Blockchain oracle service Chainlink (LINK) has announced a coming upgrade to its staking mechanism.

Via the social media platform X, the oracle announced Chainlink Staking v0.2, which is currently being prepared with a new pool of 45 million LINK tokens.

The upgrade focuses on four main components, according to Chainlink: a new unbonding mechanism, stake slashing, a dynamic rewards system and a new modular architecture to ensure smoother future upgradability.

Unbonding is the period immediately after unstaking, where coins are typically locked on the blockchain for a certain amount of time before being released to users.

Stake slashing is when a staker’s coins are taken, or “slashed” by the network if they don’t follow certain rules or behave maliciously.

The migration to v0.2 is being launched in three phases that prioritize v.01 stakers.

Chainlink staking went live on the Ethereum mainnet in December of last year with the aim of enhancing the network’s security and helping it serve a bigger range of applications.

Says the Chainlink blog,

“Chainlink Staking is a key cryptoeconomic security mechanism in which stakers commit LINK tokens in smart contracts to back certain performance guarantees around oracle services.

The addition of staking enables Chainlink decentralized oracle networks (DONs) to scale to service a broader range of applications and higher value use cases across Web3 and traditional Web2 industries.”

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Filed under: Bitcoin - @ October 19, 2023 10:13 pm