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Blockchain oracle network Chainlink has unveiled its staking feature with the aim to amplify economic security around the platform\u2019s oracle services, as reported by Cointelegraph.<\/p>\n
According to Cointelegraph, Chainlink mentioned its new staking facility being an important part of its \u201cChainlink Economics 2.0\u201d 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\u2019s security.\u00a0<\/p>\n
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\u2019s performance through participation in a decentralised alerting system. It is believed that the system flags the network during data feed\u2019s inability to meet performance requirements.<\/p>\n
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.\u00a0<\/p>\n
\u201cAs 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,\u201d Nazarov added.<\/p>\n
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\u2019s oracle services.<\/p>\n
(With insights from Cointelegraph)<\/strong><\/p>\n Also Read: Cryptocurrency-based Blockstream aims to raise funds amid bear market effects<\/a><\/p>\n Follow us on\u00a0Twitter<\/a>,\u00a0Facebook<\/a>,\u00a0LinkedIn<\/a><\/strong><\/p>\n<\/div>\n !function(f,b,e,v,n,t,s)
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