Oracle service provider Chainlink has revealed its new economic roadmap by introducing a new staking mechanism in the blockchain. During the announcement, Chainlink said that the mechanism will introduce the operational capabilities of the blockchain and its oracle network.
Plus, all link investors will be rewarded. Chainlink also unveiled the four main long-term goals it plans to achieve with the staking mechanism.
- Generating sustainable rewards for long term users
- Enabling greater community participation in the Chainlink network
- Empowering node operators to access high value jobs through staking.
- Enhancing crypto economic security and user assurance of Chainlink services
Chainlink Staking Mechanism
According to Chainlink, its staking mechanism will continue to grow as the Oracle Network continues to expand over time. However, its fundamental goal is to develop a secure and simple foundation for staking and continue to expand based on the feedback they receive later.
Chainlink’s staking mechanism rollout will be similar to its price feed functionality. With the help of this mechanism, it will be possible to identify opportunities and risks at an early stage of execution before scalping.
Per the announcement, the initial version v0.1 of Chainlink staking is expected to be released at the end of the year and will focus on introducing an alert system and a reputation framework.
The initial staking pool in v0.1 will have a separate allocation for community members, oracle network coordinators and node operators.
“The pool will begin with a total size of 25M LINK tokens, with a planned goal of increasing the pool size to 75M LINK tokens in the months following the launch based on demand.”
Additionally, it is expected that in v0.1, native token emissions will be focused on stakeholders aiming for an annualized reward base level of around 5%.
link price rally
Chainlink (LINK) price surged over 10% shortly after the economic roadmap came out yesterday and the price continues to hold today. At the time of writing, a day after Chainlink released its economic roadmap, LINK is trading at $9.38, up by 9.08% over the past 24 hours to a daily high of $9.46.
Aside from the new economic roadmap, which has also contributed to the rally, whales seem to have capitalized on a broader market correction by hoarding LINK tokens.
I #chain link Pumped +9% in the last 2 hours, and the accumulated whales are capitalizing. After dumping began on March 30, they started accumulating again after a drop in prices in early May. They have 25%+ of the supply for the first time since November. https://t.co/bXB08Ipatj pic.twitter.com/1kxygyOf1g
— sentiment (@santimentfeed) 7 June 2022