Decentralized computing protocol Chainlink has upgraded its own staking mechanism and launched Chainlink Staking v0.2 with an expanded pool size of 45 million CLUTCH
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Today begins a nine-day “priority migration” period for existing v0.1 stakers to transfer their staked LINK and rewards to the new version. Access will then be extended to other participants via early access and general access from December 7 and 11 respectively, allowing users to stake up to 15,000 LINK, a statement said.
By increasing the stake pool size to 45 million LINK, 8% of the current circulating supply, Chainlink hopes to open the door to a more diverse set of LINK token holders. The expansion is part of Chainlink’s Economics 2.0 plan, which aims to add an additional layer of security to the network.
Chainlink is the most widely used oracle network in crypto, providing external real-world data to blockchain applications. Chainlink staking first went live in December, increasing the token’s utility and allowing LINK holders to support the performance of oracle services and earn rewards for helping secure the network. It was initially open to staking only to secure the Ethereum ETH/USD price feed, with a pool of up to 25 million LINK tokens.
“As we see a consistent increase in the amount of value secured and paid for through the Chainlink Network, it becomes increasingly important to improve cryptoeconomic security,” said Sergey Nazarov, co-founder of Chainlink. “Staking v0.2 introduces significant new security features and positions the system for even further growth in the coming year.”
Flexibility, safety and modular design
The new version is designed to provide a more flexible unwinding mechanism – allowing stakers to withdraw their staked tokens more efficiently – and improved security guarantees. The modular architecture aims to enable greater adaptability, making it easier to incorporate future upgrades and improvements.
Chainlink Staking v0.2 also includes “dynamic reward mechanisms that can seamlessly support new sources of rewards in the future,” the team said.
