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While aiming for a $20 target price, the team made the expected announcement. What does this mean? <a href="https://en.coin-turk.com/chainlink-link-price-drops-is-it-a-buying-opportunity-for-long-term-investors/”>Chainlink is already present in many areas, including price feeds for popular DeFi platforms. Although it has monopolized blockchain-based Oracle services in crypto, there is one problem: the utility generation of LINK Coin.
Good News for LINK Coin Investors
Even though Chainlink is a fantastic project, the limited use case of LINK Coin had brought criticisms from investors. However, a staking pool initiated months ago has made the tokens in holders’ hands more useful. Now, the staking pool is being expanded.
A nine-day “priority transition” period starts today for current v0.1 staking participants to migrate their staked LINKs and rewards to the new version. According to the announcement, access will then be extended to other participants through early access starting December 7 and general access from December 12.
As before, up to 15,000 LINK Coins per user can be staked. The expectation of high interest is due to the dynamic reward mechanism included in Chainlink Staking v0.2, which (as we mentioned before) removes 8% of the circulating supply, supporting a price increase with the potential of millions of dollars in new staking opportunities.
- Chainlink expands staking, enhancing LINK utility.
- Staking v0.2 may significantly reduce supply.
- Expectations rise for LINK’s price support.
