Chainlink Staking Launching on December 6, Here’s What You Need to Know

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Arman Shirinyan

Alter­na­tive to Ethereum stak­ing final­ly emerges, but there are some details you need to know

Chain­link Stak­ing v0.1 will goes live on Ethereum main­net on Dec. 6, which is why it is impor­tant to dig through all of the exist­ing details about it to find out if it will be able to com­pete with Ethereum’s solu­tion and if sen­si­tive details like its lock-up peri­od are ful­ly trans­par­ent.

Lock-up

The lock-up peri­od is the cor­ner­stone of any stak­ing oper­a­tion, as it remains the main mech­a­nism for eas­ing up sell­ing pres­sure on the mar­ket and form­ing a sta­ble col­lat­er­al for net­works to work with. Recent­ly, Ethereum faced a mas­sive back­lash after devel­op­ers post­poned the unlock­ing of users’ funds, prac­ti­cal­ly remov­ing their abil­i­ty to with­draw their assets from con­tracts for an unknown peri­od of time.

In the case of Chain­link, the orig­i­nal 12–24 month lock-up peri­od was based on a “con­ser­v­a­tive release cycle.” How­ev­er, after con­tact­ing com­mu­ni­ty mem­bers and node oper­a­tors direct­ly, Chain­link man­age­ment decid­ed to change the lock-up peri­od to 9–12 months.

After releas­ing the next ver­sion of stak­ing, users will be able to unlock or migrate their staked LINK tokens and rewards. By unlock­ing their funds, investors will have no issues tak­ing prof­its right away or mov­ing funds to the new ver­sion of stak­ing on the net­work, enter­ing anoth­er lock-up period.

The Chain­link stak­ing adds per­for­mance guar­an­tees around ora­cle ser­vices with the help of LINK tokens com­mit­ted by users. On Dec. 6, users will be able to use Chain­link beta with the sup­port of the ETH/USD Data Feed on Ether’s maininet.

Stak­ers will earn rewards for help­ing to secure the data feed by alert­ing users about any per­for­mance issues that may occur through the entire peri­od of beta testing.



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