Why Chainlink (LINK) Is Up 9% Today

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

KEY POINTS

  • Giving users the ability to stake LINK will increase its desirability and make it more secure through greater community involvement in network monitoring.
  • The introduction of Chainlink Proof of Reserve (PoR) will further increase blockchain transparency by auditing the cryptocurrency holdings of a company in real time.
  • By further increasing the security and fraud-prevention of blockchain technology, Chainlink stands to cement itself as a major player in the blockchain space for years to come.

LINK continues to rise after the reveal of the Chainlink 2.0 improvements. Will the hype die down?

LINK, the digital currency of the Chainlink blockchain network, is on the rise following the reveal of the Chainlink 2.0 roadmap, which details the improvements and new features coming to the blockchain in the near future. This roadmap shows that the network will allow LINK holders to earn passive income off their coins by staking them on the network. The blockchain also plans to implement a system by which cryptocurrency holdings can be automatically audited to prevent fraud within the network. The Chainlink network is entering a new stage of life, and the hype around LINK is real.

Chainlink has always been a major player in the blockchain space, as it allows smart contracts to operate effectively by providing essential off-chain information needed by them. For years, many have desired the ability to stake their LINK tokens on the blockchain, with LINK being one of the world's top 20 largest cryptocurrencies by market capitalization. This will serve to boost the adoption of the Chainlink network, as well as increase the security of every transaction by involving more individuals in community monitoring, further decentralizing the network. Chainlink is also implementing a Proof of Reserve (PoR), which will allow automated auditing of cryptocurrency holdings to reduce fraud. With these new features being implemented on the blockchain network, LINK is surging.

Chainlink's 2.0's effects on the market

Chainlink plays a vital role in the smart contract process, making it a very influential blockchain project. While many have praised the transparency and security of blockchain technology, this technology is still evolving and still improving itself. Fraudulent transactions can still occur on blockchains. If Chainlink is able to use coin staking and PoR to increase the security of their network, and therefore the security of the data it provides to smart contracts, the Chainlink network could cement its critical role in the market. If this happens, the value of LINK would not be likely to fall very far. As it stands, smart contracts are essential to many transactions on the blockchain. Unless a new system emerges to replace smart contracts, Chainlink's services are likely to be needed for a long time to come.

The bottom line

As Chainlink improves with coin staking and Proof of Reserve features, it is no wonder that investors are jumping on board with the project and causing the value of LINK to surge. If Chainlink's improvements truly increase the network's security and reduce fraudulent transactions on the blockchain, this network could solidify itself as a major player in the blockchain space for the foreseeable future.

Want to stay up to date with the latest cryptocurrency headlines? Check back to our cryptocurrency news page regularly for all the updates as they happen!

Alert: our top-rated cash back card now has 0% intro APR until 2025

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee! Click here to read our full review for free and apply in just 2 minutes.

Our Research Expert

Related Articles

View All Articles Learn More Link Arrow