Ethereum’s transition from PoW to PoS is on the cards. While some of them are against the Merger, few others believed the Merger could have taken place long back. On the other hand, some of the Ethereum miners who proposed a fork appear to be confident of it ahead of the Merger. However, the oracle of networks, Chainlink has its own take over the prevailing situation.
Chainlink, in its blog post recently said that the network will be operational during and post the merger. However, the platform clearly stated that it would not support the forked versions of Ethereum including the PoW.
“Users should be aware that forked versions of the Ethereum blockchain, including PoW forks, will not be supported by the Chainlink protocol. This is aligned with both the Ethereum Foundation’s and the border Ethereum community’s decision, achieved via social consensus, to upgrade the Ethereum blockchain to PoS consensus,”
Chainlink (LINK) Price Analysis for Today
Chainlink price has inculcated a notable upswing during the previous working day and gained more than 15%. The LINK price drain appears to have hindered the price rally to some extent which has restricted the price below $9. However, the popular DeFi token is consolidating heavily around the gained levels displaying the possibility of maintaining the upswing.
Source: Tradingview
- The price ever since rebounded from the lows in June and has been trading within a symmetrical triangle
- Amid the recent upswing, the LINK price broke above the resistance and surged above $8, displaying a huge bullish trend
- However, the bears yet again dominated the rally since the early trading hours and the price is experiencing a minor pullback
- The pullback is said to be ahead of the CPI data which is expected to roll out in a short while from now
- The LINK price in the short-term is attempting to undergo a parabolic recovery and head towards the neckline at $9.4
Additional Read: Chainlink Price Prediction
What is Chainlink?
There are many blockchains within the space working to address specified issues and problems. What if the data or information have to be moved in or out of a blockchain within a secured environment?
This is when Chainlink comes in, it figured out the means to get the information using the oracles which are the sources of data between blockchain & real world. Hence the platform creates a network of nodes to provide information to create a vital piece of smart contracts.
Recently, Solana integrated Chainlink price for a better experience and now OpenOcean is all set to integrate for Limit order on Multiple charts. Plans to grow Chainlink’s oracle network id thriving as the platform is planning to roll out the Staking feature this year.
While the Ethereum PoW also known as ETHW, has been making a huge noise, Chainlink seems to have maintained a safe distance. On the other hand, the network has urged the developers & dApp teams to hold on to smart contract operations. As the possibility of abnormal behaviour of dApps is expected if they are operated on forked versions.
Hence Chainlink opted to not support the Ethereum forks.
Read more on Ethereum Merge
