Chainlink gears up for stakes as crypto whales aggressively accumulate LINK

Ethereum (ETH)-based decentralized oracle network Chainlink (LINK) announces the launch of its highly anticipated staking feature.

Yesterday, Chainlink announced the soon-to-be launch of a stake protocol was ready to go live.

According to the official Chainlink Twitter account, the early access platform went live today as planned.

“Chainlink Staking v0.1 Early Access is now live on the Ethereum mainnet!

The first 25 million staking pot is available for early access, so stake LINK today to secure your spot and earn rewards to secure the Chainlink Network and greater Web3 ecosystem.”

According to Chainlink blogthe addition of staking will increase the network’s security and help it scale to serve a higher number of applications.

“Chainlink Staking is a key crypto-economic security mechanism where stakers pledge LINK tokens in smart contracts to support certain performance guarantees around oracle services. The addition of staking allows Chainlink decentralized oracle networks (DONs) to scale to serve a wider range of applications and use cases with higher value across Web3 and traditional Web2 industries.”

Chainlink Staking comes as on-chain data reveals that LINK whales and sharks have been aggressively accumulating LINK. According to blockchain analytics firm Santiment, Chainlink’s active whale and shark addresses currently hold the largest percentage of LINK supply since 2017.

“Chainlink’s shark and whale addresses, which hold between 1,000 and one million LINK, have gone on an unprecedented surge of accumulation. These wallets have yielded a total of 26.8 million LINK ($194.3 million) in just two months, an increase of 12.8% of coins in their wallets.”

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