Chainlink, the leading player in the decentralized Oracle network sector, has officially announced the launch of Chainlink Staking v0.2, slated for this year. This update is a significant step forward from the previously launched v0.1 version, offering enhanced features and broader participation avenues for the Chainlink community.
According to the announcement on X, the v0.2 upgrade is set to roll out in a phased manner, with specific dates earmarked for different user groups. The process begins with a Priority Migration on November 28, 2023, at 12 PM ET, primarily for those who have stakes in the v0.1 version. This phase will provide these users with a dedicated window of nine days to transfer their LINK tokens and accumulated rewards to the new v0.2 platform.
Following this, Chainlink has scheduled an Early Access phase starting December 7, 2023, at 12 PM ET. This four-day window is designed for community members who are eligible for early staking opportunities, allowing them to stake their LINK tokens before the platform is opened to the general public. The General Access phase, permitting all interested parties to stake their LINK, is set to commence on December 11, 2023, at 12 PM ET.
Enhancements With Chainlink Staking V0.2
The official website details that Chainlink Staking v0.2 builds upon the foundational elements established in the v0.1 release, aiming to create a more modular, extensible, and upgradeable staking platform. This upgrade is focused on improving the flexibility for both community and node operator stakers, particularly with the introduction of a new unbonding mechanism for withdrawing staked LINK.
Furthermore, the security of Chainlink’s oracle services is poised to be enhanced through the potential slashing of staked LINK from node operators who fail to meet the network’s standards.
As for participation limits, the announcement clarifies that community stakers will be able to stake a minimum of 1 LINK and a maximum of up to 15,000 LINK per address during both the Early Access and General Access phases. Node operator stakers, on the other hand, have a higher limit, with a minimum stake requirement of 1,000 LINK and a maximum cap of 75,000 LINK.
Chainlink emphasizes that the migration from v0.1 to v0.2 will not be automatic. The smart contracts governing both versions are non-custodial, meaning stakers themselves must initiate the transfer of their staked LINK and rewards to the new version.
The expansion of the total pool size to 45,000,000 LINK in v0.2 represents an 80% increase from the v0.1 cap. This increase aims to broaden the accessibility of Chainlink Staking to a more diverse array of LINK token holders, while also bolstering the security and reliability of the oracle services provided by the network.
In terms of rewards, Chainlink Staking v0.2 introduces a dynamic mechanism, with a variable reward rate that incentivizes a fully-filled staking pool and lays the groundwork for future reward sources, such as user fees. This is a departure from the fixed reward rate of v0.1, signaling a more flexible and adaptable approach to staking rewards.
At press time, LINK was trading at $14.48 after being rejected at the 0.236 Fibonacci retracement level on the 1-week chart on the first attempt.
Featured image from iStock, chart from TradingView.com