chainlink nycChainlink 2.0 Staking & Roadmap Analysis

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all right so welcome back in today were going to dive into chain link do a project analysis there of course is some news with chain link 2.0 their new staking program the road map all of that were going to try to break down for you my name is paul barron welcome back into techpath today chainlink is one of those projects i think a lot of people first of all a lot of people have been asking us to put it in the cpi so we dropped it into our crypto power index it was about two three weeks ago uh we had been tracking it but we didnt uh do it on an ongoing basis like we do now where you if youre in the crypto power x and youre a member you get three different day drops of data per week right now we drop on monday wednesday and friday and of course chain link is in that group the news though that is happening of course is chain link 2.0 brings new road map and staking to the market of course we have seen some a little bit of volatility but also some performance from link and i will provide you guys with a data analysis on this so make sure and hit like right now if you want to see the sentiment comparison theres some interesting things in it that we are going to show uh towards the end of the video so stick around for that um make sure and put your comments below because wed always love to get input on you guys on what projects you would like to see in our crypto power index because a lot of times well showcase them here on the show free of charge but if you really want to dive in get into the paid side of things so its the latest token to get a bump in its price after announcing the upcoming implementation of staking the decentralized oracle network that provides off-chain information needed for proper functioning of smart contracts think of chain link because a lot of people ask me about that what does changling do think of them as the protocol for the internet without a um you know a tcp protocol the internet doesnt work the websites dont work those kind of things that run the front end of whats happening on the internet do not work thats essentially what chain link is doing they are think of it as the tcp for smart contracts so they are in the rails side of things i talk about this a lot is that those are the kind of companies that im always loving to invest in because those are the ones that are going to stick around but also theres those are the ones who one get big competitors coming after them and or get acquired because that starts to play into some of the other big players in the in the game uh as you can kind of see uh just some of the the notes that they put out ive highlighted a little bit here according the announcement released on uh chain link uh the overarching goal of staking on the network is to give the ecosystem participants including node operators community members etc the ability to increase the security guarantees and user assurances of the oracle services backing them with linked tokens so it is going to create i think a very interesting dynamic now of how users will start to stake tokens and theres some pretty significant payouts here so it is a potential opportunity i think for for you if you are owning link if youre planning on staking your chain link let me know in the comments below kind of curious so its not only introducing instruments to provide reliable data but its also allow for a penalty mechanism for underperforming nodes who fail to achieve the goal of consistently generating accurate reports and that i think is one of the things that will be used to clean up their and maintain police their system so lots happening there a chain link is approved proof of reserve enables d5 projects to verify off chain and cross chain assets uh reserves through automated audits and cryptographic truth so good stuff and if you look at their press release they dropped this uh today it kind of goes into the overall you kind of see a little bit here that collectively secures tens of billions of dollars across hundreds of projects so its one of those projects that is very well seeded into the blockchain ecosystem and its one in which a lot of other platforms are starting to utilize their technology which is very very important one the crypto economic security and user assurances of chain link primary goal is going to be staking increase as i said earlier this will be achieved by enabling linked tokens to be locked up as a form of service level guarantee thats an interesting thing to put that in kind of an sla type approach because thats up time of the network uh staking also introduces another powerful incentive which is a penalty mechanism we just talked about that one and then also give the deep integration of chain link with leading smart contract applications uh the increase in oracle security which is going to make this uh even more desirable by different kind of platforms is the security layers are one of the key things that you have to have in place especially around smart contracts so i think well see more and more participation from other projects out there and theres a couple of them ill outline today theres a lot here enable community participation uh generate sustainable rewards for long-term use a lot around native token admissions from link and the token supply will be used to create initial base level rewards thatll be a good one user service fees from sponsors of chain link oracle with a portion directed to the stakers again just more fees and more advantages back to stakers another anticipated source of benefits for stakers is their partner uh growth program which i think goes back to my topic here of where were going to start to see a lot more people and projects utilizing uh really what theyre trying to do which is really uh become the backbone for smart contracts when it comes to blockchain they kind of show a little bit here in terms of the chart on solving diminishing returns for oracle network security this is kind of the model in which they have built to create the staking component uh and being able to kind of knock out the whole idea of diminishing returns because thats one of the the knocks or had been one of the knocks on it from an oracle standpoint is that you know you the high value oracles were not necessarily the ones getting rewarded so thats where this comes in because the underperforming ones will be the ones that are essentially jettisoned which is good because thats going to keep the ecosystem healthy its kind of like having servers that are underperforming youve got a jettison those are your network can continue to thrive you can onboard you know maintain speed all that kind of stuff uh another thing here chinook will also evolve across multiple versions this was interesting to me the initial v1 release projected later this year the first release focuses on introducing a reputation framework and staker alerting system after sufficient validation in the in production usage of community feedback so really what this is saying is that theyre going to layer out uh theyre going to get the high quality you know elements put in place within the network itself and then theyre going to start to really uh roll out what theyre going to do in v2 uh v2 release will explore uh introducing loss