Chainlink, a company that makes blockchain oracles, is getting ready to start staking on the Ethereum network. It is part of a long-term plan to keep the blockchain network’s economy strong.
Chainlink gave an update on its staking plans on December 1. Also, the Oracle provider said that staking would be available on the Ethereum mainnet starting on December 6.
Chainlink staking used to have a lockup period of 12 to 24 months. But the team has talked about it with the community and the people who run nodes. The result is that iterations happen faster and releases happen more often. It said that each release will have a “condensed scope” that will focus on the most important features.
“Because of this, the next version of Staking (v0.2) is now set to come out in 9–12 months.” At that point, v0.1 stakeholders will be able to unlock or transfer their stakes and rewards.
At the moment, only addresses that qualify for early access can use Ethereum’s beta Chainlink Staking (v0.1) launch. These will be able to bet up to 7,000 LINK, which is about $53,270, in a pool with a maximum bet size. Eligibility is based on both on-chain and off-chain activity, which can be checked in the wallets of the users.
On December 8, all LINK holders will be able to join the staking pool. Also, the blog post from November 30 says that the initial total pool cap is $25 million LINK.
The ETH/USD data feed on the Ethereum mainnet can be used with the staking v0.1 pool. Users who take part in a decentralized alerting system will get staked rewards. If the data feed hasn’t met “certain performance requirements” about uptime, the system sends out an alert.