- The Chainlink staking v.02 upgrade is now live on the protocol’s Mainnet.
- The new staking protocol aims to provide greater decentralisation and increased economic security.
- Stakers on the previous protocol can migrate their assets during a nine-day priority window.
- The new staking minimum is just 1 LINK, while the maximum is set to 15,000 LINK.
The much-anticipated staking upgrade for the popular decentralised Oracle protocol Chainlink has officially gone live on the blockchain’s Mainnet. The original v.01 staking pool became inactive on the 28th of November, with its capacity of 25M LINK increased to 45M LINK with the new update. The new staking protocol allows for much greater decentralisation, as more token holders will now be able to participate in verifying transactions on the network and increasing its economic security. The move comes as part of sweeping changes to the Chainlink economy, with the primary goal of improving on-chain security.
Although the staking v.01 pool is officially defunct, those with their assets locked into the old smart contracts have a nine-day window to access a “priority migration” period. This allows previous stakers to get first dibs on the new staking pool before it opens to the broader public in phases starting December the 7th and concluding on December 11th.
Other changes to the staking mechanism include:
- A new dynamic rewards mechanism that has the ability to adapt to new types of block rewards in the future, such as transaction fees.
- A revamped unbonding mechanism to give greater liquidity to participants.
About 90% of the 45M pool will be allotted to current LINK community members, with the remainder distributed to Chainlink Data Feed operators. The staking minimum is just 1 LINK, with the maximum set to 15,000. A step-by-step tutorial on how to migrate from the previous staking pool is available via a blog on Chainlink’s website.
Chainlink’s co-founder, Sergey Nazarov, explained the implications of the staking upgrade:
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 cryptoeconomic security. Staking v.02 introduces important new security features and sets the system up for even further growth in the year to come.
Sergey Nazarov
Credit: Source link
