Chainlink, a decentralized blockchain-based Oracle network built on top of Ethereum, introduced “LINK staking” for its community with the release of Chainlink Staking v0.1 on the Ethereum core network, which features a limited-size staking poll in its initial release.
Community members, who meet the criteria set, can stake up to 7,000 LINKs in the limited pool and take advantage of this first access opportunity offered to them.
First access criteria
Note that the first access opportunity to the restricted staking pool was offered exclusively to community members who met at least one of the early access eligibility criteria. Subsequently, those members who did not meet the first access criteria were given the opportunity to stake up to 7,000 LINKs in the staking pool as of December 8.
As Chainlink advised, each LINK address can stake up to 7,000 LINKs so that this initial staking pool can accommodate as many members as possible.
The staking pool has a maximum capacity of 25 million LINKs.
LINKS remain locked until v0.2
Chainlink has advised that LINKs that have been staked, as well as the rewards of each address, will remain locked until the next update to the staking pool, Staking v0.2, is released.
Version v0.2 is expected to be released in 9 to 12 months.
Significant increase in LINK addresses
As a reminder, Chainlink had announced the staking program last June, with rewards of up to 5% in annual percentage return. As expected, the news led to a 44% increase in active LINK addresses within a few days.
The introduction of LINK staking will likely increase investor interest in this asset.
Chainlink Economics 2.0
Chainlink’s growth trajectory, which started in 2017, has led it to introduce Chainlink Economics 2.0, which is used to improve the Oracle services it offers, especially in terms of sustainability and long-term utility.
Chainlink Staking is one of the initiative parts of the Chainlink Economics 2.0 development.
In addition to Staking, Chainlink is also introducing the BUILD program, which will help increase the number of manufacturers/developers in the Chainlink network by providing them with support, services and incentives.
The third Chainlink Economics 2.0 initiative is the Sustainable Chainlink Access for Layer 1 and 2 Enablement (SCALE) program, which aims to help layer-1 and layer-2 blockchains put even more emphasis on innovation as it relates to smart contracts in their ecosystem. Chainlink is offering, for this initiative, operational cost coverage for its services for a period of time.
Leading blockchain, such as Avalanche, Moonbeam and Metis, have shown interest in the project.
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