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What’s behind the sudden rise of Chainlink? 

While crypto markets began their slow recovery, most assets were trading at prices not seen since the middle of last year. But some projects like Chainlink are swiftly pacing ahead of the rest. In a new update, Chainlink detailed its long-term goals, roadmap, and initial implementation of staking. According to the Chainlink team, the primary purpose of staking LINK is to increase user assurances of Chainlink oracle services, among other reasons. 

Holders who stake their LINK tokens will be able to directly participate in the Chainlink Network. Other features include the ability to raise alerts if LINK stakers believe an oracle service doesn’t meet the network’s standards. As with most other staking mechanisms, LINK holders will be able to receive a reward for timely and valid alerts. 

Crypto investors may have reacted positively to the announcement as Chainlink’s prices remained green for a good part of this week. LINK prices have been up by almost 32% in the weekly timeframe, with a 9.2% hike on Thursday. After weeks of trading between the $6 to $8 range, the price of LINK reached a seven-day high of $9.16. 

Still, LINK’s single-digit price is way below the $35 high of 2021—when several developers integrated Chainlink’s technology with their projects at a rapid pace.  

According to the Chainlink team, the implementation of the first version of the staking feature is planned for an unspecified date in the second half of 2022.  

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Also Read: Three altcoins that defied bear markets this week