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Crypto project Chainlink announces the launch date for its staking service

Crypto project Chainlink announces the launch date for its staking service

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Answer Crypto project Chainlink announces the launch date for its staking service

On December 1, the Chainlink crypto project team released an update regarding the long-awaited staking initiative and service.

In addition, the oracle provider also mentioned that staking will become operational on the Ethereum mainnet on December 6th.

Staking lock and start period:

Initially, the closing term for a chainlink lot was between 12 and 24 months.

The community and node operators were then consulted by the team regarding this issue and the end result is an increased frequency and decreased lead time.

The next lot version (v0.2) is now planned to be released in 9-12 months, at which point v0.1 buyers can unlock or carry over their LINK and stake rewards.

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Chainlink Stake Opportunities:

At this time, only addresses that meet the early access requirements can benefit from the beta launch of the v0.1 Chainlink stake on Ethereum.

They will have the ability to share up to 7,000 LINK, which is about $53,270, in a stake pool.

User behavior on and off the network, which can be checked by their wallets, is used to determine if they qualify.

On December 8, staking will become available to the general public, allowing all other LINK holders to participate.

According to the official blog article, the initial limit for the total sizing cap is 25 million.

The official announcement from Chainlink reads:

Staking is a core initiative of Chainlink Economics 2.0, enabling LINK digital currency holders and contract operators to earn rewards for helping increase the security of the crypto economy for oracle services.

LINK price reaction to the new news:

Given that other cryptocurrencies such as Bitcoin and Ethereum have simultaneously declined in response to the collapse of cryptocurrency exchange FTX, Chainlink’s cryptocurrency LINK appears to have in the short term gained some excitement surrounding the upcoming staking feature.

Read:A tech journalist tells his story of losing £25,000 in crypto

LINK price jumped 1% in the past hours and is up 12% from last week.

Currently, at the time of writing, the LINK cryptocurrency is trading at $7.6.

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