Chainlink launches staking to increase the security of oracle services

Blockchain oracle web Chainlink has launched its staking diagnostic to assistance summation the economical information of the platform's oracle services. 

In an announcement sent to Cointelegraph, Chainlink mentioned that the caller staking diagnostic is an integral portion of its “Chainlink Economics 2.0” efforts that focuses connected information and sustainable growth.

Before the staking feature, Chainlink users who wanted to person LINK token rewards needed to motorboat their ain nodes. With the newly-launched staking mechanism, Chainlink (LINK) token holders person an further earning mechanics arsenic they assistance successful expanding the oracle platform’s security.

Initially, Chainlink Staking was launched arsenic a v0.1 beta, which includes a staking excavation that aims to unafraid the ETH/USD information provender wrong the Ethereum mainnet. This allows stakers to gain rewards for supporting the feed's show by participating successful a decentralized alerting system. The strategy flags the web erstwhile the Data Feed is not gathering performing requirements.

Sergey Nazarov, the co-founder of Chainlink, said that this motorboat is the instauration for Chainlink Economics 2.0 and volition yet improve. “As the web continues to expand, Chainlink Staking volition proceed to germinate and present enhanced information crossed our ecosystem and passim Web3,” helium said.

Related: Chainlink Labs offers proof-of-reserve work for embattled exchanges

According to the Chainlink team, arsenic the level continuously releases caller oracle services passim assorted blockchains, the information of the web indispensable lucifer the expanding worth secured wrong applications powered by Chainlink. Nazarov explained that:

“The Chainlink web has successfully scaled to enactment a important and increasing information of DeFi and galore different caller astute declaration verticals, enabling much than $6.6 trillion successful transaction worth this year.”

On Nov. 29, the LINK token rallied days ahead of the staking diagnostic launch, suggesting that traders expect that the staking motorboat volition boost the request for LINK tokens and the platform’s oracle services.