Chainlink (LINK) Announced An Upcoming Upgrade To Its Staking Mechanism
Blockchain oracle service Chainlink (LINK) has announced a coming upgrade to its staking mechanism. Via the social media platform X, the oracle announced Chainlink Staking v0.2, which is currently being prepared with a new pool of 45 mln LINK tokens.
The upgrade focuses on four main components, according to Chainlink: a new unbonding mechanism, stake slashing, a dynamic rewards system and a new modular architecture to ensure smoother future upgradability. Unbonding is the period immediately after unstaking, where coins are typically locked on the blockchain for a certain amount of time before being released to users.
Stake slashing is when a staker’s coins are taken, or “slashed” by the network if they don’t follow certain rules or behave maliciously. The migration to v0.2 is being launched in three phases that prioritize v.01 stakers. Chainlink staking went live on the Ethereum mainnet in December of last year with the aim of enhancing the network’s security and helping it serve a bigger range of applications.
Image: Chainlink