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Upgraded staking functionality
On the 28th, the distributed computing platform “Chainlink (LINK)”, famous as the Oracle project, launched a new version of staking “Chainlink Staking v0.2” on the mainnet of the crypto asset (virtual currency) Ethereum (ETH). announced what he had done.
The ongoing implementation of staking functionality is a core initiative of Chainlink’s Economics 2.0 strategy, which provides a new layer of security to the Chainlink network. We will proceed with the transition to v0.2 in stages.
#Chainlink Staking v0.2 is officially live on mainnet ⬡
Starting today, existing v0.1 stakers have a nine-day window to migrate their staked LINK and accrued rewards to the 45M LINK v0.2 pool, with guaranteed access before Early Access begins.
https://t.co/pcFAVXct3L
— Chainlink (@chainlink) November 28, 2023
What is oracle?
A blockchain oracle is a function or service that provides off-chain data to the network. For example, there are use cases such as providing virtual currency prices to the network.
Virtual currency glossary
connection:What is the virtual currency Chainlink? Explaining how it works
Chainlink launched v0.1 of staking in December last year. At this time, addresses that met eligibility criteria such as holding period and hackathon participation history would first participate in staking, and then general users could also participate. Finally, v0.2 will also allow anyone to participate in staking.
connection: Cryptocurrency Chainlink (LINK) to implement staking function
The company explains that v0.2 will focus on the following goals:
- Enhanced flexibility: Introducing a new mechanism for unstaking
- Security improvements: Node operator thrashing (penalties) implemented
- Build a modular structure: ready for future upgrades
- Introducing a dynamic reward mechanism: Can accommodate future reward expansion
Chainlink co-founder Sergey Nazarov commented on the announcement as follows:
As the amount of value exchanged on Chainlink’s network continues to increase, security becomes increasingly important.
v0.2 introduces important new security features and has built a system that can accommodate growth over the next year.
connection: Trade IoT experiment with Chainlink CCIP, Sumitomo Corporation, Vodafone, etc.
Migration schedule
In v0.2, the upper limit for the entire staking pool is set at 45 million LINKs (approximately 8% of the circulating supply, equivalent to 96 billion yen). Starting on the 28th, v0.1 stakers will be given priority to move their LINK to v0.2 for 9 days.
After that, the target will be shifted to users who were not staking in v0.1. Starting from 2 a.m. on December 8, Japan time, users who meet eligibility criteria such as holding period and hackathon participation history will be able to stake up to 15,000 LINKs for four days.
Finally, from 2am on December 12th, anyone will be able to stake up to 15,000 LINKs as long as the staking pool has not reached its limit.
In addition, the upper limit of the staking pool in v0.1 was 25 million LINKs.
connection: Major Australian bank demonstrates tokenized asset (RWA) trading using Chainlink technology
The post Chainlink upgrades staking functionality to improve security and flexibility appeared first on Our Bitcoin News.
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