On December 1st, Chainlink revealed via a tweet that the network would launch version 2 of its staking protocol earlier than usual. Following discussions with their community, they made this choice.
According to the statement:
With Chainlink Staking v0.1 launching on Ethereum mainnet on December 6th, we’d like to provide an update on our iterative approach to building future versions of Staking beyond this initial release and how that will affect essential attributes like the lock-up period.
Users would be able to release and migrate their staked rewards and LINK in the latest version of staking. Well, the excitement surrounding Chainlink’s staking may be a factor in the increase in social mentions. Even with engagements for the network.
Chainlink’s social mentions surged by 18.3%. In addition, its social interactions by 5.2% during the previous week, according to social analytics company LunarCrush.
Although there have been more engagements and mentions recently, the overall mood regarding Chainlink has remained unfavourable. It demonstrated that the coin has received more unfavourable than positive feedback from the cryptocurrency community.
In addition to the deteriorating mood, Chainlink’s velocity has dropped over the past few days, showing a decline in the rate at which LINK was being transferred between locations.
Moreover, LINK’s development work sufferes, thus indicating that there were fewer additions being submittes to the network’s GitHub.
Chainlink Network Expansion Development
Despite these obstacles, Chainlink’s network expansion improved as more new addresses started trading LINK. Not just new addresses takes interests in LINK; Ethereum whales also continues to hold onto their holdings.
The top 500 ETH whales held $33 million worth of LINK at the time of writing, according to WhaleStats, an organization that tracks cryptocurrency whales.
Chainlinks expanding collaborations may be one factor in the rising interest in the platform. By increasing its use of dApps, NFTs, and the DeFi space, for instance, Chainlink significantly contributed to the Fantom Foundations ecosystem.
Related Reading | OpenSea NFT Creators Are Making Waves With Over $1 Billion In Royalties
Chainlink had uses its momentum at the time of this article’s publication to take a larger chunk of the cryptocurrency market.
Messari reports that over the past seven days, Chainlink’s market cap domination increased by 7.76%, and the token took 0.41% of the entire crypto market. Nevertheless, over the same period, its volatility dropped by 0.24%, which reduced the risk of owning LINK.