Chainlink Hits Another Weekly High After Updated Staking Roadmap

Chainlink hits another weekly high after the updated Staking roadmap and the LINK price surged to $8.86 as we can see more today in our latest Chainlink news.

Chainlink hits another weekly high after the announcement of the staking launch in the second half of 2022. LINK’s price soared to a daily high of $8.86 and a minor correction brought it back to $8.41 but still represents a solid increase of 10% over the past day.  LINK’s latest price action follows the publication of the roadmap for the implementation of the staking feature which enables a system of rewards and penalties designed to incentivize the proper operation of the network.

Staking marks the start of #Chainlink Economics 2.0, a new era for the long-term security and sustainability of oracle networks.

In this update, we define the long-term goals, roadmap, and initial implementation of staking in the Chainlink Network.https://t.co/WJkoUzPA0i

— Chainlink (@chainlink) June 7, 2022

Initially outlined in April 2021, the idea of earning passive income via staking on Chainlink revolves around giving the ecosystem participants and node operators the ability to increase the security guarantees of the oracle services by backing them with staked LINK tokens. The initial implementation of Chainlink is projected for the second half of 2022 and will mark the start of the Chainlink Economics 2.0 which is a new era of sustainable growth and security for the platform.

Pointing to the deep integration of the Chainlink oracles, the company said that the increase in the oracle security and user assurances brought about staking and will be key in helping the multi-chain smart contract economy scale to secure the multi-trillion-dollar markets in the major global industries. The rollout of the staking mechansim will be similar to the deployemnt of Chainlink price feeds as the most popular price oracle network for DEFI. Now, chainlink is trusted by defi apps such as compound, aave, and syntethix. The most recent integration happened a week ago with Solana providing support for chainlink price feeds and according to Chainlink, the initial staking pool will start with a size of 25 million LINK tokens and a goal of expanding to 75 million tokens based on the demand in the next few months after launch. The v0.1 staking pool will be capped in size and will offer a fair entry mechansim to help ensure participation from a wider range of community members:

“This entry mechanism will aim to prioritize long-term token holders, who are most likely to actively participate in the alerting mechanism.”