Chainlink to Launch Staking Program in Second Half of 2022, Stakers to Earn 5% APY
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Chainlink published the report via its official blog yesterday, noting that “a new era of sustainable growth and security – Chainlink Economics 2.0 – begins with staking.” The overall aim of the project is to include community members and network node operators in the task of securing the oracle services by engaging their LINK tokens. Meanwhile, this staking endeavor is one of the critical milestones for Chainlink to become the global standard for the oracle industry.
The published report revealed that the implementation of the first version of the staking program (v0.1) is slated for launch sometime in the second half of 2022. The report also included further expansion plans for the network.
The Intended Long-Term Goals of the Chainlink Staking Program
The newly published document highlights four milestones the staking program should fulfill. The document’s authors noted that these proposed milestones are long-term plans and that details of staking and other improvements are open to adjustments in the future. These milestones include:
- Increment of the crypto-economic security and user assurance of the Chainlink services.
- Creating a channel for participation by the community in the LINK network.
- Generating sustainable rewards from long-term use.
- Empowering network node operators to gain access to higher-value jobs through staking.
All these milestones were highlighted in the updated wire paper 2.0, which focused on the development of Decentralized Oracle Networks (DON). Node security, decentralization, and self-regulation will be improved by a reputation system. Under this system, node operators are rewarded or penalized depending on the quality of data provided.
Meanwhile, LINK holders also have the chance to impact the process on the network by delaying their tokens. As mentioned earlier, this should bolster the network infrastructure and create higher-value Chainlink jobs.
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