Should you buy Chainlink (LINK) after the announcement of PoS transition

By:
on Aug 9, 2022
Updated: Aug 10, 2022
  • Chainlink (LINK)’s trading volume saw an increase of 244% in the last 24 hours.
  • Chainlink’s services will remain on the Ethereum blockchain post the long-awaited Merge.
  • Forked versions of the Ethereum blockchain, will no longer be supported by Chainlink.

Chainlink (LINK/USD) features decentralized oracle networks that provide tamper-proof inputs, as well as outputs and computations to support advanced smart contracts on just about any blockchain.

LINK is the native cryptocurrency that is used to help finance the growth of the overall project. 

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Chainlink is typically utilized as a means of providing real-world data to smart contracts and bring it to the blockchain.

The future of LINK’s value after the announcement that it will only support PoS Ethereum

Through an official announcement, the Chainlink (LINK) protocol said that it would not support any forked version of the Ethereum blockchain.

This means that any Proof-of-Work (PoW) forks of Ethereum will not be supported by Chainlink post “The Merge ”, which is the latest upgrade to the Ethereum (ETH/USD) network. 

The protocol has aligned itself with the Ethereum Foundation and the Ethereum community’s decision.

This means that it will provide its services to Ethereum during and after the Merge; however, Chainlink will transition all of its Ethereum operations from the Proof-of-Work (PoW) consensus mechanism to the Proof-of-Stake (PoS) consensus mechanism.

Furthermore, in the announcement, Chainlink advised Ethereum developers as well as decentralized application (dApp) teams to develop their smart contract operations accordingly as a means of avoiding future mishaps. 

Should you buy Chainlink (LINK)?

On August 9, 2022, Chainlink (LINK) had a value of $8.488.

To get a better perspective as to what kind of value point this is for the LINK cryptocurrency, we will be going over its ATH, as well as its performance throughout the previous month. 

The all-time high of the Chainlink (LINK) cryptocurrency was on May 10, 2021, at a value of $52.70.

When we go over its performance throughout the previous month, we can see that Chainlink (LINK) had its lowest point of value on July 13 at $5.8256. Its highest point of value was on July 30 at $8.1747.

Here we can see an increase in value of $2.3491 or by 40%.

With this in mind, we can expect the LINK cryptocurrency to reach $12 by the end of August 2022.

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