Decentralized computing protocol Chainlink has updated its native staking mechanism and launched Chainlink Stake v0.2 with an expanded pool size of 45 million. LINK + .
A nine-day “priority migration” period begins today for existing v0.1 bettors to transition their staked LINK and rewards to the new version. Access will then expand to other participants through the early access and general access stages starting December 7 and 11, respectively, allowing users to stake up to 15,000 LINK, according to a statement.
By increasing the size of the staking pool to 45 million LINK, 8% of the current circulating supply, Chainlink hopes to open the door to a more diverse range of LINK token holders. The expansion is part of Chainlink’s Economy 2.0 plan, which aims to add an additional layer of security to the network.
Chainlink is the most widely used oracle network in cryptography and provides external real-world data to blockchain applications. Chainlink staking first went live in December, increasing the utility of the token and allowing LINK holders to support the performance of oracle services and earn rewards for helping to secure the network. Initially, it was only accessible for staking to secure the price of Ethereum ETH/USD, with a pool limited to 25 million LINK tokens.
“As we are seeing a steady increase in the amount of value secured and paid out through the Chainlink Network, it is increasingly important to improve cryptoeconomic security,” said Chainlink co-founder Sergey Nazarov. “Sating v0.2 introduces important new security features and prepares the system for even greater growth in the coming year.”
Flexibility, security and modular design
The new version is designed to provide a more flexible unbinding mechanism, allowing participants to withdraw their staked tokens more efficiently, and improved security guarantees. Its modular architecture aims to facilitate greater adaptability, facilitating the incorporation of future updates and improvements.
Chainlink Stake v0.2 also incorporates “dynamic reward mechanisms that can seamlessly support new reward sources in the future,” the team said.
