- Chainlink launches v0.2, expanding staking pool for broader participation.
- Enhanced security, variable rewards in Chainlink’s Staking v0.2 rollout.
- Phased entry system fosters diversified participation in Chainlink’s staking initiative.
Chainlink, a frontrunner in oracle services, is preparing for the launch of Staking v0.2 later this year. The initiative, pivotal in the Chainlink Economics 2.0 framework, aims to fortify the network’s crypto-economic security by introducing a new layer of staking using LINK tokens.
Last year, Chainlink introduced v0.1, establishing a 25M LINK staking pool that supported the ETH/USD Data Feed on Ethereum. Both Community Stakers and Node Operator Stakers in v0.1 earned rewards by engaging in a decentralized alerting system to maintain performance standards.
The upcoming v0.2 launch, slated for Q4, expands the staking pool to 45,000,000 LINK, promoting accessibility through phased entry periods. The initial Priority Migration phase on November 28, 2023, allows v0.1 stakers to migrate or withdraw their stakes.
Subsequently, the Early Access, starting on December 7, 2023, and General Access on December 11, 2023, open opportunities for eligibility-listed token holders and the general public, respectively, to participate in Staking v0.2.
Designed as a fully modular and upgradable platform, v0.2 focuses on enhancing security, ensuring non-custodial staked LINK, and supporting future expansions. A crowdsourced audit through the Code4rena platform, engaging developers, further reinforces security measures.
Chainlink Introduces Dynamic Rewards
The introduction of dynamic reward rates in v0.2 marks a shift from fixed rates, ensuring rewards are proportionate to pool fill rate. The calculated variable reward rate aims to optimize pool filling while preparing for anticipated future reward sources, such as user fees.
Furthermore, v0.2 enhances security measures, allowing the slashing of staked LINK for Node Operator Stakers in cases of non-compliance with performance standards. Community Stakers are not subjected to slashing in this version, ensuring their risk-free engagement.
The phased approach to entry in v0.2 aims to diversify participation, strengthening the network’s security by including a broad array of stakeholders. The development of this staking protocol signifies Chainlink’s commitment to fortifying its infrastructure and further democratizing participation in the crypto space.
