Chainlink, a blockchain oracle, has released a new update to its V1 beta staking feature, launching on the 6th of December. This new development was announced this morning via the firm’s Twitter account.
The beta program’s lockup period was initially 12–24 months. However, after consulting with some node operators and community members, the team decided to review the lockup period.
The next version of Chainlink’s staking program will have a lockup period of 9–12 months.
“It’s now clear that more rapid iteration with more frequent releases, each condensed scope focusing on key features, is preferred.” the team added.
Chainlink also advised stakers to understand the program’s design before venturing into it. 25 million LINK tokens will be allocated for the staking pool, with plans to scale it up soon.
The staking program is part of Chainlink Economics 2.0, which would enable LINK holders to earn rewards while increasing the security of the oracle.
“We also expect that as staking security becomes more in demand, the staked supply will continue to increase,” said Sergey Nazarov, co-founder of Chainlink at Smartcon 2022.
He also stated that the development would scale the chain’s security and expand its reach to thousands of applications.
Other initiatives were introduced during the conference, including the Chainlink BUILD program and Chainlink SCALE. Nazarov noted that these services are in place to allow value to flow into the blockchain.
If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
