Chainlink Announces Launch of Enhanced Staking Platform, v0.2, with Expanded Features and Participation Opportunities

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Chainlink, a prominent player in the decentralized Oracle network sector, has announced the launch of Chainlink Staking v0.2. This update, an improvement from the previous version, offers enhanced features and wider participation opportunities for the Chainlink community. The rollout of v0.2 will occur in phases, starting with a Priority Migration phase on November 28, 2023, for users who have stakes in the v0.1 version. These users will have nine days to transfer their LINK tokens and rewards to the new platform. Following this, an Early Access phase will begin on December 7, 2023, allowing eligible community members to stake their LINK tokens before the platform opens to the general public. Finally, the General Access phase will commence on December 11, 2023, enabling all interested parties to stake their LINK.Chainlink Staking v0.2 aims to create a more modular and upgradeable staking platform. It introduces a new unbonding mechanism for withdrawing staked LINK and enhances the security of Chainlink’s oracle services by potentially slashing staked LINK from node operators who fail to meet the network’s standards.During the Early Access and General Access phases, community stakers can stake a minimum of 1 LINK and a maximum of up to 15,000 LINK per address. Node operator stakers have a higher limit, with a minimum stake requirement of 1,000 LINK and a maximum cap of 75,000 LINK.The migration from v0.1 to v0.2 is not automatic, and stakers must initiate the transfer of their staked LINK and rewards to the new version. The total pool size in v0.2 will be expanded to 45,000,000 LINK, an 80% increase from the v0.1 cap. This expansion aims to make Chainlink Staking more accessible to a diverse array of LINK token holders and enhance the security and reliability of the network’s oracle services.In terms of rewards, Chainlink Staking v0.2 introduces a dynamic mechanism with a variable reward rate. This incentivizes a fully-filled staking pool and lays the groundwork for future reward sources, such as user fees. This departure from the fixed reward rate of v0.1 signifies a more flexible and adaptable approach to staking rewards.As of now, LINK is trading at $14.48 after facing rejection at the 0.236 Fibonacci retracement level on the 1-week chart during its first attempt.

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