In a news related to Chainlink, on Dec 1, the team issued an update regarding its much-anticipated staking initiatives. In addition, the oracle provider also stated that staking would become operational on the Ethereum mainnet on December 6th.
Initially, the lockup term for chainlink staking was anywhere between 12 and 24 months. However, the community as well as the node operators have been consulted by the team regarding this matter & the end result is an increased rate of iteration coupled with more frequent releases of the product.
It’s also said that each release will have a “condensed scope” that would concentrate on critical features.
“As a result, the next version of Staking (v0.2) is now planned to launch in 9-12 months, at which point v0.1 stakers can unlock or migrate their staked LINK and rewards.”
At this time, addresses that meet the requirements for early access are the only ones that can take advantage of the launch which is in the beta version of the Chainlink Staking (v0.1) on the Ethereum network.
These will have the ability to stake up to 7,000 LINK, which is equivalent to approximately $53,270, in a pool that has its stakes capped. The user’s on-chain and off-chain behavior, which can be verified by their wallets, is used to decide whether or not they are eligible.
Read More: Will Chainlink Survive Binance’s New Oracle Network?
On December 8, the staking pool will become accessible to the broader public, allowing all other holders of LINK tokens to take part. According to the official blog article, the initial limit on the total pool cap is 25 million.
The official announcement states,
“Staking is a core initiative of Chainlink Economics 2.0, enabling LINK token holders and node operators to earn rewards for helping increase the cryptoeconomic security of oracle services.”
Given that other coins like Bitcoin & Ethereum have tumbled in synchrony in response to the collapse of the crypto exchange FTX, Chainlink’s native token LINK appears to have gained in the short term from the excitement surrounding its upcoming staking feature.
Read More: How FTX Founder Went From “The New JP Morgan” To A “Con Artist”
The price of LINK jumped 1% in the last 1 hour and rose by 12% in the past week. Currently, the token is trading at $7.6 at the time of writing.
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