Native token of the Chainlink blockchain (of the same name) chainlink (LINK) has gained 30% this week after staking support plans and increased ties with Avalanche.
LINK is up 7.9% in the last 24 hours to $9.15, representing a one-month high.
The last rally recorded by LINK was triggered on Tuesday after the blockchain shared its plans to offer support for staking through LINK.
Avalanche The rally got even stronger on Thursday after the blockchain deployed more Chainlink services on its primary network.
Chainlink stands out as one of the largest providers of oracle services for decentralized networks and is used to incorporate price feeds into smart contracts.
Avalanche Support Increases for Chainlink
LINK’s strong gains over the past 24 hours seem to have been driven mainly by the Avalanche blockchain, which has increased its integration with Chainlink.
Chainlink activated two features of Keepers and Variable Random Functions (VRF) on the Avalanche mainnet on Thursday. These features aim to provide developers with better uptime guarantees and enhanced smart contract security.
Price feeds from Chainlink were natively integrated into Avalanche about a year ago. However, increasing these distributions across multiple blockchains will also increase user service fees collected by Chainlink. Of course, as these fees increase, staking plans become more attractive.
Chainlink will first add and encourage ‘staking’ support in the first step of a fairly large upgrade. Blockchain focused on enhancing security around Oracle networks and strengthening community engagement.
The main purpose of all these updates will be to produce sustainable rewards for long-term users. The blockchain aims to distribute fees to reward stakers.
This announcement, on the other hand, recorded a rapid increase of 12% in the price of LINK, and also helped to revive an uptrend. This performance stood out as the best performance among the top 30 crypto assets.
The prospect of stake rewards increased whale purchases on LINK, driving prices even higher. Data from Whalestats shows LINK to be one of the most traded tokens by major Ethereum whales this week.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.