Chainlink plans to launch its long-awaited staking services in December, announced Sergey Nazarov, co-founder of the project, on Wednesday at the Smartcon 2022 conference in New York. for specific members of the ecosystem. Selection will be based on your participation in LINK; community involvement; and ecosystem participation. In addition, Chainlink said it will launch an eligibility app on October 3 to notify users when they are eligible to participate in staking. stakers,” said Nazarov. He described the early staking programs as “experimental.” A blog post noted that the first staking program will be available to oracles providing ETH/USD feeds on Ethereum. Staking will then be expanded to support additional feeds in the future. According to Staking Rewards, LINK’s $3.8 billion market cap would rank it as the ninth largest usable crypto asset by total value. Chainlink offers oracle networks that relay data from the physical world to web dApps3. This includes, for example, price feeds, weather data and cross-chain communication. Today, Chainlink’s network spans over 1,500 projects, including the Aave, Compound, Synthetic and dYdX protocols. In addition, the network includes 1,000 oracles, which have generated $6.18 trillion in transactions in 2022 so far. Staking is one of several programs announced by Chainlink at Smartcon as part of its “Economy 2.0” initiative. The idea is to improve the economic sustainability of the protocol. Smartcon is Chainlink’s first physical conference event.
Oracle Networks
Chainlink also announced SCALE, the Sustainable Chainlink Access for Layer 1 and 2 Activation, on the same day. SCALE enables partner projects to accelerate “smart contract innovation”. In return, they get coverage of operational costs associated with Chainlink’s Oracle networks, such as research and development expenses and gas fees, for example. According to Chainlink, SCALE members will have access to a variety of premium oracle services, such as more frequently updated data feeds, enabling low-latency dApps. Prominent tier 1 networks Avalanche, Metis, Moonbeam and Metis have already confirmed that they will participate in SCALE in order to unlock advanced native functionality of the oracle. According to Chainlink, dApp user fees can cover expenses as the protocols gain adoption. Additionally, he noted that some oracles on Polygon and BNB Chain are already supported by user fees. The project also announced BUILD, a program designed to support early stage projects. BUILD partners must commit network fees and between 3% and 5% of the supply of their native tokens to Chainlink service providers, including stakers. In return, they will have access to Chainlink’s enhanced services and technical support. In addition, partners can deploy custom data feeds, gain priority access to alpha and beta versions of new services, and receive technical support.
Native Tokens
Participants from Chainlink Truflation, Space and Time and bitsCrunch announced their participation in the show. They confirmed that they will commit “several percentage points” of providing their native tokens to the program. “LINK has just announced that it is now also a hedge fund that will own 3-5% of all app token supplies,” posted Twitter user BuyMoreLink. in response to the news. “This alignment of economic incentives across communities helps promote the mutual and long-term success of both ecosystems,” Chainlink said in a blog post on the 28th of this month. Nazarov also announced at the event that Chainlink is working with SWIFT. It is a global payment system supported by 11,000 banks. Together, the parties will explore using Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to transfer tokens and messages across multiple chains. “I am delighted to announce that we are working on an initial proof of concept together with SWIFT on the use of CCIP in capital markets. The idea is to enable communications and the movement of tokens between several different institutions in order to accelerate the adoption of DLT. [e] blockchains,” said Nazarov. According to Jonathan Ehrenfeld Sole, director of strategy at SWIFT, the network has been working on programs with Chainlink for seven years.
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