Chainlink Staking
The long-awaited Chainlink staking is arriving *checks calendar* in less than a week, with v0.1 going live on December the 6th. Everything you need to know about Chainlink staking.
Chainlink staking isn't launching to pump the token or to create hype. Staking it's part of the Economics 2.0 program and has been in the works for years. It has 4 main goals:
Goal nº1
-Increase crypto-economic security. $LINK will be locked up to ensure oracle networks report accurate data. If not their $Link stash will be slashed. This will able the Chainlink network to scale, by ensuring the correct data is reported and that no malicious actor can benefit from reporting incorrect data.
Goal nº2
-Enable community participation. Community members and node operators can stake their $LINK tokens and raise alerts for misbehaving nodes.
Goal nº3
-Generate sustainable rewards. Chainlink users will pay for its oracle services, and those fees will be collected by the stakers. i.e. dApps -like Aave will pay for oracle services and stakers will earn $$$ for securing the network.
Goal nº4
-Establish a reputation-and-stake-based node selection mechanism. Meaning that the more $LINK a node stakes the more you can trust them (not that you should) as they have more to lose.
Now you know the WHAT and WHY but the HOW? If you are an og marine, the process will sound familiar because staking will be launched similarly to how Chainlink was itself launched. Initially, a single feed on Ethereum Mainnet -ETH/USD- will be launched. This pragmatic approach allows for risks and opportunities to be identified before scaling to meet user demand.
Staking is so core for the Chainlink ecosystem that for the first time ever a roadmap has been published.
The initial pool will have 25M $LINK scaling to 75M -7.5% of the $LINK supply- in the coming months. The initial pool will be opened on the 6th of December for eligible wallets, and on the 8th for everyone else. Initial community members who stake their tokens (up to 7000) can expect a 4.75% return, plus future tokens from participants from the Chainlink BUILD program.
If you've been part of the Chainlink community you know Staking hasn't been rushed, and its implementation isn't being rushed either. Chainlink takes a pragmatic approach which favours long-term growth over short-term gains.
v0.1 will launch this December but the Chainlink team will be working on the full launch for the next 1 to 2 years. That means initial stakers will see their tokens locked until the full version of staking is released. So maybe think twice about locking your tokens for staking if you need to buy a house next month ...but... Security is of PARAMOUNT importance for the chainlink network, and it's not being compromised for staking.
When your partners are settling trillions or even quadrillions of dollars each year like Swift and DTCC cheaping out for some quick gains makes absolutely no sense. That's why you'll never see Chainlink on rekt.news
Check out all the details on Chainlink’s website.
