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August 9, 2022
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ChainLink’s price rises again and reaches US $ 30

After falling at the end of February, the price of Chainlink (LINK) went up again.

The highest record was reached on February 20, 2021, at almost 37%, but in the following days it dropped to less than $ 24.

However, yesterday it jumped suddenly from $ 27.7 to $ 29.8 in less than an hour. Then it continued to rise to $ 31.2 and stabilized at around $ 30.

It is worth mentioning, however, that in relation to the beginning of the year the performance is really remarkable, since 2020 closed at US $ 11.5. That is a 160% increase in just over two months. However, it should also be mentioned that in August last year it had already risen to almost $ 20.

Yesterday’s sudden increase was probably due to news of an improvement in its smart contract.

This is important news, because the updated smart contract must use up to 90% less gas, support meta-transactions and allow for future voting.

In fact, after Chainlink Off-Chain Reporting (OCR), which improved efficiency in the way data is calculated by Chainlink oracles, the launch of the Chainlink Smart Contract Upgrade (SCU), which is an enhanced version of the Contract, was also announced Chainlink smart.

The gas problem at Ethereum is one of the current limitations of the network. That is why the 90% reduction in gas for the use of Chainlink’s smart contract was considered positive news by the market.

Current LINK token holders will still have to manually update their tokens through a so-called proxy agreement, which allows for a secure and continuous update.

While an immediate upgrade is not required, LINK holders who upgrade now will be eligible to use the new liquidity rewards program, starting in the second quarter of 2021.

There are three update methods: interact with the LINK smart contract directly on Etherscan, through the MyEtherWallet “Interact with contract” interface or through the automatic update script published in Chainlink’s Github repository.

Source: cryptonomist

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