protection to help participating uh sponsors when a supported oracle deviates from its server service level agreement and again that goes back to kind of keeping uh your oracles accountable you know to be able to really provide uptime uh effectiveness all the all of the aces that you need to run a really good blockchain environment these are the kind of things even though this is good for chain-link holders this is more for the network and the oracle uh overall strategy of what chain link is trying to do as a blockchain wonderkid for sure planned road map a lot happening kind of see the the v1 the i should be 0.1 and then v1 a lot more things so essentially what youre going to pick up in the next level is going to be stake slashing fee rewards no delegation which will be thatll be a big one reputation tracking another big one and more feeds i think thats just going to come but then going over to v2 this will be going into more services that im curious about because if they are going to offer more services what will those be and then loss protection is going to be the big the big one i think that really kind of solidifies what theyre trying to do let me kind of jump over here to another article um though a minor uh correction has brought link uh there was a lot of correction on link to a41 by press time it still represents a solid increase of 10 now this is something because if you are just investing in link overall one of the things that you would think with this kind of news is that we would see a fairly significant move and if you do look at the data and the on-chain data as well as the just the charts if youre looking at trading view all those and ill show you an example of this and what its looked like over the past 10 days because there is a pretty significant upline that chain link has been under and just depends on where you are and where youve invested in at chain league but um they are saying that the economics here are a little bit maybe not necessarily as strong as um as everyone thinks uh this article right here kind of breaks this down uh chain link is back but there is a major roadblock for investors ahead and mainly what theyre saying is that there may be some pressure uh especially from the over and i think this is going to come from people not necessarily understanding what link is and what its potential is its kind of like not understanding aws you know 10 15 years ago nobody really understood what that was for amazon and now its probably there well it is their number one business unit and uh theres reasons for that and and that is kind of where i think chain link is today um link bulls are undoubtedly backed but they havent been since uh the last few days of may when it delivered a much needed upside it continues to build on the same bullish strength this week as evident by the rally which we saw this was on june 6. however the dmi indicator confirms that bullish momentum was building up already this actually shows up in our sentiment data and ill show you that in a little bit and though it does look like the reality rally is in uh for a breakout its a very narrow narrow range here and there are some factors that suggest that this may not necessarily run that is my thesis on this if youre looking at link right now at the time in which all of this is happening the amount of news thats really kind of glowing in um not only to chain link but also into the market because theres theres been some a little bit of volatility obviously weve seen some movements with eath and bitcoin and then a handful of metaverses have had you know some moves as well and ill show you this in a moment but i think there is some indicators here that you can be watching for all right so i want to thank our sponsor today thats i trust capital if you guys are looking at long-term investment this is the way to go and that is a crypto ira one thing is that i always look at is who is the most trusted ones out there and when you think about trust you always look at kind of the overall value and what theyve done here is over five billion in transactions uh they did a raise at 125 million which gave them a 1.3 billion dollar value and then over 150 000 accounts have been created on this program so great platform easy to get to make sure and use our link below and use i trust capital you can get a hundred dollars in a funding reward when you sign up with our link make sure and check it out this was in an announcement sent to cointelegraph blockchain oracle notes that upon launch seven price feeds will be available to solana developers including all this at the later stages of the integration more chain link oracle services and price fees will be made available as well so this is where its coming from uh anatoly whos the founder of solana believes that chain link integration will help developers build d5 apps on solana again these are the things that need to be in place to really get into smart contract uh evolution and the ability to scale smart contracts when you get into a lot of these projects some of the other projects that are jumping in on this of course is going to be projects like elluvium weve talked about this before eluvium is in on integrating chain link vrf to secure fair distribution of rare nfts another smart contract tool then youve got chain link jumping over here also saying hey were going to be partnering up with the go gala games of course which is integrated chain link vrf on the ethereum side of things and again this gets into a lot more layers around whats happening in the nft space which again can be a big part of where chain link is going to really grow theres a lot here theres a couple of tweets i want to show you guys and well get into some charts chain-link staking itll be a key part in the multi-chain smart contract economy uh multi-trillion dollar markets i would agree with that is that the size of what we are seeing in blockchain for the future its going to need an underlying uh project like chain link to really kind of become the backbone of where its going and change could be the one that that is but there are some other players and ill show you those in a second link also staking to be released in three stages we just showed you the v1 or 0.0 0.1 and the v1 and the v2 and kind of what whats expected so people kind of flowing along there and then 2022 is the end of the beginning for chain link uh all exciting stuff finally possibly after three major updates scheduled for this year so this goes into everything thats happening inside the whole ecosystem so theyve got a lot of run-up that theyve been building on and planning and if you can kind of see just the the overall expansion of services and uh key utilization uh solutions really all the way out to 2025 theres a lot happening with chain link i think were going to see this become one of the movers and shakers for the next bull run and that will be a very key uh particular all coin this coming uh also in if chain link goes nowhere the entire blockchain and this is a good point the entire blockchain industry will go nowhere stop you know dont put your all your eggs in one basket this guys just saying hey just go all in and this gets back to my point is is that you know when you have a rails type project thats so critical to smart contracts and the evolution of smart