By deploying the LINK staking v0.2, Chainlink shows its commitment to blockchain initiatives that drive user engagement.
Chainlink has announced a new version of its LINK token staking, whose pool it claims is made up of 45 million LINK tokens. As of publication, the pool is worth approximately $650 million.
According to the X announcement, Chainlink intends to roll out 40.875 million LINK tokens to its community while its node operators take up the remaining tokens in the pool.
Presently, LINK staking has known restrictions that only allow community members to stake between 1 to 15,000 LINK. The same restrictions also extend to node operators, but they may only stake 1,000 to 75,000 LINK.
v0.1 Stakers Will Get Priority Access to v0.2, Chainlink Says
Meanwhile, Chainlink has assured its users of plans to ensure a seamless transition. To this end, it has told users who already staked on version 0.1 that they are eligible for priority migration. This means that they can transfer their version 0.1 stake and LINK prizes to version 0.2 without any hassles.
According to the timeline issued by Chainlink, priority migration will begin for those who are eligible on November 28, 2023, at 12 pm ET. The migration will last for nine days after which, v0.1 stakeholders may no longer have assured access to move parts of, or their complete investments and rewards, per Chainlink.
The Early Access period will follow the Priority Migration. As the name implies, the period would give eligible users a 4-day head-start to buy and hold LINK tokens before the General Access to Chainlink Staking Pool is opened on December 11 at 12 pm ET.
By this time, all interested users may begin to stake LINK, at least, up until the Chainlink Staking v0.2 Pool is full. This means that, as long as the v0.2 pool is not yet full, users may decide to stretch their wallets even to their maximum limits as earlier mentioned.
Aiming at Proper Decentralization and Community Involvement
Chainlink continues to prove itself as a force to reckon with in the world of decentralized finance (DeFi). By deploying the LINK staking v0.2, especially with such a large pool size, it shows its commitment to blockchain initiatives that drive user engagement. Interestingly, Chainlink is demonstrating this in a way that actively involves both the community members and node operators, albeit in a balanced manner.
These efforts, which show a high level of inclusivity for both present and coming community members, will go a long way to strengthen Chainlink network security and improve the overall health of the ecosystem.
For now, the cryptocurrency community is waiting in eager anticipation for when LINK staking v0.2 will go live. However, Chainlink may have just established its dominance in DeFi among its counterparts.