Chainlink Improves Oracle Security With LINK Staking Feature

  • Chainlink Staking v0.1 is now available on the Ethereum mainnet to a limited number of users, but will be opened to the general public on 8 December.
  • The new feature includes a LINK staking pool with 25 million token cap, which aims to secure the ETH/USD price feed within the Ethereum mainnet.
chainlink

Shutterstock

Blockchain oracle network Chainlink has introduced a staking feature for its native LINK token to improve the security of its oracle services, the company said in a blog post on 6 December.

According to the announcement, Chainlink Staking’s v0.1 beta is now live on the Ethereum mainnet, allowing LINK holders to earn rewards while helping the protocol become more secure. The new feature was launched as part of Chainlink’s “Economics 2.0” initiative that focuses on the security and sustainable growth of the oracle protocol. The company wrote in its blog post:

“Combined with other key Economics 2.0 programs such as Chainlink BUILD and Chainlink SCALE, the Chainlink ecosystem is entering its next stage of sustainable growth, increased cryptoeconomic security, and entirely new levels of value capture across the network.”

Chainlink Staking v0.1 beta includes a staking pool with a 25 million LINK cap, which aims to secure the ETH/USD price feed within the Ethereum mainnet. LINK holders will be able to earn rewards from the feature by participating in a decentralized alerting system that flags the network when data feeds do not meet certain performance requirements.

The feature will initially be available only to community members who meet at least one of the criteria in Chainlink’s Early Access Eligibility List, but will be opened to the general public on 8 December, giving anyone the chance to participate. The staked LINK tokens and rewards will be locked until the release of Staking v0.2, which is planned for release sometime in the next 12 months.

Chainlink has continued to release new oracle services for various blockchains over the years, and has successfully scaled to support a significant portion of decentralized finance (DeFi), and has enabled more than $6.6 trillion in transaction value this year alone. Back in September, the platform partnered with interbank messaging system SWIFT to allow it to communicate across all blockchain platforms.

Discussion
Related Coverage
Paxos in “Constructive Discussions” With SEC Over BUSD
  • Stablecoin issuer Paxos has engaged the SEC in “constructive discussions” over its allegation that BUSD is a security, ready to defend its position in litigation.
  • The company also revealed it will be ending its relationship with Binance, but noted that the decision was separate from the NYDFS and SEC investigations.
February 21, 2023, 6:00 PM
paxos

Shutterstock

Paxos Disagrees With SEC That BUSD is a Security
  • Paxos confirmed it had received a Wells Notice from the U.S. SEC on 3 February, that claimed BUSD was an unregistered security.
  • The company said it “categorically disagrees” with the SEC’s claim, and that it was prepared to “vigorously litigate if necessary”.
BonqDAO Exploited for $90M
  • A hacker was able to manipulate the price of the AllianceBlock token on BonqDAO, which allowed him to drain close to $90 million worth of crypto from the protocol.
  • Both platforms have paused their services, and are currently in the process of removing liquidity as to hinder the hacker’s ability to convert the stolen tokens.