Chainlink Unveils Enhanced Staking System with Expanded Pool Size

Chainlink Boosts Security and Accessibility with Upgraded Staking v0.2

Nov 29, 2023
Read in 2 mins

Improved security features and greater adaptability in Chainlink's Staking Ecosystem.

Decentralized computing protocol Chainlink has announced the launch of its upgraded staking mechanism, Chainlink Staking v0.2, which features an increased pool size of 45 million LINK tokens.

The updated version offers a more flexible unbonding mechanism, enabling stakers to withdraw their staked tokens more efficiently. It also provides improved security guarantees. The modular architecture of the new version promotes greater adaptability, simplifying the integration of future upgrades and enhancements. Additionally, Chainlink Staking v0.2 introduces dynamic rewards mechanisms that can effortlessly support new sources of rewards in the future.

Starting today, a nine-day priority migration period will allow existing v0.1 stakers to transfer their staked LINK and rewards to the new version. From December 7 and December 11, the platform will gradually open access to other participants, allowing them to stake up to 15,000 LINK.

The staking feature, which debuted in December, allows LINK holders to support the performance of oracle services and earn rewards for contributing to the network’s security. Initially, staking was only available for securing the Ethereum ETH/USD price feed with a pool limit of 25 million LINK tokens.

The decision to expand the staking pool to 45 million LINK, representing 8% of the current circulating supply, is part of Chainlink’s Economics 2.0 plan. This move aims to attract a broader range of LINK token holders and enhance the network’s security.

"Because we are seeing a consistent increase in the amount of value secured by and paid for over the Chainlink Network, it's increasingly important to improve cryptoeconomic security. Staking v0.2 introduces important new security features and sets the system up for even further growth in the year to come," Chainlink co-founder Sergey Nazarov stated.

cool.svg cool_white.svg COOL!
notbad.svg notbad_white.svg NOT BAD!
notcool.svg notcool_white.svg NOT COOL!