Chainlink (LINK) Surges 38% in Anticipation of Staking v0.2 Release, Is $15 Achievable
Chainlink Staking will introduce new features, including priority migration, dynamic reward, and stake slashing, as the upgraded version is set to go live later this year.
Chainlink planned to double down on the foundation upon which the v0.1 staking platform was built. Though the exact release timeline remains undisclosed, a December projection looks likely judging by the period the first version debuted last year.
Chainlink Staking v0.2: What to Expect
As detailed by a Chainlink community ambassador on X, “the new Chainlink Staking will introduce the Unbonding Mechanism, Liquid Rewards, Stake Slashing, Modular Architecture, Dynamic Rewards, and Priority Migration.”
#Chainlink Staking v0.2 is launching later this year ⬡
Built upon the foundation set with the v0.1 release last December, v0.2 is the introduction of new staking platform:
– Unbonding Mechanism: Stakers are not locked in but rather can initiate a withdraw at any time
– Liquid… pic.twitter.com/aQgKZhOaXn
— ChainLinkGod.eth (@ChainLinkGod) October 23, 2023
The new version will permit flexibility through the Unbonding Mechanism. With this feature, stakers can initiate a withdrawal at any time with no lock-in obligations. The upgraded version will also make it possible to file claims anytime through the Liquid Reward feature.
Chainlink is one of the most robust infrastructure service providers powering different Web3.0 ecosystems today. As part of the upcoming upgrade, a Modular Architecture will emerge through new Oracle services that will go live on v0.2. These new services will require no migration on the part of the stakers.
Chainlink also plans to implement a Dynamic Reward model over time. This way, the system can integrate new sources of rewards for the benefit of stakers. While the new protocol is accessible by anyone, v0.1 users will get a 7-day priority to migrate their v0.1 staked LINK and rewards to the new protocol.
Users can check their eligibility for early access to migrate from v0.1 to v0.2 through a dedicated portal.
Impact on LINK, Road to $15?
LINK has much to gain with the imminent upgrade as the native token of the Chainlink ecosystem.
According to Slim Daddy, a market analyst and Velvet Capital’s Community Manager, Chainlink is one of the protocols to watch as October nears its end. The analyst highlighted LINK’s growth over the past few days as its price has soared above $9 for the first time since November last year.
As October’s UPTOBER is coming to a close, a token worth looking at is $LINK (CHAINLINK). $LINK has seen a major surge in price in the past few days, and it has also reached the $9 mark for the first time since November last year.
In the past 7 days, it has been a top… pic.twitter.com/mBU3dgjQ14
— Slim Daddy◻️𓃵 ₿ (@felixreads) October 23, 2023
LINK buyers have pushed the token by 11.23% overnight, with its current valuation pegged at $10.23. The token remains one of the best-performing altcoins over the past week, where its price has soared by more than 34.87% as backed by a 7.18% jump in volume to $1,308,118,047
Drawing on its active address count and overall outlook, LINK Bulls are nursing an ambitious push for a potential $15 target in the mid to long term. The last time LINK saw the $15 price was in April 2022.