Chainlink, a widely-used Web3 services platform, has just introduced Chainlink Staking v0.1. This is a new form of cryptoeconomic security that requires stakers to lock away LINK tokens in smart contracts to guarantee the accuracy of oracle services.
Chainlink is the backbone of the Web3 economy and currently supports more than one thousand oracle networks. As more and more oracle services are deployed across a greater number of blockchains, it is essential to make sure that the network can handle the rising amount of wealth being secured in Chainlink-powered programs. The release of Staking v0.1 marks a significant point in Chainlink’s transition to its new financial system known as Chainlink Economics 2.0.
“The Chainlink Network has successfully scaled to support a majority of leading DeFi protocols and many other new smart contract verticals, enabling more than $6.6 Trillion in transaction value this year. Arriving at such a large economy gives the network a great foundation to launch Economics 2.0 and this initial version of Staking. As the network continues to expand, Chainlink Staking will continue to evolve and deliver enhanced security across our ecosystem and throughout Web3.”
– Chainlink Co-Founder, Sergey Nazarov
Chainlink Staking’s initial beta version (v0.1) includes a staking pool to strengthen the ETH/USD Data Feed on Ethereum’s mainnet. Stakers are rewarded for upholding the Data Feed’s performance, particularly by being able to join a decentralized warning system that signals when the Data Feed hasn’t met pre-determined uptime criteria.
The initial version of the staking pool will have a maximum capacity of 25M LINK, or 5% of the present circulating supply and 2.5% of the total supply. Initially, there are two kinds of participants in this staking pool: Node Operator Stakers and Community Stakers; other types may be added later on. Initially, only node operators actively providing Chainlink Data Feeds and addresses that meet Early Access requirements can join in; General Access will be available in two days’ time.
The debut of Chainlink Staking v0.1 marks a turning point for both the Chainlink Network’s security and its economic framework. Alongside other Economics 2.0 initiatives such as Chainlink BUILD and Chainlink SCALE, the Chainlink ecosystem is transitioning to the next level of sustained expansion and improved cryptoeconomic protection.
