The staking function, which will be available as v0.1 in beta mode on 6th of December, is part of the so-called Chainlink Economics 2.0 which focuses on increasing LINK holders' reward-earning prospects in exchange for strengthening the crypto economic security of Chainlink's oracle services. Previously, Chainlink users had to set up their own nodes in order to get rewards in LINK tokens.
The staking function essentially expands their opportunities to receive LINK rewards, which might, in principle, increase demand for the currency. Demand for LINK's parent platform, Chainlink, as an oracle service provider, should rise as well. Following the recent FTX crash, David Gokhshtein, founder of blockchain-focused media business Gokhshtein Media, believes it is possible. Traders have been seeking greater clarity on exchange reserves, which can increase demand for oracle services like Chainlink and as a result, drive LINK's price higher. On November 10th, Chainlink Labs began offering proof-of-reserve auditing services to exchanges.
The speculations have aided LINK's recent price rise. Notably, Chainlink's price rose 35.5% eight days after bottoming out locally by around 5.5 USD, reaching 7.5 USD, which is its highest level in two weeks. On November 29th, LINK recaptured its multi-week rising support trendline, which it had lost in the aftermath of the FTX-led market sell-off.
Movement of Chainlink Since Joining the Market.
(Source: Trading Economics)
Sources:
https://cointelegraph.com/news/chainlink-eyes-25-rally-ahead-of-link-staking-launch-in-december
https://headtopics.com/us/chainlink-eyes-25-rally-ahead-of-link-staking-launch-in-december-32259903