Categories: DeFi

Chainlink Staking v0.2 begins on Nov 28

Chainlink Staking v0.2 begins on Nov 28

Chainlink has shared its adoption update, informing the community of new integrations. These include joining hands with chains like ChainGPT, Beefy Finance, and Lyve Finance. The development builds on top of previous collaborations across 6 chains, namely Ethereum, Arbitrum, Base, Polygon, Optimism, and Linea.

Its adoption is crucial as Chainlink is eyeing to launch Staking v0.2, starting with Priority Migration on November 28, 2023. The first phase of Staking v0.2 will conclude after 9 days, followed by Early Access starting from December 07, 2023, at 12 pm ET. Finally, Chainlink will open the functionality for General Access effective December 11, 2023, at 12 pm ET.

The idea is to urge the stakers of LINK in v0.1 to transition their tokens to v0.2. Priority Migration will happen for 9 days, giving them sufficient time to take the call for the shift. Only eligible stakers of LINK will be able to execute the transfer. LINK stakers can check their eligibility via Early Access Eligibility App. Eligible stakers will earn rewards.

What makes Chainlink Staking v0.2 worth launching is its expanded pool worth 45,000,000 LINK tokens. It aims to bring together a set of unique features:

  • Improved security guarantees
  • Greater flexibility
  • Dynamic rewards mechanism
  • Modular architecture

The impact of both announcements on the trading value of LINK is yet to be felt. The token is down by 2.35% in the last 24 hours, exchanging hands at $14.69 when articulating this piece. It also reflects a fall of 2.51% in the last 7 days, that is 1 week.

One reason the community is looking forward to Staking v0.2 is rewards attributed to stakers. They will have access to Claimable Rewards and Locked Rewards. Stakers can withdraw claimable Rewards at their convenience without having to pay any form of penalty. Locked Rewards will eventually turn into Claimable Rewards when the ramp-up time of 90 days has ended.

The idea is to give members more freedom to withdraw their funds from the network. Community Staker Allotment is 40,875,000 out of the total size of 45,000,000 LINK tokens. Node Operator Staker Allotment has a share of 4,125,000 LINK tokens. A member can stake a minimum of 1 LINK, and the maximum is 15,000 LINK. The minimum limit for node operators is 1,000 LINK with a cap of 75,000 LINK.

Stakers at Chainlink can withdraw their funds if unsatisfied with the development. Alternatively, they can migrate a portion of their staking and withdraw the remaining portion. Assuming they do not migrate to Chainlink Staking v0.2, their tokens, and rewards will remain v0.1, and no reward will be accumulated.

Scott Cook: Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.