Chainlink Staking v0.2 to go live on November 28, 2023

Chainlink has announced that its Staking v0.2 mechanism will go live on November 28, 2023, at 12 p.m. ET. The process will begin with Priority Migration followed by Early Access and General Access. Staking v0.1 successfully launched with a pool of 25 million LINK tokens, forming the foundation for Chainlink Staking v0.2. Simply put, staking has always been at the center of Chainlink Economics, and it is now moving forward with a bigger pool.

The total pool size is 45,000,000 LINK. Community Staking Allotment is at 40,875,000 LINK, while Node Operator Staker Allotment stands at 4,125,000 LINK. The minimum stake required is 1 and 1,000 for community and node operators. The maximum is 15,000 and 75,000 in the same order, with LINK tokens in consideration.

Priority Migration is the first step that goes live on November 28, 2023, at 12 p.m. ET. It will be followed by Early Access, slated to happen on December 7, 2023, at 12 p.m. ET. The process will conclude with opening doors for General Access on December 11, 2023, at 12 p.m. ET.

Priority Migration is for existing v0.1 stakers, enabling them to either migrate or withdraw their holdings. Alternatively, they can avail themselves of partial migration, with the remainder available for withdrawal. Assuming stakers don’t migrate, their holdings will be automatically stuck to v0.1, with rewards building on top of them.

Early Access will last for four days, during which eligible LINK holders will be able to leverage the feature of staking in v0.2. LINK holders can check their eligibility at the newly launched Early Access Eligibility App. Having said that, it is important to note that they are not guaranteed entry, considering the pool size is limited.

Finally, Chainlink Staking v0.2 will open its doors for everyone, allowing them to stake based on the minimum and maximum values mentioned.

The announcement has done little for the native token, which is exchanging hands at $14.21, a jump of 0.29% in the last 24 hours at the time of drafting this article. The expanded pool size aligns with the mission of increasing the accessibility of Chainlink Staking. Right from the initial launch, the team is targeting a diverse set of audiences.

Chainlink Staking v0.2 upholds the mechanism of providing flexibility and predictability to stakers. Holders will have the option to withdraw their staked tokens without having to wait for the next staking version to launch. This has been termed an Unbounding Mechanism that is more likely to play a key role in security assurance.

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Rewards for stakers comprise Claimable Rewards and Locked Rewards. The latter will turn into Claimable Rewards over time, which is referred to as the ramp-up period.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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