Chainlink, a decentralized computing protocol, has upgraded its native staking system with the introduction of Chainlink Staking v0.2. The updated version now features a larger LINK pool, capable of accommodating 45 million LINK tokens.
The protocol has initiated a nine-day “priority migration” phase for existing v0.1 stakers to shift their staked LINK and rewards to the updated version. Subsequently, early access and general access stages, occurring from Dec. 7 to Dec. 11, will enable other participants to stake up to 15,000 LINK.
The decision to enlarge the staking pool to 45 million LINK, equivalent to 8% of the current circulating supply, aligns with Chainlink’s Economics 2.0 plan, aimed at reinforcing the network’s security.
Staking Advancements and Crypto economic Security Boost
Chainlink, renowned as the most utilized oracle network in the cryptocurrency space, supplies external real-world data to blockchain applications.
Staking was initially introduced in December, enhancing the token’s utility and allowing LINK holders to support oracle service performance while earning rewards for network security. The initial staking phase was limited to securing the Ethereum ETH/USD price feed, capped at 25 million LINK tokens.
Chainlink’s co-founder, Sergey Nazarov, emphasized the need to enhance crypto economic security due to the escalating value secured by the Chainlink Network. Staking v0.2 introduces crucial security enhancements and positions the system for further growth in the upcoming year.
Chainlink Staking v0.2: Boosting LINK Pool with Enhanced Features
The upgraded version introduces a more adaptable unbonding mechanism. This feature facilitates the efficient withdrawal of staked tokens. Additionally, it comes with enhanced security assurances. Its modular design enhances adaptability, streamlining the integration of future upgrades.
Chainlink Staking v0.2 introduces dynamic rewards mechanisms. These mechanisms are capable of seamlessly accommodating new sources of rewards in the future. This enhances its flexibility, security, and modular architecture.