Chainlink, an Oracle provider of services, has unveiled its economic roadmap. The new staking mechanisms have been added to the blockchain by Chainlink. Chainlink, an Oracle service provider, announced that the mechanism would bring the operational efficiencies and security of the blockchain to its oracle network.
All LINK investors will also be rewarded. Chainlink revealed the four main long-term goals it intends to achieve through the staking system.
- Generating sustainable rewards for long-term users
- Greater Community Participation in Chainlink Network
- Staking is a way to empower node operators and allow them to get higher value jobs.
- Increasing Cryptoeconomic Security and the User Assurances of Chainlink Services
Chainlink Staking Mechanism
Chainlink claims that its staking system will continue to improve as the Oracle network expands over time. Its original goal was to create a safe and simple platform for staking, and then expand based on the feedback.
The functionality of Chainlink’s Price Feeds will also be used in the chainlink staking mechanism rollout. It will be possible to identify risks and opportunities in the execution stage before scaling.
The initial version v0.1, Chainlink Staking, is due to be released later in this year. This will concentrate on the introduction of an alert system and a reputation structure.
In v0.1, the initial staking pool will be allocated to a specific member of the community, coordinators for oracle networks and node operators.
Chainlink has been noted:
“The pool will start with an aggregate size of 25M LINK tokens, with the planned goal of scaling to a pool size of 75M LINK tokens in the months after launch, based on demand.”
In v0.1, native token emission is expected to be focused on stakers. They will strive for an annualized base level of rewards of approximately 5%.
LINK price rally
Chainlink (LINK), a stock that trades at $9.38, rose by more than 10% in the hours immediately following yesterday’s economic roadmap. It has continued to climb to the present day. LINK traded at $9.38 on the day that Chainlink published the economic roadmap. This is 9.08% higher than the previous 24 hours and had reached a daily high price of $9.46.
Whales may have capitalized on the wider market correction, accumulating LINK tokens in addition to the new economic roadmap.
📈🐳 #ChainlinkIn the past two hours, it has pumped +9% and accumulating Whales are capitalizing. After the dumping began in March 30, they started accumulating again when prices dropped in May. They now hold 25%+ of the supply, for the first time since November. https://t.co/bXB08Ipatj pic.twitter.com/1kxygyOf1g
— Santiment (@santimentfeed) June 7, 2022