Chainlink Gears Up for Staking As Crypto Whales Aggressively Accumulate LINK

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

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

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

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

The initial 25 million staking pool is available for early access, so stake your LINK today to secure your spot and earn rewards for securing the Chainlink Network & larger Web3 ecosystem.”

According to the Chainlink blog, the addition of staking will enhance the network’s security and help it scale to serve a higher number of applications.

“Chainlink Staking is a key cryptoeconomic security mechanism in which stakers commit LINK tokens in smart contracts to back certain performance guarantees around oracle services. The addition of staking enables Chainlink decentralized oracle networks (DONs) to scale to service a broader range of applications and higher value use cases across Web3 and traditional Web2 industries.”

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

“Chainlink’s shark and whale address, holding between 1,000 to one million LINK, have gone on an unprecedented surge of accumulation. These wallets have added a collective 26.8 million LINK ($194.3 million) in just two months, a 12.8% increase of coins to their bags.” 

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Featured Image: Shutterstock/SVPanteon/David Sandron

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