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Chainlink staking date, details: Twitter crypto analyst Pentoshi joins chorus talking up LINK price potential

By Darius McQuaid

12:41, 1 November 2022

hand holding an iPhone displaying chart of the price of Chainlink cryptocurrency
The Early Access Eligibility App for Chainlink Staking v0.1 has already been launched – Photo: Getty Images

Chainlink (LINK) staking will be launched towards the end of this year, bringing what the crypto described as a “key cryptoeconomic security mechanism” and “one mechanism in a broader initiative around Chainlink Economics 2.0.”   

The initial beta version of LINK staking will be launched in December 2022. In preparation for the mainnet, the Early Access Eligibility App for Chainlink Staking v0.1 has been launched and can be accessed at staking.chain.link.

The staking of Chainlink allows “decentralised oracle networks (DONs) to scale to service a broader range of applications and higher value use cases across Web 3.0 and traditional Web 2.0 industries,” the project says.

Chainlink Economics 2.0 entails an array of programmes that “focus on improving data security and utility, reducing the operating costs of oracle services, increasing user fees that are paid to Chainlink service providers, and enabling a broader scope of service providers such as stakers to participate in the Chainlink ecosystem.”

LINK to USD 

Pentoshi’s bullish opinion

The crypto analyst who goes by the alias Pentoshi, and who has more than 641,000 followers on Twitter, believes LINK will enjoy a rise in price, with the upcoming staking system acting as as a “catalyst” for the crypto’s rise.

Pentoshi added that people may be “quiet on it now” but he does not think that will be the case in the near future.

BTC/USD

63,844.85 Price
-1.120% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

BCH/USD

378.10 Price
-0.010% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

XRP/USD

0.57 Price
-9.400% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

ETH/USD

3,414.11 Price
-0.080% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

Investors should conduct their own due diligence before risking any money, and remember that analysts’ recommendations are frequently wrong.

LINK was priced at $7.75 on 1 November, and was down by 3.68% compared to the previous day but up by 13% compared to a week ago according to CoinMarketCap.  

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Early access

The Early Access Eligibility App will guide members through a “step-by-step” process to see if they qualify for early access to the v0.1 staking pool. To have access to this, members must check their eligibility via the app.

Those who are deemed eligible for early entry to the staking pool will be given the opportunity to stake up to 7,000 LINK “in a first-come, first-serve manner until the pool cap is reached.”

Those who are not eligible for the early start will also be able to stake 7,000 LINK “for at least the start”.  

Markets in this article

LINK/USD
ChainLink / USD
14.00049 USD
-0.2867 -2.060%

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