contracts like chain link if it doesnt work then weve got a lot of other problems that are going to start to occur and this guy kind of breaks it out market has shown it worked out where the long-term values uh his capture is in oracle problem is worth more than all of crypto combined this is the thing weve been talking about the security of oracles the validity of oracles and the quality of oracles in terms of their sla all of that has to play into this now some of this stuff may be completely over you guys heads thats okay think of it just in todays internet vibe if you dont have the rails none of your internet services work not e-commerce not social media not any of the websites your own business that you probably it doesnt matter what kind of business youre in today most likely 80-plus percent of your work if youre not a blue collar worker is on the internet so thats how important this is to blockchain and web three is smart contracts will be the ssl so to speak the security layer and the potential layer of being able to move not only information but value across web 3 and what thats going to look like so you can kind of see what they say blockchain computer blockchain plus oracles now you got computer and internet watching plus oracles oracles decks uh now youve got computer internet and tls or ssl which what i was just talking about thats kind of the format theyre trying to say is that youve got to have all of this in place for this to really fly and for the next layer of web 3 to become something all right so whos whos the potential um competitors here when you look at the current landscape there just isnt really anybody even close to them youve got band protocol api three wink link all of these were and this is last year this was july of last year when this was recorded so this either leaves this also kind of would worry me a little bit if i was all in on chain link this either is chain link is so far ahead nobody even wants to compete or chain link is becoming the alpha in a project thats going to get a lot of attention from major money and major tech and somebody says we can do that too and uh the ones that i would worry about actually would be projects and companies like amazon like google that might look at this in the future and want to dive into now how could they go in and do acquisitions or roll-ups or you know aqua hires where theyre basically just stealing developers all those kind of things could happen thats how essentially the um you know the backbone of the internet was was built if you look back in the evolution of uunet and kind of where infrastructure was being built for the internet and then eventually what was you know some of the bigger um you know server products were out there places like rackspace which kind of got demoralized based on the growth of aws again back when amazon just really kind of took over the market so i think that would be the question here is whether or not chain link can fend off that future all right lets take a look at charts and then well kind of show you a little about where this is going so i was looking at and weve been tracking chain link here for quite a bit just remember again not not financial advice this is a market mover were going to give you some data some insights our own research as well as our own data from the cpi but not financial advice hopefully this is going to get you moving if you are even a chain link investor maybe youre just learning about the project and you want to start looking at it what i do recommend is really to dive into the tech if youre worthy or if you like diving into tech this is a worthy read for understanding it because its one of those projects that is a little bit more complex to understand it is a true utility product and i think it has a lot of upside so back to the charts here you can kind of see a little bit of the downward trends that we saw um the downslide on this backside this little bit of a lift right here which gave us a little bit of a bubble right here back on what was may 12th nice move of 30 23 right there and then if you look at where weve been tracking here over this last few uh days here same kind of scenario this was a 67 uh and a 65 on amp and then we slid up to a 68 this was actually climbing uh a climbing number so right there in the short term around 10 percent on the short term when we did another drop on data it went to 68 12 and 65 88 which was up again and then we saw the next little bump which is where we are right now which is at 27 if you were scoring back here from say around uh june 4th uh you should be almost 30 percent so the concern is that right now were painting a uh a red candle but the concern is this right here is that with all this news i anticipated the top line uh amplification and sentiment to be much higher and when i dont see that for a project that is as sound as chain link it tells me that the market pressures are there uh the volume probably not going to be there if i jump over to cypher let me see what volumes look like because you can kind of see were starting to get in yeah so it could be coming out but it definitely is not showing up in terms of uh the overall volume of what because its just painting in right here on this volume versus what you saw back here of course this was selling pressure a little movement right here which created this little bit of a bubble right here and then it just isnt there and i think thats the thing thats not showing up here in the sentiment either we havent seen big moves for something that should be based on this this is a big news for chain link so its either a situation where were seeing continue to see all coin pressure in the market right now 6851 just not a big one i anticipate well probably see chain link dip a little bit uh at this point so it is something that were watching and we did kind of track this you kind of look at where it was the little dip and then amplification just not flying um and this movement is really just like 6851 and back here in may 11th it was at 6891 so we still havent even brought it back to a point when the market was at least in a little bit better position versus where we are right now about 12 13 weeks later so uh interesting stuff i think the key here as i said is good news but its good news i think for a much longer term play and that is the angle im taking with link is this is something that mike could be a long-term play from a strategy position especially into the next bull market so well see how this plays out if you guys are listening over on the podcast right now make sure and tune in over here on the youtube channel because this is where youre going to get all the charts all the breakdowns that we do some of the stuff that we do on the sentiment side as well as of course our interviews all the things that we do right here on techpath of course if you want to reach me its out on twitter at paul barron well catch you next time right here on techpath you The price of LINK, the token underpinning the decentralized oracle network Chainlink, has soared recently follows the publication of its updated roadmap for the implementation of staking—a feature that would enable a system of rewards and penalties designed to incentivize the networks proper operation.~This episode is 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