Chainlink (LINK) has announced that it is working on the deployment of its new staking scheme which will be deployed in phases within the network, with the aim of facilitating access to it and including new tokenomic changes to it.
Chainlink, the well-known blockchain oracle network, has announced that all the details are being finalized for the launch of its new staking scheme known as Chainlink Staking v0.2. Chainlink Staking is the staking system that allows Chainlink ecosystem participants, such as node operators and community members, to support the performance of oracle services by staking LINK and receiving rewards by helping to secure the Chainlink (LINK) network.
This new Chainlink participation system presents a series of improvements compared to the previous version. These improvements include a larger size of the pool, a more secure participation system and a much simpler participation process, seeking to encourage the growth and security of the network, in view of the new global vision of the project.
Migration process
The release of Chainlink Staking v0.2 will involve multiple entry phases so that a wide diversity of members of the Chainlink (LINK) community can contribute to security cryptoeconomic from Chainlink Network. By increasing the probability that the v0.2 staking pool will be distributed across a large number of entities, including smaller participants, the security guarantees provided by Chainlink Staking are strengthened.
Priority Migration
At launch, stakers on version 0.1 will have the opportunity to migrate their stake and accumulated LINK rewards to the new version or withdraw them. This priority migration period will last for seven days, where v0.1 participants can choose to migrate all or a portion of their v0.1 stake and LINK rewards. If you choose to migrate a part, all stakes and rewards from the unmigrated version 0.1 will be removed. If a v0.1 staker takes no action, then their staked LINK and rewards will remain at v0.1 and they will no longer earn additional rewards.
Since the v0.2 pool is larger than the v0.1 pool and takes into account accumulated rewards, v0.1 participants are guaranteed access to v0.2 if they participate in the Priority Migration phase. Once the priority migration period ends, version 0.1 participants can still migrate or withdraw during Early Access and General Access; however, entry to version 0.2 will not be guaranteed due to limited pool size.
Please note that version 0.1 participants are only eligible to migrate an amount equal to the sum of their staked LINK and any LINK rewards accumulated in version 0.1 during the priority migration phase. v0.1 stakers who want to stake more LINK, up to the limit per address, have the opportunity during subsequent entry periods.
Early Access
After the priority migration period ends, LINK token holders who meet at least one predefined criteria in the updated Early Access Eligibility List will have the opportunity to stake LINK in v0.2 up to the maximum per wallet.
Similar to the early access period during the release of version 0.1, being on the eligibility list provides the opportunity to stake version 0.2, but does not serve as a guarantee of entry given the limited pool size. The Early Access entry period will last two days.
The Early Access eligibility list is based on the list previously used in version 0.1. As with version 0.1, there will also be an Early Access eligibility app available prior to release that can be used to check Early Access eligibility.
General Access
Once early access ends, the new staking system will open to general access, at which point anyone will have the opportunity to stake up to the maximum per wallet, as long as the v0.2 staking pool has not yet been filled.
Objectives of the new strategy in Chainlink (LINK)
On Chainlink (LINK), participants can stake LINK to support the performance of oracle services. Oracle services are services that provide real-world data to blockchain applications. When a participant stakes LINK, their tokens are locked for a set period of time. During this period, the participant earns rewards based on the performance of the oracle services they support.
The new Chainlink Staking v0.2 staking system works in a similar way. However, it presents a series of improvements compared to the previous version. Among these improvements are:
- Greater flexibility for node operator and community Stakers, while maintaining a secure non-custodial design for staked LINK.
- Enhanced security guarantees for Oracle services within the scope supported by Chainlink Staking.
- Modular architecture to iteratively support future improvements and additions to Chainlink Staking, such as expansion to more services.
- Dynamic rewards mechanism that can seamlessly support new reward sources in the future, such as user fees.
Overall, the new Chainlink v0.2 Staking system is an important step forward for the blockchain ecosystem. The participation system offers a series of improvements that make participation more accessible, secure and simple. These changes make Chainlink Staking even more important to the blockchain ecosystem and help ensure that the Chainlink network remains secure, reliable, and sustainable in the future.
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