Chainlink, a leader in the decentralized oracle sector, yesterday unveiled the details and roadmap of its upcoming staking program. Placing the link will strengthen the cryptographic security of the network and give holders 5% APY.
Yesterday’s post on the project’s official blog stated that “a new era of sustainable development and security – Chainlink Economics 2.0 – begins with stakes.” The overarching goal is to enable community members and network node operators to support the security and assurance of Oracle services by adding their LINK tokens. Furthermore, it marks an important milestone on the way to make Chainlink the global standard for the oracle industry.
Implementation of the first version (v0.1) of staking is planned for an unspecified date in the second half of 2022. In addition, the roadmap presented in the statement includes plans for further expansion.
4 Long Term Goals of Chainlink Staking
Document 4 outlines the goals that a mortgage program is expected to achieve. The authors point out that these are long-term plans and that the details of stakes and other improvements will change in the future.
Chainlink staking has 4 long-term goals:
- Increase crypto-economic security and user assurance of Chainlink services
- Enable community participation in the Chainlink network
- Generate lasting rewards from real long term use
- Empowering node operators to access high-value jobs by staking
All of the above goals were already outlined in the updated Whitepaper 2.0, the focus of which was the development of the so-called Decentralized Oracle Network (Dawn). Their security, decentralization and self-regulation are to be enhanced by the reputation system. Under this, node operators will receive rewards or penalties based on the accuracy and timing of the data provided.
Also, the entire community of link holders will be able to play a role in this process by handing over their coins. Ultimately, this is expected to lead to an expanded network infrastructure and the emergence of increasingly valuable Chainlink jobs.
link price feedback
Immediately after the publication of the entry, the price of the LINK token increased by approximately 17%, measured for the peak price of Wix. The rise started at the $7.77 level (green arrow) and reached a local peak of $9 a few hours later.
The positive news at stake was key to the price. From a technical perspective, LINK successfully broke above the channel in the $6.28-$8.00 range, where it was since the May 12, 2022 crash. At the time, the cryptocurrency was trading under $5.3 and a nearly month-long consolidation began.
If the rise continues, the next resistance for LINK will be the $10.3 area, where the coin’s price broke out in early May. This level is also a resistance area at the 0.382 Fibonacci retracement level measured for a recent decline.
according to twitter user @cryptonewbroThe release of the details of the staking program at $7.77 was not accidental. However, regardless of interpretation, the information had a positive effect on the price of Link and strengthened the community’s belief in the long-term vision of Chainlink’s creators.
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