Journalist
Posted:
- Chainlink has launched the v0.2 upgrade on the network.
- Demand for LINK has decreased over the past two weeks.
Leading oracle network Chainlink [LINK] has announced the mainnet launch of the v0.2 upgrade of its proprietary staking mechanism.
#Chain link Staking v0.2 is officially live on mainnet ⬡
Starting today, existing v0.1 stakers have nine days to migrate their staked LINK and accrued rewards to the 45M LINK v0.2 pool, with guaranteed access before Early Access begins.
— Chainlink (@chainlink) November 28, 2023
The upgrade comes eleven months after the protocol introduced strike on its network in December 2022.
According to the press release on November 28, Chainlink noted that the v0.2 upgrade comes with an expansion of the staking pool to 45 million LINK.
This represents 8% of the altcoin’s current circulating supply and a 96% increase from the 22.5 million LINK allocated to the staking pool when the staking mechanism was first launched last December.
Chainlink added that there is a nine-day priority migration period, which started on November 28. During this period, existing stakers v0.1 may move their staked LINK and accrued rewards to the new upgrade.
After that, there would be a four-day early access period during which LINK holders who meet already specified requirements can stake up to 15,000 LINK tokens. After this, access would be granted to the general public.
How did LINK react?
As the price remained within a narrow price range, LINK managed to gain 4% over the past 24 hours. At the time of writing, the altcoin was exchanging hands at $14.58 CoinMarketCaps facts.
As a result of the current consolidation, LINK accumulation has decreased. A review of key momentum indicators on a daily chart showed that spot market participants have gradually moved away from buying LINK since the middle of the month.
At the time of writing, LINK’s Money Flow Index (MFI) was below the midline and trending downward. This suggested that coin distribution exceeded accumulation.
Likewise, the token’s Chaikin Money Flow (CMF) looked poised to break the midline and enter negative territory at the time of writing.
Realistic or not, here is LINK’s market cap in BTC terms
The decline in LINK’s CMF showed that the spot market has been marred by a consistent liquidity exit over the past two weeks.
Source: LINK/USDT on TradingView
The token futures market is no different as it has seen a steady decline in open interest since November 12. LINK’s open interest at the time of writing was $291.3 million and has fallen 35% since then.
Source: Coinglass