Chainlink has enhanced its native staking mechanism through the introduction of Chainlink Staking v0.2, featuring an increased pool size of 45 million.
According to a press release on Tuesday, the initiation of the v0.2 upgrade will commence with a nine-day Priority Migration phase for current v0.1 stakers.
During this period, users will have the opportunity to transfer their staked LINK and associated rewards to v0.2. The access is set to gradually broaden, with Early Access scheduled for December 7 and General Access on December 11.
With the staking pool size elevated to 45 million LINK, equivalent to 8% of the existing circulating supply, the decentralized computing protocol aims to attract a broader range of LINK token holders.
“Because we are seeing a consistent increase in the amount of value secured by and paid for over the Chainlink Network, it’s increasingly important to improve the cryptoeconomic security of the network,” said Chainlink co-founder Sergey Nazarov. “Staking v0.2 introduces important new security features and sets the system up for even further growth in the year to come.”
Chainlink plays a pivotal role in supplying blockchain applications with external real-world data as the most widely used oracle network in the crypto space. Chainlink first introduced staking in December, enhancing the token’s utility and allowing LINK holders to support the performance of oracle services. Initially, staking was limited to securing the Ethereum ETH/USD price feed, with a capped pool of 25 million LINK tokens.
Chainlink Staking v0.2 was created with the intention of introducing a more versatile unbonding mechanism, enabling stakers to withdraw their staked tokens with increased efficiency. The upgrade also brings improved security guarantees to the staking process. The modular architecture of Chainlink Staking v0.2 is designed for enhanced adaptability, simplifying the integration of future upgrades and improvements into the system.
Chainlink Staking v0.2 will also incorporate “dynamic rewards mechanisms that can seamlessly support new sources of rewards in the future,” the team said.
Once the Priority Migration period concludes on December 7, 2023, at 12 PM ET, LINK token holders who meet at least one predefined criterion on the updated Early Access Eligibility List will be eligible to stake up to 15,000 LINK in v0.2, assuming the v0.2 pool capacity has not been reached.
Following the conclusion of Early Access on December 11, 2023, at 12 PM ET, the v0.2 staking pool will become available for General Access. During this phase, anyone will have the opportunity to stake up to 15,000 LINK, contingent upon the v0.2 pool not reaching its maximum capacity.