryptoQuant
Read Chainlink’s [LINK] Price prediction 2023-24
AMBCrypto then checked Santiment’s data to see the market sentiment surrounding LINK. Our analysis showed that despite the recent price increase CLUTCH‘s popularity waned as social volume dropped.
The weighted sentiment also registered a decline, meaning that bearish sentiment around the token was rising. Whether investor sentiment will have an impact on LINK’s price will be interesting to see.
Source: Santiment