The effect "Each time a monster effect is activated, place 1 Spellstone Counter on this card (max. 2)." does not make a Chain Link. (Place the Spellstone Counter immediately after the activated monster effect finishes resolving. Do not place the Spellstone Counter when the monster effect is activated.)
The effect "While this card has 2 Spellstone Counters, face-up monsters on the field cannot activate their effects, and their effects are negated." does not make a Chain Link.
The effect "During each End Phase, remove all Spellstone Counters on this card." makes a Chain Link. (It does not target.)