Chainlink (LINK), the native token on the eponymous blockchain, surged over 30% this week as plans for staking support and a major Avalanche tie-up boosted demand.
LINK rose 7.9% in the past 24 hours to $9.15- its highest level in one month.
LINK’s rally was triggered on Tuesday after the blockchain outlined plans to offer support for staking through LINK.
It was then further boosted on Thursday after the Avalanche blockchain deployed more Chainlink services on its primary network.
Chainlink is one of the biggest providers of oracle services for decentralized networks. It is used to incorporate price feeds into smart contracts.
Avalanche support increases
LINK’s strong gains over the past 24 hours were driven chiefly by the Avalanche blockchain increasing its integration with Chainlink.
Two features of Chainlink- Keepers and Variable Random Functions (VRF), were deployed on the Avalanche main network on Thursday.
The features are aimed at giving developers better uptime guarantees, and improved smart contract security. Price feeds from Chainlink had been natively integrated into Avalanche about a year ago.
Increased deployment across multiple blockchains increases the user service fees collected by Chainlink. This makes LINK appear more attractive, especially in the light of plans to incentivize staking.
Chainlink 2.0 to support staking
Chainlink will incentivize staking through LINK as the first step in a much broader upgrade. The blockchain plans to increase the security around its oracle networks, and also incorporate more community participation,
A bulk of this upgrade will also be focused on generating sustainable rewards for long-term users. The blockchain will deploy emission fees and user service fees towards rewarding LINK stakers.
LINK jumped 12% immediately after the announcement, and has been on an uptrend ever since. It is the best-performing top-30 cryptocurrency this week, while broader markets retreated.
The prospect of staking rewards spurred increased whale buying in LINK, further boosting prices. Data from Whalestats shows LINK is one of the most-traded token by major Ethereum whales this week.
- Breaking: No VAT On Cryptocurrency Issuers In Russia, Details
- Just In: Robinhood Lists Chainlink (LINK); Price Up By 5%
- Just In: USDC Parent Inks Major Pact With New York Bank
- Here’s Why Dogecoin (DOGE), Shiba Inu (SHIB) Prices Tumbled
- This Is Why Ethereum (ETH) Recovered Sharply From Below $1K
- Top Binance Exec To Keep Buying Bitcoin, But There’s A Catch
- Expert Sees Fed Reversing Interest Rate Hikes, How Will It Affect Crypto?
- New Bullish Cycle Likely After Bitcoin Reaches This Level, Stats Show
- Cardano (ADA) Sees Big Drop In Interest, But Is Likely Primed For A Rally
- Digital Asset Investment Products Saw Net Outflows of USD 423 Million Last Week, Sell on Rise?
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?
- Stacks Price Analysis: Reversal Within Wedge Pattern Eyes $0.3 Support
- Tezos Price Analysis: XTZ Rebounds from Yearly Support; is it a good buy?
- Tron Price Analysis: Triangle Pattern Governs the TRX Price Action; Should Coin Holders Worry?
- Dogecoin Price Analysis: DOGE Winning Streak Aims to Reclaim $0.077
- Apecoin Price Analysis: Reversal Pattern Sets 21% Rise in APE Price
- Ethereum Price Analysis: Will ETH Relief Rally Revert From $1300?
- Bitcoin Price Analysis- Higher Price Rejection Hints BTC to Retest $20000
- SHIB Price Analysis: Overhead Supply Pressure Hints SHIB to Retest $0.00001