Chainlink’s LINK native token performed quite impressively following the release of its staking roadmap. First, it released its long-awaited roadmap, revealing the various stages. In a recent blog post on its official website, Chainlink cited “Chainlink Economics 2.0”.
The blog highlighted the purpose of implementing crypto staking to scale the network. While doing so, Post emphasized that the data oracle plans to collaborate and accept other blockchains to provide “growth and security.”
New Staking Roadmap Dubbed Chainlink Economics 2.0
Staking LINK tokens has been a highly sought-after feature for a few years now. This is because Chainlink is the largest data oracle provider in the DeFi ecosystem.
chainlink sum Tweeted About its preparations to implement ‘Chainlink Economics’ referenced in its official blog post.
The announcement on its blog explained that the main vision of providing staking is to enable both community members and node operators to promote user assurance of the platform and security guarantees of oracle services. They will do this by staking their LINK tokens.
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Furthermore, nodes are more likely to get jobs and better payouts by betting their coins on the network. Likewise, as user assurance and crypto-economic security increase, the ecosystem will continue to flourish.
In addition, stakes reward users for providing valuable data. This enables the platform to introduce a designed penalty mechanism for poorly performing nodes that do not provide accurate oracle reports or deliver them to their destinations on time.
Then, the platform can stake LINK tokens to generate long-term rewards from consistent and long-term use. Chainlink expects sustainable growth from “non-emissions-based sources” with a large portion of staking returns.
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However, the full implementation of development will be slow, in the same way that its data oracle has grown from a single feed to thousands now. Nevertheless, Chainlink expects to deploy v1 before transitioning to v1 and v0.1 later this year, which offer more challenging security and advanced features.
Appreciates the link token
In response to the release of the staking roadmap, the LINK token jumped over 18% during the day before correcting back from 12%. LINK Token is trading at $8.78, a gain of around 9.96% on CoinMarketCap.
Despite the price rally, the coin appears to be on a long-term downtrend trend. Currently, LINK token is registering a decline of 84% from its all-time high (ATH) price of $52.70 in May 2021.
