Is Chainlink (LINK) crypto rising because of its updated roadmap?

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Is Chainlink (LINK) crypto rising because of its updated roadmap?

Is Chainlink (LINK) crypto rising because of its updated roadmap?
Image source: © Shahurin | Megapixl.com
Highlights:
  • Chainlink is a blockchain abstraction layer offering off-chain information for the proper functioning of smart contracts.
  • The LINK token can be traded on exchanges like Huobi Global, Coinbase Pro, etc.
  • It returned more than 13% gains in the last seven days.

The Chainlink crypto soared more than 13% in the last 24 hours to Wednesday morning, while its one-day volume skyrocketed by over 121% in the same period.

Let's find out more about the Chainlink crypto and why its price surged on Wednesday.

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What is Chainlink (LINK) crypto?

Chainlink is a blockchain abstraction layer offering essential off-chain information for the proper functioning of smart contracts. It allows blockchains to interact with external data feeds, events, and payment methods in a decentralized oracle network.

The network is led by a large open-source community comprising data providers, node operators, smart contract developers, security auditors, etc. Chainlink aims to ensure the decentralized participation of all node operators willing to contribute to the network.

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The project was founded by Chainlink Labs in 2017. Chainlink claims to be among the first networks that allowed the integration of off-chain data into smart contracts. Chainlink has attracted many data providers, like Alpha Vantage and Huobi, due to this facility over the years.

Data providers send their data directly to Chainlink and monetize the information.

The network’s native token is LINK, ranked 21 in CoinMarketCap (CMC). It can be traded on exchanges like Huobi Global, Coinbase Pro, Kraken, etc.

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Why is it rising?

The LINK price gains could be due to its upcoming staking tasks in the network. According to its announcement on June 7, the "staking marks the start of Chainlink Economics 2.0".

Chainlink's updated roadmap envisions that staking would enable implementing a system of rewards and penalties. The goal is to incentivize the network's operations.

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Is Chainlink (LINK) crypto rising because of its updated roadmap?Data Source: CoinMarketCap.com

Bottom line:

The LINK token was priced at US$8.50 at 8:16 am ET on June 8, up 13.36%, while its volume for the trailing 24 hours rocketed 121.23% to US$1.00 billion. It has a market cap of US$3.96 billion, and its fully-diluted market cap is over US$8.48 billion.

The token has a maximum and total supply of 1 billion, and its current circulating supply is over 467.009 million. It returned gains of 13.26% in the last seven days.

The crypto saw the highest price of US$9.29 and the lowest price of US$5.64 in the last 30 days.

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