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Decentralized blockchain oracle network Chainlink has announced the next big step in its staking journey by unveiling Chainlink Staking V0.2.
The initial beta version of Chainlink staking (V0.1) was released last December, and the launch received an overwhelming response from the community.
Chainlink Staking V0.2
The announcement may spark considerable excitement among LINK holders and traders, given the fact that the launch of its initial version saw the staking pool filled up within hours of its debut. The announcement, made by Chainlink and its community ambassador on X, also revealed that the next iteration of Chainlink staking will feature a maximum pool size of 45 million LINK.
“Last December, the Chainlink Staking v0.1 pool filled in less than three hours after General Access opened. Now, with the v0.2 upgrade on the horizon, Chainlink Staking is being rearchitected into a staking platform with a total pool size of 45M.”
The announcement also added that Chainlink Staking V0.2 will feature considerable upgrades over its previous iteration. This includes better security, dynamic rewards, and greater staking flexibility.
“Taking learnings from v0.1, this latest upgrade focuses on the following goals: • Greater flexibility for stakers via a new unbonding mechanism • Improved security guarantees for Oracle services via stake slashing • Seamless future upgradability via a modular architecture • Dynamic rewards mechanism to support new reward sources in the future.”
Impact On LINK Price
The biggest question surrounding the launch is its potential impact on the demand for LINK. LINK could see a surge in demand once Chainlink Staking V0.2 is rolled out. However, it may not have that much impact on its price action. This is because the price impact on LINK generally comes from speculative trading.
Any impact on LINK and its price may be more apparent if the Chainlink Staking V0.2 rollout triggers a substantial shift in sentiment in the market. Chainlink’s announcement has triggered a considerable spike in social dominance over the past 24 hours. However, market sentiment remains on the lower side.
A Three-Phrase Launch
Chainlink has revealed that Chainlink Staking V0.2 will see a three-phase launch sequence. The first phase would involve priority migration. This is a week-long period where V0.1 stakers have the opportunity to migrate their V0.1 stake and accrue LINK rewards to V0.2. The second phase is early access, which is a two-day window allowing community members who meet predefined eligibility criteria to stake up to 15,000 LINK tokens. The third and final phase is the general access phase. In this phase, anyone can stake up to 15,000 LINK tokens, provided the pool has not reached its 45 Million LINK capacity.
“Priority Migration: A one-week period where v0.1 stakers have the exclusive opportunity to migrate their v0.1 stake and accrued #LINK rewards to v0.2. Early Access: A two-day period where community holders who meet predefined eligibility requirements can stake up to 15,000 #LINK. General Access: The final phase where anyone can stake up to 15,000 #LINK, provided the pool has not yet been filled.”
According to a post on X by ChainLinkGod, Chainlink Staking V0.2 will see several new features, such as Unbonding Mechanisms, Liquid Rewards, Stake Slashing, Modular Architecture, Dynamic Rewards, and Priority Migration.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.