Oracle provider chainlinkis preparing to offer staking on the Ethereum network. This news from the network is a pretty good development for a sustainable economy.
Chainlink released an update on staking on December 1, 2022. As a result, according to the announcement, staking transactions on the Ethereum network will be active from December 6th.
Although the lock-in period for staking is set at 12-24 month periods, the team opposed it. Opposition from community and node operators in addition to the team has changed things. There will be faster renewal periods as a result. The renewal periods will include more intensive updates.
“As a result, the next version of Staking (v0.2) is now scheduled to be released in 9-12 months. At this point, v0.1 stakers can unlock or carry the staked LINK and rewards.”
1/ With Chainlink Staking v0.1 launching on Ethereum mainnet on December 6th, we’d like to provide an update on our iterative approach to building future versions of Staking beyond this initial release and how that will affect important attributes like the lock-up period
— Chainlink (@chainlink) December 1, 2022
Chainlink Staking Opportunities
Chainlink StakingThe launch of (v0.1) is currently only active for early access. These addresses are entitled to stake up to 7,000 LINK (approximately $53,270) in a limited staking pool. Eligibility will be determined by on-chain and off-chain activities that can be verified by the user’s wallets.
The stake pool will open to all other LINK holders on December 8th. Also, according to the November 30 blog post, the initial total pool limit is 25 million LINK.
Staking v0.1 pool will support ETH/USD data stream on Ethereum mainnet. Staking rewards will be distributed to users who participate in a decentralized alert system. The system warns if the data stream does not meet “specific uptime performance requirements.”
The staking initiative will be part of “Chainlink Economics 2.0”. It will allow LINK token holders and node operators to earn rewards for “helping to improve the crypto-economic security of oracle services.”
LINK Price Action
Chainlink (LINK) has performed well, gaining 23% over the past two weeks. According to the data, LINK price is currently trading at $7.62, up 2.2% on the day.
On November 22, LINK hit the market cycle low of $5.60 but is recovering strongly. However, LINK is still 85.6% lower than the all-time high of $52.70 in May 2021.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.