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Chainlink Upgrades Its Staking Mechanism!

Decentralized computing protocol Chainlink has released Chainlink Staking v0.2 with an enlarged pool size of 45 million by upgrading its local staking mechanism.

The existing v0.1 version starts a nine-day “priority transition” period today for users to transfer their staked LINKs and rewards to the new version.

According to the announcement, access will expand to other participants through early access and general access stages starting on December 7 and December 11, respectively, allowing users to stake up to 15,000 LINK.

Chainlink aims to reach more LINK token holders by increasing the staking pool size to 45 million LINK, which is currently 8% of the circulating supply. The expansion is part of Chainlink’s v2.0 plan to add an extra layer of security to the network.

Chainlink is the most widely used Oracle network among crypto networks and provides external real-world data to blockchain applications. Chainlink staking was first implemented in December and the benefit of the token was increased. It also enables LINK holders to earn rewards as they support the performance of Oracle services and maintain the network’s security.

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Initially, it was only accessible for staking purposes to secure Ethereum ETH/USD price flow with a limited pool of just 25 million LINK tokens.

The company’s founding partner Sergey Nazarov, said, “As we are seeing a consistent increase in the value secured and paid by the Chainlink Network, improving crypto-economic security is becoming increasingly important.” “Staking v0.2 delivers significant new security features and prepares the system for further growth next year.”

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