Chainlink is set to launch its Staking v0.2 platform later this year, building upon the success of the v0.1 release in December.
This update is designed to improve on what the protocol has achieved over the years with kite flexibility and access to more Web3 communities.
Chainlink is a decentralized blockchain oracle network, originally built on Ethereum, but now multi-chain, that connects the world to blockchains.
The network is intended to be used to facilitate the transfer of tamper-proof data from off-chain sources to on-chain smart contracts.
It acts as a “bridge” between a blockchain and off-chain environments[1]. The network was formally launched in 2019 while its first staking service was unveiled in December 2022.
In the first 30 minutes, selected holders staked 7 million LINK tokens, valued at around $51 million, to secure the Oracle network.
The staking pool is designed to have an initial cap of 25 million LINK, with 28% of the capacity filled in the first half-hour. Stakers receive annualized rewards of 4.75% in the form of LINK tokens.
According to Chainlink, the expected version 2 will come with new features such as an unbinding mechanism where stakers will no longer be locked in; they can initiate a withdrawal at any time.
Also, for liquid rewards, stakers will be allowed to claim their rewards as soon as they become claimable, without any penalties.
Additionally, Chainlink noted that while in the first version, assets of node operators are slashed when there is a network alert, in this new version, community stakers won’t be slashed whenever such an event occurs.
Other changes mentioned by the firm are that new Oracle services can now be integrated into staking v0.2 without requiring migration from stakers, and an introduction of new sources of rewards, such as user fees due to the presence of new oracle services.
All stakers in the current protocol will also be given a 7-day priority period at launch to migrate their v0.1 staked LINK and rewards to v0.2 while all prospective users can check their eligibility here.
