Saturday, February 24, 2024

Chainlink (LINK) jumps by over 20% after unveiling its new economic roadmap

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Chainlink, an Oracle service provider, has revealed its new economic roadmap by introducing the new staking mechanisms to the blockchain. During the announcement, Chainlink noted that the mechanism will present the operational efficiencies of the blockchain and that of its oracle network.

At the same time, all LINK investors will be rewarded. Chainlink also unveiled the four main long-term goals that it plans to achieve with the staking mechanism.

  1. Generating Sustainable Rewards for Long-Term Users
  2. Enabling Greater Community Participation in the chainlink Network
  3. Empowering Node Operators to Acces Higher Value Jobs Through Staking.
  4. Increasing the Crypto economic Security and User Assurances of Chainlink Services


Chainlink Staking mechanism

According to Chainlink, its staking mechanism will continue to advance as its Oracle network continue to expand over time. However, its original goal is to develop a secure and simple foundation for staking and later continue with the expansion based on the feedback they will get.

Chainlink staking mechanism rollout will be similar to the functionality of its Price Feeds. With the help of this mechanism, it will be possible to identify opportunities and risks at the initial stage of the execution before scaling.

According to the announcement, the initial version v0.1 of Chainlink Staking is expected to be released later in the year and will focus on introducing an alert system and a reputation framework. 

The initial staking pool in v0.1 will have a distinct allocation to the member of the community, coordinators of oracle networks, and node operators.

Chainlink noted:

“The pool will start with an aggregate size of 25M LINK tokens, with the planned goal of scaling to a pool size of 75M LINK tokens in the months after launch, based on demand.”

Additionally, it is expected that in v0.1, the native token emission will be focused on stakers who will aim at a base level of annualized rewards of about 5%.

LINK price rally

The price of Chainlink (LINK) rose by over 10% immediately after the economic roadmap was revealed yesterday and the price has continued to rally to today. At the time of writing, a day after Chainlink released the economic roadmap, LINK was trading at $9.38, up 9.08% over the past 24 hours having hit a daily high of $9.46. 

Apart from the new economic roadmap that has also contributed to the rally, it seems that Whales capitalized on the broader market correction by accumulating LINK tokens.


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