Today, Chainlink, the blockchain industry’s most widely used decentralized computing platform, released the latest upgrade to its native staking mechanism. The Chainlink Staking v0.2 launch begins with a nine-day Priority Migration period for existing v0.1 stakers and will gradually expand to more participants beginning with Early Access on December 7 and General Access on December 11.
Staking is a fundamental pillar of Chainlink Economics 2.0, which launched during SmartCon 2022. Following its Staking Roadmap, Chainlink released Staking v0.1 last December. This initial model featured a basic reputation framework and staker alerting system that served as a simple and secure foundation for future iterations.
As a community-driven cryptoeconomic security system, staking allows members of the Chainlink ecosystem to commit tokens in smart contracts to back certain performance guarantees of Chainlink’s oracle services. According to an official Chainlink blog post, v0.2 introduces greater flexibility, improved security guarantees, modular architecture, and a dynamic rewards mechanism to the Chainlink Staking Platform.
v0.2’s expanded pool also broadens staking’s accessibility to more LINK token holders as the Chainlink Network secures more value. In an official announcement, Chainlink co-founder Sergey Nazarov highlighted Chainlink’s Cross-Chain Interoperability Protocol (CCIP) as a driving factor behind Chainlink’s growing cryptoeconomic security.
“The security of the Chainlink Network has enabled over $9T in transaction value, something that has been recognized by the world’s leading financial institutions through their adoption of CCIP and other Chainlink services,” he said. “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.”
Verify your eligibility for Chainlink Staking v0.2 through the Early Access Eligibility App.