Ethereum-based oracle platform Chainlink (LINK) gained 30% despite the market drop. LINK is the altcoin that has gained the most in the last 7 days. A number of key developments, from Avalanche partnership to staking plans, were instrumental in this rise. As a result, Chainlink is one of the profit recorders of the week.
Chainlink tops the green board, here’s why
Ethereum-based oracle token, staking support plans, and a massive Avalanche (AVAX) integration boosted demand this week by 10%. It gained over 30 in value. LINK hit $9.15, up 7.9% at one point today. It then corrected slightly to $8.35. He returned part of the rally on June 10.
LINK’s rally was triggered on Tuesday after Blockchain announced its plans to offer support for staking via LINK. On Avalanche, it was bullish on Thursday after deploying more Chainlink services on its primary network.
Chainlink is one of the largest providers of oracle services for decentralized networks. It is used to incorporate price integration into smart contracts.
Both altcoin projects consider partnership
LINK’s strong gains over the last 24 hours are mainly due to Avalanche’s increased integration with Chainlink. Chainlink – Two features of Keepers and Variable Random Functions (VRF) were deployed on the Avalanche mainnet on Thursday. These features guarantee developers better uptime. It also aims to provide enhanced smart contract security.
Price integrations from Chainlink, it was locally integrated into Avalanche about a year ago. Distribution from multiple Blockchains increases user service fees collected by Chainlink. This makes LINK look more attractive, especially in light of its plans to promote staking.
Chainlink 2.0
to support staking, Chainlink encourages LINK staking as the first step in a more comprehensive upgrade. Blockchain aims to increase security around oracle networks. It also plans to include more community engagement. A large part of this upgrade will also focus on delivering high returns for long-term investors. Blockchain will distribute emission fees and user service fees to reward LINK stakers.
LINK rose 12% right after the announcement. Since then, it continues its uptrend despite slight corrections. While the cryptocurrency market is bearish, LINK is the highest performer of the week. The announcement of staking pools has drawn voracious whales to Chainlink. Data from Whalestats shows that whales have bought massive amounts of LINK this week.
Altcoin whales bought millions of LINK and AVAX after the news
As we quoted as Kriptokoin.com, a huge BNB whale bought about 10 million Avalanche (AVAX) worth $242.5 million . Thus, AVAX entered the ranking of the top 10 tokens by transaction volume among the largest BSC whales. These giant transactions come after the AVAX – Chainlink integration that we have covered above.
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