Chainlink Launches LINK Staking Support

The new staking product is set to provide additional incentives for the growth of Chainlink, according to co-founder Sergey Nazarov.

Chainlink, the leading oracle platform, has officially rolled out Staking v0.1 to enhance the network’s security. Currently available for early access users, the feature will be fully open to the public starting December 8.

As reported by Coin68, Chainlink Staking is an economic security mechanism where participants lock up LINK tokens into the network via smart contracts to boost the performance of the oracle services.

The v0.1 beta is the initial phase of Chainlink Staking and includes an ETH/USD pool on Ethereum. The staking pool is capped at 25 million LINK, representing 5% of the current circulating supply or 2.5% of the total supply, with plans to scale up to 75 million LINK. The initial pool is exclusively for two types of stakers: Node Operator Stakers (2.75 million LINK) and Community Stakers (22.25 million LINK). Each operator actively serving the network is allocated 50,000 LINK initially.

Details: Chainlink (LINK) Launches Economics 2.0 and Staking v0.1

Chainlink has processed over $6.6 trillion in transaction value over the past year, according to co-founder Sergey Nazarov. Staking is a core and indispensable initiative of Chainlink Economics 2.0 as the network continues to expand and achieve sustainable growth.

Following the launch of staking, the LINK token price seems to have had a muted reaction, even dropping more than 3% over the past 24 hours, trading around $7.075.

1H Chart of LINK/USDT on Binance as of 08:20 AM on 12/07/2022

Recently, the most widely used oracle platform in the industry has been quite active. Chainlink has partnered to connect SWIFT’s network—an interbank communication system serving cross-border payments—with nearly all blockchain platforms. Concurrently, the project launched Chainlink BUILD, aimed at early-stage projects in the ecosystem, and Chainlink SCALE, which supports network expansion.