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Home » Chainlink reveals what its new staking system will look like

Chainlink reveals what its new staking system will look like

Decentralized oracle network Chainlink is pushing ahead with the modernization of its staking system. It is aiming for version 0.2, which aims to create a staking platform using LINK reserves, the native token of this protocol.

Accordingly explained Recently, Chainlink announced in a statement that it is a redesign of the staking service v0.1. With v.02, Chainlink offers stakers more flexibility and implements a new unbinding mechanism with some similarity to Ethereum 2.0 that penalizes nodes that act maliciously. You will also care “Extended Security Guarantees” for Oracle Servicesby reducing Mission.

Chainlink will also implement a dynamic reward mechanism. This will allow it to “support new reward sources in the future.”

Steps before v0.2

As part of the activation of Chainlink Staking v0.2, the platform asked users to do so on October 19th Your LINKs will be migrated from the previous version to the new one. The same applies to the rewards accumulated in this token. This within a maximum period of one week. The deadline ends next Thursday.

Once the migration is complete, the platform sets a two-day grace period for token holders You can stake up to 15,000 LINK. But as long as they “meet Chainlink’s predefined eligibility requirements.”

Under these requirements stand out those who have held more than 7 LINK for more than a year, participated in events organized by Chainlink or promoted the use of this decentralized oracle network. All of it, depending on the category of person interested in participating in the staking platform.

After the election period, Chainlink will provide general access to the staking platform. It means that Each user can stake up to 15,000 LINKas long as the group is not filled.

It must be made clear that in the case of Chainlink there is talk of staking does not refer to this Consensus algorithm Proof of Stake (PoS), used for transaction processing as it is not a cryptocurrency network.

Chainlink is an Ethereum-based network in which oracles collect data from external sources (e.g. stock prices) and transmit it to smart contracts. In this case, Staking is for securing this decentralized network, not for processing operations.

Traders participating in Chainlink staking deposit a minimum amount of LINK to become a staker on the network. These are the people responsible Providing the data, which is then validated by other operators. For this information, stakers receive rewards in LINK.

After learning the ongoing Chainlink Stake update, the price of LINK, the platform’s native token, is responded upwards.

According to CoinMarketCap, LINK is priced in US dollars went up 28% in two days after rising from $7.5 for each token on October 20th to $9.6 on the morning of this Sunday, October 22nd.

LINK price rose by 28% in two days. Spring: CoinMarketCap.

The increase in LINK price is good news for those who use the decentralized oracle network Chainlink. This is because the number of security tokens placed at the request of the protocol to be appreciated, Generating profit margins when withdrawing funds of the staking service. In addition, the rewards obtained through staking are valued higher.

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