Chainlink (LINK) Will Receive a New Update: Here’s What’s New

Chainlink (LINK) announced that it will launch the Chainlink Staking v0.2 beta update in the fourth quarter of this year with the first expansion pool to contain 45 million LINK altcoins.

According to the official blog post, the update will introduce greater flexibility, security and scalability for stakers, as well as a dynamic reward mechanism that can support new reward sources in the future.

The Chainlink Staking program allows LINK holders to stake their tokens to secure the oracle network and earn rewards for providing reliable and high-quality data feeds to smart contracts. The program was first launched in December 2022 with version v0.1 that allows staking for a limited number of oracle services and participants.

The launch of the v0.2 beta update will gradually open up access to a wider range of contributors, starting with a priority transition period for existing v0.1 stakers before going into early access and then general access. The update will also allow staking for more oracle services such as price streams, verifiable randomness, proof of reserve.

According to the announcement, version v0.2 has been redesigned as a fully modular, expandable and upgradeable staking platform based on v0.1. The main goals of the update are:

• Maintaining a secure non-custodial design for staked LINK while providing greater flexibility for the Community and Node Operator Stakers.
• Enhanced security guarantees for in-cover oracle services powered by Chainlink Staking.
• Modular architecture to progressively support future improvements and additions, such as the expansion of Chainlink Staking to more services.
• Dynamic reward mechanism that can seamlessly support new reward sources such as user fees in the future.

*Not investment advice.