Decentralized protocol Chainlink has upgraded its native staking mechanism with the launch of Chainlink Staking v0.2, which features an expanded pool size of 45 million LINK.
The v0.2 upgrade introduces a Chainlink staking platform that brings greater flexibility for stakers, improved security guarantees, a modular architecture, and a dynamic rewards mechanism.
Chainlink v0.2 Expands Staking Mechanism
With Chainlink Staking v0.2 now live, a nine-day priority migration will begin starting today for all existing v0.1 stakers to transition their staked LINK and rewards to the new version (v0.2). The access will be expanded to other participants through the early access and general access stages that start from the 7th of December and the 11th of December, respectively, allowing users to stake up to 15,000 LINK, according to a statement released by the protocol.
“Chainlink, the industry-standard decentralized computing platform, announced today that Chainlink Staking v0.2, the latest upgrade to the protocol’s native staking mechanism, is now live. The launch of the v0.2 upgrade begins with a nine-day Priority Migration period for existing v0.1 stakers, during which they can migrate their staked LINK and rewards to v0.2 and will progressively expand access to a broader scope of participants, with Early Access and General Access starting on the 7th of December and the 11th of December respectively.”
Staking Pool Size Expands To 45 Million LINK
The staking pool size has been expanded to 45 million LINK with v0.2, which is 8% of the current circulating supply of LINK. By doing this, Chainlink hopes to open the door to a more diverse array of LINK token holders. The expansion is part of Chainlink’s larger Economics 2.0 plan that aims to add an extra layer of security to the Chainlink network. Chainlink staking initially went live in December and increased the utility of the LINK token.
“v0.2 features an expanded pool size of 45,000,000 LINK in total, representing 8% of the current circulating supply, increasing the accessibility of Chainlink Staking to a more diverse audience of LINK token holders. Staking is a core initiative of Chainlink Economics 2.0, which is bringing a new layer of cryptoeconomic security to the Chainlink Network. Specifically, Chainlink Staking enables ecosystem participants, such as node operators and community members, to back the performance of oracle services with staked LINK and earn rewards for helping secure the network.”
It also enabled LINK token holders to back the performance of oracle services and earn rewards for their role in helping to secure the Chainlink network. Initially, the network was solely accessible for staking to secure the ETH/USD price feed, with the pool size capped at 25 million LINK. Speaking about Chainlink Staking v0.2, Sergey Nazarov, Chainlink co-founder, stated,
“Because we are seeing a consistent increase in the amount of value secured by and paid for over the Chainlink Network, it’s increasingly important to improve cryptoeconomic security. Staking v0.2 introduces important new security features and sets the system up for even further growth in the year to come.”
The new staking version will provide a flexible unbonding mechanism, allowing stakers to withdraw their staked tokens in a more efficient manner, while also providing improved security guarantees. The modular architecture facilitates greater adaptability, making incorporating any future upgrades and improvements easy. The Chainlink team also added that Chainlink Staking v0.2 introduces the incorporation of dynamic reward mechanisms. This will help support the addition of new rewards in the future.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
