Decentralized blockchain oracle network Chainlink has launched the staking of its native token, LINK, on Ethereum to help increase the security of its oracle services.
In a recent press release shared with Coinfomania, Chainlink stated that the first phase of its staking feature is a v0.1 beta release, which consists of a staking pool helping secure the ETH/USD data feed on the Ethereum mainnet.
“Stakers earn rewards for supporting the Data Feed’s performance, specifically by being able to participate in a decentralized alerting system that flags if the Data Feed has not met certain performance requirements regarding uptime,” Chainlink said.
Chainlink’s Staking v0.1 Goes Live
The staking pool will initially have a 25 million LINK tokens cap, representing 5% of the current circulating supply and 2.5% of the total supply. Chainlink plans to gradually increase the figure to 75 million LINK tokens.
Additionally, the pool will initially be available to node operator stakers and community members that qualify for early access.
Users that qualify for early access can now stake up to 7,000 LINK tokens, according to Chainlink. Staked LINK tokens and rewards will be locked up until the release of staking v0.2, which is planned to be released within 9-12 months.
The staking feature will be available to all users on December 8th, according to Chainlink.
A Major Milestone in Chainlink’s Economics 2.0
The blockchain oracle network platform said the launch of staking v0.1 represents a major milestone in Chainlink’s Economics 2.0 – a plan aimed towards increasing the security of the network.
Commenting on the development, Chainlink Co-Founder, Sergey Nazarov, said:
“As the network continues to expand, Chainlink Staking will continue to evolve and deliver enhanced security across our ecosystem and throughout Web3.”
Decentralized oracle networks are third-party services that act as intermediaries between smart contracts on blockchain and off-chain data providers.
According to Dune Analytics, Chainlink is the most widely used oracle network in the sector. Chainlink said it has enabled more than $6.6 trillion in transaction value this year alone.
