- According to the oracle provider the feature will become live on December 6th.
- At first, the official blog post states, the threshold will be set at $25 million.
On December 1st, the Chainlink development team announced an update to its highly anticipated staking activities. Staking on Ethereum’s mainnet, according to the oracle provider, will become live on December 6th.
Furthermore, at first, the lockup period for Chainlink staking may be anywhere from 12 to 24 months. But the team has engaged the community and the node operators on this topic, and the ultimate effect is a faster pace of iteration and more regular product releases. Each release will supposedly have a “condensed scope” that only includes the most important changes.
Starting Threshold at $25M
Due to the beta status of Chainlink Staking (v0.1) on the Ethereum network, only addresses that qualify for early access may take advantage of the launch at this time.
The official announcement read:
“Staking is a core initiative of Chainlink Economics 2.0, enabling LINK token holders and node operators to earn rewards for helping increase the cryptoeconomic security of oracle services.”
These may put up a maximum of 7,000 LINK, or about $53,270, in a pool with limited staking. Eligibility is determined by the user’s on-chain and off-chain activities, which may be validated by their wallets. After December 8th, all LINK token holders will be able to join the staking pool and reap the rewards. At first, the official blog post states, the threshold will be set at $25 million.
Moreover, the firm’s primary goal is to ensure that all node operators and users who want to contribute to the network may do so in a decentralized manner.
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