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LINK broke its downtrend and surged to $9 as developers published a new roadmap revealing Chainlink 2.0 will incorporate token staking functionality.
The biggest attraction of the Chainlink ecosystem is that it helps investors increase their chances of earning passive income as they can easily increase the size of their portfolios, regardless of the daily price action.
Following the announcement of the staking implementation, the token increased in price rapidly. The decentralized oracle network supports an important and necessary source of off-chain information for the normal operations of smart contracts (Smart Contracts).
On June 4, LINK surpassed the price of $6.67 and by June 7 the price of the token had increased by 35%, reaching an intraday high of $9.
Staking feature has long been expected by users because Chainlink is one of the largest oracle projects in the cryptocurrency ecosystem.
The goal of integrating Chainlink’s LINK token staking feature is to provide security for users in general or node operators and community members, ensuring absolute safety for users when using the service. oracle case.
Through staking LINK, nodes will have more jobs and earn more income on the Chainlink network. In addition, the Chainlink project will make improvements and users will benefit from increased security.
Staking will help provide reliable information while allowing penalty mechanisms for inefficient nodes, maintaining oracle reports dynamically, and sending to specific points in a timely manner. Fast, timely.
With the integration of Staking into the platform that will attract more investors to participate directly in the network, staking will enhance the performance of the oracle network.
Chainlink will increase decentralization and create a system with strict mechanisms when attracting more individuals to directly participate in community supervision.
In addition, staking will also assist in increasing network adoption in the future when providing new rewards. Staking will help increase the protocol fees formed from the “environmental protection” crypto project – which is attracting many investors to participate.
See more: Former WeWork CEO collects $70 million in a16z-led funding for environmental crypto project
The new roadmap also introduces Chainlink Proof of Reserves (PoR).
With PoR, a company’s crypto holdings will be easier and faster to be checked through automated processes. Thus, PoR will help improve the transparency of Blockchain, Oracle and smart contract (Smart Contract).
Examining collateral types over time helps protect investors’ funds from unforeseen fractional reserve operations and the risks of fraud by off-chain custodians.
PoR will bring a clearer level of transparency to the entire ecosystem and solve the problems in the functioning of the current financial system.
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