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Decentralized blockchain oracle network Chainlink has unveiled the next big step in its staking journey: Chainlink Staking v0.2.

As stated in a tweet, the Chainlink v 0.2 upgrade is on the horizon, which redesigns Chainlink staking into a platform with a total pool size of 45 million LINK.

As stated in an earlier release, the next version of Chainlink staking (v0.2) is expected to launch later in Q4.

Last December saw the initial beta version of Chainlink staking (v0.1), which consisted of a 25 million LINK staking pool that supported the cryptoeconomic security of the ETH/USD Data Feed on Ethereum.

At the launch of Staking v0.2, the capped 45 million LINK pool will consist of a 40,875,000 LINK allotment for community members, with the remainder allocated to Chainlink node operators currently servicing Chainlink Data Feeds.

Version 0.2 includes an unbonding mechanism for withdrawing staked LINK, rather than locking up staked LINK until the next version of staking is released.

The version 0.2 upgrade focuses on stakeholder flexibility with a new unbonding mechanism.  It also focuses on increased security guarantees for Oracle services through stake-slashing.

The upgrade also targets future upgradeability via a modular architecture and a dynamic rewards mechanism to accommodate new incentive sources in the future.

Staking v0.2 would involve a three-phase launch sequence. First is priority migration, which is a one-week period where v0.1 stakers have the exclusive opportunity to migrate their v0.1 stake and accrue LINK rewards to v0.2.

Second is early access, which is a  two-day period where community holders who meet predefined eligibility requirements can stake up to 15,000 LINK. Lastly, general access is the final phase where anyone can stake up to 15,000 LINK, provided that the pool has not yet been filled.

About the author

Tomiwabold Olajide

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.