Understanding Chainlink's LINK Staking V0.2 Launch: Key Information to Know

Chainlink Staking v0.2: What You Need to Know

Chainlink, a prominent player in the decentralized Oracle network sector, has revealed the launch of Chainlink Staking v0.2, expected to roll out this year. This update represents a significant advancement from the previously released v0.1 version, offering improved features and broader opportunities for participation in the Chainlink community.

The upgrade will be implemented in phases, with specific dates set for different user groups. The Priority Migration phase begins on November 28, 2023, at 12 PM ET, providing users who have stakes in the v0.1 version with a nine-day window to transfer their LINK tokens and accumulated rewards to the new v0.2 platform.

Following this, an Early Access phase will commence on December 7, 2023, at 12 PM ET, allowing eligible community members to stake their LINK tokens before it is open to the general public on December 11, 2023.

Enhancements With Chainlink Staking V0.2

The official website details that Chainlink Staking v0.2 builds upon the foundational elements established in the v0.1 release. It aims to create a more modular, extensible, and upgradeable staking platform by introducing a new unbonding mechanism for withdrawing staked LINK.

Security is also expected to improve through potential slashing of staked LINK from node operators who fail to meet network standards. The announcement clarifies that community stakers can stake between 1 LINK and up to 15,000 LINK per address during both phases.

The migration from v0.1 to v0.2 will not be automatic; stakers must initiate the transfer of their staked LINK and rewards to the new version as smart contracts governing both versions are non-custodial.

Expansion and Rewards

The total pool size will expand to 45,000,000 LINK in v0.2 — an 80% increase from the v0.1 cap — broadening accessibility while enhancing security and reliability of oracle services provided by the network.

Rewards under Chainlink Staking v0.2 will feature a variable reward rate that incentivizes a fully-filled staking pool and lays the groundwork for future reward sources such as user fees.