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Chainlink Staking Now Live On Ethereum Mainnet

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Chainlink Staking v0.1 Goes Live for Early Access.

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The initial version of the Chainlink staking initiative gives interested and eligible proponents an opportunity to stake up to 7,000 LINK in the limited pool.

Chainlink, a blockchain-based decentralized oracle network (DON) built on the Ethereum chain, has introduced LINK staking for its community with the launch of the Chainlink Staking v0.1 on the Ethereum mainnet, which features a staking pool with a limited size for the initial release.

Community members can now stake up to 7,000 LINK in the limited pool as they seize the early access opportunity. Notwithstanding, according to the recent announcement in an official press release Tuesday, the opportunity is exclusive to those community members who meet at least one of the early access eligibility criteria disclosed by Chainlink in October.

 

Proponents who do not meet the early access criteria will have their chance to also stake as much as 7,000 LINK in the pool from December 8, 12 PM ET (5 PM UTC). According to the press release, each LINK address will be limited to a maximum of 7,000 LINK to accommodate as many community members as possible for the initial pool, which is capped at 25M LINK.

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Chainlink disclosed that the staked LINK tokens and the rewards accrued would remain locked until the team releases Staking v0.2. The v0.2 is expected to be released in 9 to 12 months. Additionally, the team would allot 2.5M LINK from the staked 25M LINK to node operator stakers, with 22.5M distributed to the community stakers on a first-come, first-served basis, the press release says.

Chainlink announced its staking program in June, promising rewards of up to 5% in annual percentage yield. As expected, the disclosure led to a 44% increase in active LINK addresses in a matter of days, as The Crypto Basic previously reported.

The introduction of LINK staking will likely drive more investor interest in the asset as several proponents look to amass rewards from helping secure the network. In a tweet following the official announcement on Twitter, Chainlink shared a link to an official blog post with details on how to stake LINK and other important activities.

 

Chainlink Economics 2.0 

Launched in 2017, Chainlink’s growth path has led it to introduce Chainlink Economics 2.0, which the network is looking to utilize in improving its oracle services, especially in terms of sustainability and long-term utility. Chainlink Staking is one of the initiatives parts of the Chainlink Economics 2.0 development.

In addition to the Staking initiative, Chainlink is also introducing its BUILD program, which would help increase the number of builders on the Chainlink network by providing support and native services to developers who would provide incentives such as fees to stakers and other service providers on Chainlink.

The third Chainlink Economics 2.0 initiative is the Sustainable Chainlink Access for Layer 1 and 2 Enablement (SCALE) program. The initiative will allow layer-1 and layer-2 blockchains to expedite innovation in smart contracts within their respective ecosystems through a contribution in covering Chainlink operating costs for some time. Top blockchains such as Avalanche, Moonbeam, and Metis have indicated an interest in the program.

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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