Chanlink’s Staking Roadmap Update Pushed LINK Up By 12%

Chainlink’s staking roadmap update pushed the price of the LINK token by 12% and today, it is among the best-performing assets that we can see on the charts in our latest Chainlink news.

The Chainlink team published its long-term goals, initial implementation, and Chainlink’s staking roadmap that outlined the next stages for a data oracle blockchain project. The blog post referenced Chainlink Economics 2.0 with the main focus on staking as a part of the plan to scale the system and integrate other blockchain networks. Staking is a mechanism that brings a new layer of crypto security to Chainlink and the name is true for most PoS blockchains which reward stakers for helping to secure 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

There are a few long-term goals for chainlink that launched oracles on Solana but staking as the underlying principle is explained as follows:

“The staking of LINK in turn enhances the ability for nodes to receive jobs and earn corresponding fees within the Chainlink Network.”

The main goal of staking is to boost the security and user assurances of Chainlink oracle services. The LINK tokens are locked in a service level guarantee around the network performance and furthermore, the incentives and penalties like slashing help the LINK nodes to generate accurate oracle reports and deliver them in a timely manner. The second goal is to encourage community participation and involvement so the node operators can create the delegated staking systems which are similar to Tezos’ system.

Also, Chainlink staking aims to generate sustainable rewards from long-term use and it expects this growth to result in a greater portion of staking rewards that is sourced from non-emissions based sources. The final goal is to empower the node operators and access higher-value jobs by staking. Chainlink’s staking roadmap is gradual and evolves as the oracle feeds did from a single feed on the ETH/USD to thousands. Chainlink’s native token reacted strongly to the update and the coin surged 18% on the day before retracing slightly. From $7.40 LINK  pumped to a new high of $8.83. the token was trading at this level at the time of writing but then gained more than 10% over the last night. However, the long-term trend is still looking bearish as LINK is down by 84% from its 2021 ATH of $52.70.