Blockchain oracle network Chainlink has unveiled its staking feature with the aim to amplify economic security around the platform’s oracle services, as reported by Cointelegraph.
According to Cointelegraph, Chainlink mentioned its new staking facility being an important part of its “Chainlink Economics 2.0” efforts towards security and sustainable growth. Previously, Chainlink users who needed LINK token rewards had to launch their own nodes. With the launch of the new staking mechanism, Chainlink token holders have found an extra way to help increase the oracle platform’s security.
Reportedly, Chainlink Staking has initially been launched as a v0.1 beta, including a staking pool which intends to secure the ETH/USD data feed within the Ethereum mainnet. The step permits stakers to receive rewards to extend support towards the feed’s performance through participation in a decentralised alerting system. It is believed that the system flags the network during data feed’s inability to meet performance requirements.
On the basis of information by Cointelegraph, Sergey Nazarov, co-founder, Chainlink stated that the launch is the foundation behind Chainlink Economics 2.0 and is expected to receive improvements.
“As the network continues to expand, Chainlink Staking will continue to evolve and deliver enhanced security across our ecosystem and throughout Web3.0. The Chainlink network has successfully scaled to support a significant and growing portion of DeFi and many other new smart contract verticals, enabling more than $6.6 trillion in transaction value this year,” Nazarov added.
Moreover, Cointelegraph noted that on November 29, 2022, the LINK token rallied prior to the staking feature launch. It is believed that suggestions have come that traders expect the staking launch to boost the demand for LINK tokens and the platform’s oracle services.
(With insights from Cointelegraph)
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