Following the release of its staking roadmap, Chainlink’s LINK native token performed quite impressively. It first released the long-awaited roadmap, revealing all phases. Recently via blog post on its official website, Chainlink cited “Chainlink Economics 2.0.”
It was stated that the blog aims to use crypto staking in order to scale the network. While doing so, the post emphasized that the data oracle is planning to collaborate and accept other blockchains to offer “growth and security.”
Chainlink Economics 2.0: A New Roadmap for Staking
Since years, LINK token staking has been a highly-requested feature. Chainlink, the most important data oracle provider for the deFi ecosystem, is responsible.
Chainlink even Tweeted about its preparations for implementing the ‘Chainlink Economics,’ referenced in its official blog post.
The announcement on its blog explained that the main vision of providing staking is to enable both community members and node operators to boost the platform’s user assurances and security guarantees of the oracle services. This will be done by staking their LINK tokens.
Similar reading: Bullish to Bitcoin Marks First Green Weekly close After Two Months Of Red| Bullish: Bitcoin Marks First Green Weekly Close After Two Months In The Red
By staking coins on the network, nodes have better chances to receive jobs or higher payments. The ecosystem will thrive as users have more assurances about their crypto-economic security.
In addition, users who provide valuable data are rewarded with staking. It also enables the platform to introduce a penalty mechanism designed for underperforming nodes which don’t provide accurate oracle reports or deliver them to their destinations at the right time.
The platform will then be able to reap long-lasting benefits from long-term, consistent use of the LINK tokens. Chainlink anticipates sustainable growth from a large portion of the staking returns from “non-emissions-based sources.”
Read Related Articles: MicroStrategy’s $2.4 Billon Loan to Buy Bitcoin| A Look Inside MicroStrategy’s $2.4 Billion Loan Used To Buy Bitcoin
The full implementation of this development is likely to take a while, much like the growth in its data Oracle from just one feed to many. Chainlink expects that the v0.1 will be deployed later in this year, before transitioning to v1 or v2, which provide more advanced security features and more difficult challenges.
LINK Token Appreciates
After the release of the staking plan, the LINK token jumped by 18% over the course of the day. However, it corrected back to 12% after the correction. CoinMarketCap shows that the LINK token trades at $8.78. This is a 9.96% gain.
The token seems to be in a long-term downtrend, regardless of its price rise. The LINK token has seen an 84% decrease in its All-Time High price (ATH), $52.70, May 20,21.
