Chainlink has announced that Staking v0.2 is now live on the mainnet. This allows LINK stakers to migrate their holdings from v0.1 to v0.2. The first phase will continue for the next 9 days, followed by Early Access to eligible staker. What makes Chainlink Staking v0.2 an upgraded version of the mechanism is its pool of 45M LINK tokens and new innovative features.
Staking v0.2, which follows v0.1, is a core part of Economics 2.0. The objective is to add a new layer of security to the network. Chainlink Staking is an idea that empowers stakeholders—node operators and community members—to support the performance of Oracle services. What they get in return are rewards. Migration for v0.2 gives them a chance to earn additional rewards, provided they execute the transition function within the defined timeline.
It will be followed by Early Access, wherein select and eligible stakeholders will have a 4-day window to stake their holdings. It comes with a maximum cap of 15,000 LINK tokens. The same max cap applies to General Access, a phase that commences on December 11, 2023, at 12 p.m. ET. The maximum contribution is subject to the level of the pool. The number of LINK tokens that can be staked depends on the level of the pool’s fill.
Staking v0.2 has taken a lot of learnings from v0.1 to now come forward and achieve greater flexibility, improved security guarantees, modular architecture, and a dynamic rewards mechanism.
Flexibility refers to keeping access to non-custodial staking as well as a new unbonding process. Security assurances aim to reduce node operator stakes as the dynamic rewards mechanism allows new external sources of rewards in the coming days. The modular architecture of v0.2 seeks to facilitate future enhancements and additions to Chainlink Staking.
Staking v0.2 puts Chainlink at a disadvantage, which makes it an ideal candidate to leave a mark on the list of the best crypto platforms for staking. The list currently houses the likes of Bitcoin, Minetrix, Gemini, and Aave, among others. A part is already visible by the price at which LINK is exchanging hands. The token last traded at $14.71, experiencing a ~5.30% jump in the last 24 hours.
Members can check their eligibility for all three phases through the Early Access Eligibility App. The web interface has been designed to conveniently allow members to check their eligibility for staking LINK during the Chainlink Staking v0.2 mainnet launch.
Chainlink Staking v0.2 was announced on November 9, 2023, with all details made public at the same time. The staking platform has now asked its members to take precautions while staking LINK on a website and avoid those that may be harmful by pretending to be the original website.