As the crypto markets are slowly settling down from all the crypto market crashes it has been encountering, various crypto project are looking forward to the next step of theirs in the Web3 world. One such project is the blockchain oracle service, Chainlink. The network has launched its staking feature as a step towards helping them in increasing the economic security of the platform’s oracle services.
Staking represents a new era of cryptoeconomic security for the #Chainlink Network.
By staking LINK tokens, you can help increase the security guarantees of oracle services and earn rewards in return.
— Chainlink (@chainlink) December 6, 2022
What is Chainlink Staking?
With so many improvements being set up within the Chainlink network, the Chainlink team has shared their thoughts on effort that is needed for the platform to continue its new oracle services throughout various blockchains. Apart from that there is the heightened security measures that the network must match in order to keep up with the increasing value secured within the various applications powered by Chainlink. Nazarov explained that “The Chainlink network has successfully scaled to support a significant and growing portion of DeFi and many other new smart contract verticals, enabling more than $6.6 trillion in transaction value this year.”
In an interview, Sergey Nazarov said, “What staking does is it allows us to scale the system by creating incentives that allow the system to grow.” Setting up the staking services is only establishing the foundation for what the company anoints as Economics 2.0. This is one step towards the vision of the network, which is necessary for the protocol to scale and become more efficient by providing the right incentives.
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