The on-chain oracle platform, Chainlink (LINK), has announced that the v0.2 update of the crypto staking section is now live.
The launch of the v0.2 update begins with a nine-day migration period, during which users can migrate their crypto token LINK already in staking to v0.2.
We are talking respectively about December 7th and December 11th for the Early Access and General Access categories. The entire process will take place through the official platform.
Chainlink (LINK) More security and not only for those who stake
While version 0.1 worked as the initial staking program, version 0.2 has been restructured into a fully modular, extensible, and upgradable staking platform.
The co-founder of Chainlink, Sergey Nazarov, stated:
“The security of the Chainlink network has allowed for a transaction value exceeding 9 trillion dollars, something that has been recognized by major global financial institutions through the adoption of CCIP and other Chainlink services.
As we are witnessing a constant increase in the amount of value secured and paid through the Chainlink network, it is increasingly important to improve the cryptoeconomic security of the network. Staking v0.2 introduces important new security features and prepares the system for further growth in the coming year.
What’s new?
There are several new features in the new version of the Chainlink staking protocol.
By allocating approximately 45,000,000 LINK for staking, a larger portion of the community members are given the opportunity to actively participate in the protocol compared to v0.1.
The developers responsible for maintaining the protocol have learned a lot from the previous version, achieving new goals:
- Greater Flexibility with the New “Unbonding” Mechanism: Community Stakers and Node Operators are offered greater flexibility. By maintaining a secure design, it will be possible to withdraw funds with more flexibility.
- Enhanced Security for Oracle Services: Security guarantees are also increased thanks to a better use of slashing. This punitive measure overall improves the service’s security.
- Modular Architecture for Future Updates: The new protocol architecture is more modular, allowing for greater capacity for Chainlink updates. This flexibility enables a gradual adaptation to system evolutions.
- Dynamic Rewards Mechanism: A dynamic rewards mechanism allows for supporting new sources of rewards. This flexibility makes Chainlink’s crypto staking system adaptable to future changes.
What will happen after the migration?
After the conclusion of the Priority Migration period on December 7, 2023 at 12:00 PM ET, token holders of LINK who meet at least one of the predefined criteria in the updated Early Access Eligibility List will have the opportunity to stake up to 15,000 LINK in version 0.2, provided that the v0.2 pool is not yet full.
After the Early Access closes on December 11, 2023 at 12:00 PM ET, the staking pool v0.2 will be open to General Access, at which point anyone will have the opportunity to stake up to 15,000 LINK, provided that the v0.2 pool is not already full.
The eligibility for Chainlink Staking v0.2 can be verified using the Early Access Eligibility App.
