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Chainlink up 15% after staking announcement?

 


The Chainlink Network now powers more than 980 oracle networks and has securely delivered more than 2.6 billion data points to on-chain applications since launch.Chainlink. Recently the new roadmap before. In the near future, staking on the oracle's blockchain should be possible.


Chainlink published the company's new "Economics 2.0" roadmap in a blog post on June 7, 2022 . After more than 5 years, it should soon be possible to earn passive income with LINK staking. In addition, further elementary upgrades are to follow.


The Chainlink price reacted positively to the news and rose by around 15% within a few hours. At the time this article was published, the LINK price was around EUR 8.50.

LINK staking: how does it work?

With the new staking updates, Chainlink wants to increase the security and reliability of the system, expand and strengthen the community, and reward long-term participants in the network.


So far, the development team has waited before introducing the staking mechanism. Other goals and a thoughtful design of the mechanism have been in the foreground for the largest crypto-Oracle network so far.


Initially, the annualized return (APY) is estimated to be around 5%. After that, the APY will depend on various factors, such as the term and the fees charged by Chainlink.


LINK, the native cryptocurrency of the Oracle platform, is a deflationary token. This means that the number of LINK tokens is limited and no new LINK can be created. The company therefore finances the first staking rewards from the company's holdings and then from the ever-increasing network fees.


The new Chainlink staking upgrades

According to the roadmap, new features will be added to the staking program over time. With the new staking upgrades, network participants should not only receive an incentive to support the network and thus increase its security and performance. The company also wants to push bad players out of the network with fines.


Initially, a reputation tracking tool will appear alongside staking and an affiliate program. Validators or oracles that cause errors or deliver bad results can thus be identified and penalized. There should also be an alert system where users can receive rewards for reporting incorrect data. This should increase the security of the network.

With the V1 of the roadmap, stake slashing is added. If an oracle network fails to meet the commitments set out in the relevant on-chain service level agreement (SLA), a portion of the staked LINK may be truncated and redistributed.


With the V2 version, the network should then be able to be connected to new data providers and service providers and reputation tracking should be expanded.


Chainlink offers Solana integration

In addition to the new staking program , there is other positive news about Chainlink. The company announced on June 3, 2022 that it offers services for the well-known blockchain Solana . DeFi apps in particular should benefit from this.

“Chainlink's launch on Solana gives DeFi developers access to the most used oracles on the blockchain,” said Solana co-founder Anatoly Yakovenko. “Solana's high-speed blockchain can feed dapps with high-frequency price data and allows developers to create new DeFi dapps and products.”


“By bringing the most reliable and highest quality data to the already lightning-fast Solana blockchain, the Chainlink integration with Solana is a huge leap forward for the kind of scalable, institutional DeFi applications that can only be built on Solana,” said Sergey Nazarov, co-founder of Chainlink.


Conversely, the crypto-oracle network is also expected to benefit from the growing Solana ecosystem, as Nazarov explains: “ Chainlink is now the most robust and comprehensive oracle network on the Solana blockchain, and we anticipate that the role in the Solana ecosystem will grow with it the integration of more price feeds and additional off-chain services will grow .”


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All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action that the reader takes based on the information found on our website is entirely at their own risk.

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