One of the most anticipated events for the Chainlink network has finally occurred. Chainlink Staking is now live on Ethereum.
Before now, there has been a limit to the practical application of the LINK token and rewards received for securing the network. However, with the launch of Chainlink’s staking, token holders can now contribute to the network and receive rewards for securing the network.
Announcing this in a Twitter post, Chainlink stated its customers can now stake their LINK in v0.1, citing that early access is now live on Ethereum mainnet.
The protocol urged customers to stake now to secure spots and earn rewards for securing the network and the larger Web3 ecosystem.
This offer is only open to community members who meet at least one of the Early Access Eligibility List criteria. Meeting the requirement allows them to stake up to 7,000 LINK in the v0.1 staking pool. 22.5M LINK has been allotted to community members and 2.5M LINK for node operator stakers.
Chainlink stated the capped staking pool would be opened to the general public on December 8 at 12 PM ET. Staked LINK and rewards will be locked until the release of Staking v0.2 in about nine to twelve months.
Chainlink noted that Staking is a significant component of its Economic 2.0. It will help members and node operators earn for contributing to the crypto-economic security of oracle services.
According to a statement by Chainlink,
“By committing LINK tokens in smart contracts to back certain performance guarantees around oracle services, the Chainlink ecosystem can expand to secure greater amounts of value over time.”
Finally, Chainlink provided staking tips to its customers. The protocol urged them to be aware of illegitimate scam websites spoofing Chainlink’s staking web page.
