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Chainlink (LINK) Unveils Crucial Details About Staking v0.2

source-logo  thecryptobasic.com 10 November 2023 17:55, UTC

Decentralized Oracle service provider Chainlink (LINK) has shared more details about its long-awaited Chainlink Staking v0.2 upgrade.

Chainlink published the timeline for the anticipated launch of the new staking iteration, with the priority migration set to begin on November 28. This priority migration targets individuals who partook in staking v0.1 only.

Chainlink Staking v0.2: Here’s What to Expect

The staking upgrade builds on the features of the first version that went live in December 2022. Designed to enhance the economics and security of its oracle service, Chainlink stakers get rewards for their participation.

Specialized as this offering is, Chainlink said every LINK holder and node operator can access the service. The barriers to entry remain lowered for individual users with 1 LINK, worth $14.81, set as the minimum required to participate.

Its node operators, however, will require at least 1,000 LINK to participate. To properly decentralize access to its staking pool, node operators can stake a maximum of 75,000 LINK.

Despite the lowered standards, Chainlink asserts that there’s no entry guarantee into v0.2 during the “Early Access” and “General Access” phases. This lack of guarantee hinges on the capped pool size in place.

One notable upgrade to watch out for includes the 80% increase in pool size from v0.1 to v0.2. This massive upgrade will see a total of 45,000,000 dedicated to staking. Of this pool size, community members have a 40,875,000 allocation, with node operators taking the rest.

Another feature to note with Chainlink Staking v0.2 is that users can initiate withdrawals anytime. However, a cooldown period spanning a few weeks will emerge, after which a claim window will follow.

While users can withdraw “attributed rewards” accrued during the staking period with no penalties, withdrawing through the “unbonding mechanism” may attract charges.

Expectation Driving LINK Price Surge

Chainlink as an ecosystem is growing, and the expectations surrounding the new version of its staking product spells a good omen for LINK.

At the moment, LINK’s price of $14.81 and market capitalization of $8,274,930,5275 sit on a 1.82% surge. The trading volume, however, stays elevated, up 39% to $1,559,720,783. With the “Early Access” commencing on December 7 and “General Access” enabled 4 days later, LINK has continued to see new intensity in whale actions within its ecosystem.

Besides, the network’s address counts keep growing, pointing to complementary optimism that might drive prices to new highs.