Renowned blockchain-based oracle service Chainlink is in the news again, this time due to its impending staking system upgrade. Through statements on the X social network, the entity has revealed details about Chainlink Staking v0.2, which will be accompanied by an impressive pool of 45 million LINK tokens.
Pillars of Update v0.2
Chainlink has broken down this update into four essential components:
- Enhanced Unstaking Mechanism: Refers to the interval that occurs right after unstaking, during which tokens remain locked on the blockchain before being accessible to users.
- Stake Slashing or Penalization: This feature allows the network to confiscate or “penalize” the tokens of those Stakers who do not comply with certain rules or act maliciously.
- Dynamic Reward System: Without a doubt, a proposal that will keep Stakers interested and committed.
- Innovative Modular Architecture: Specifically designed to facilitate easier and more efficient upgrades in the future.
Migration Phases and Staking Background on Chainlink
The transition to version v0.2 will be carried out in three consecutive stages, where version v.01 Stakers will be the priority. It is relevant to remember that Chainlink activated its staking on the Ethereum main network in December of the previous year, seeking to strengthen the security of its network and expand its service capacity for more applications.
In the words of Chainlink’s own blog: “Chainlink staking represents an essential cryptoeconomic security mechanism. In this process, Stakers contribute LINK tokens in smart contracts with the purpose of ensuring performance guarantees in relation to Oracle services. With the integration of staking, Chainlink’s decentralized oracle networks, known as DONs, have the potential to expand their reach, covering a greater diversity of applications and spanning both the Web3 and traditional Web2 worlds.”
