First Staking Pool On Chainlink Attracts $170M In LINK Tokens, Surpassing The Community Cap After 2 days
Staking began on Tuesday, and by Thursday, 24.27 million LINK tokens had been locked in to safeguard the network.
Chainlink, a provider of blockchain price feeds and other data, had its first-ever staking pool attract 24.27 million tokens worth around $170 million, with community allotment filling full in two days.
The new staking effort is intended to help safeguard the quality of the project’s ether price feed (ETH). Participants and node operators commit their holdings of Chainlink’s LINK tokens as a kind of guarantee in exchange for 4.75% annualized earnings under the scheme.
At 1:51 p.m. ET on Thursday, the Chainlink team tweeted that the staking community pool’s cap of 22.5 million total LINK tokens was “100% full.” Although the community allotment has been met, node operators can still stake their coins because the entire staking pool is limited to 25 million LINK. This leaves node operators with around 730,000 LINK tokens to stake.
The staking program’s general access period began earlier in the day, following an early-access period that began on Tuesday and saw substantial uptake. The staked tokens are currently worth around $170 million at the current price.
Staking is an important component of the project’s “Chainlink Economics 2.0” strategy, which is described on the project’s website as “a new era of sustainable growth, cryptoeconomic security, and deeper value extraction.”
The huge interest in the new staking attempt demonstrates that some cryptocurrency investors and users are still keen to participate in digital-asset ventures, despite the fact that the embryonic markets are trapped in crypto winter, with bellwether bitcoin (BTC) down 64% year to date.
There are around 508 million LINK in circulation, therefore the staked LINK accounts for approximately 4.8% of the circulating supply.
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