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Chainlink's Staking Program Hits $600M Limit, Causing a 12% LINK Rally

Chainlink crypto staking v0.2 unveiled in early access Phase

On December 7, Chainlink, an industry-renowned decentralized computing platform, announced the launch of Chainlink Staking v0.2 in Early Access. Eligible participants can now stake crypto - up to 15,000 LINK during this four-day period. Following Early Access, Staking v0.2 will transition to General Access, allowing anyone to stake up to 15,000 LINK, provided the pool isn't already filled.

The Early Access eligibility list is an extension of the criteria employed in the earlier v0.1 release. The criteria for LINK token holders are as follows: Hold more than 7 LINK on Ethereum Mainnet for at least 50% of the time between May 30, 2019, and June 7, 2022. Additionally, hold more than 7 LINK on Ethereum Mainnet for at least 90% of the time between August 5, 2021, and June 7, 2022. Hold more than 7 LINK on Ethereum Mainnet for at least 50% of the time from June 7, 2022, to August 25, 2023. 

The eligibility list is designed for active Chainlink participants who understand the system and can identify issues with staking-secured oracle services. Being on the v0.2 Early Access Eligibility List allows a chance to stake crypto early, but entry isn't guaranteed due to the capped pool size. The Chainlink Foundation doesn't guarantee the performance or security of third-party delegation and liquid staking systems used by participants.

In v0.2, the staking pool increased to 45,000,000 LINK, making Chainlink Staking more accessible to a diverse group of LINK holders. This aligns with Chainlink Economics 2.0, introducing added security to the network by allowing participants to stake LINK and earn rewards for supporting oracle services.

LINK gains 12% on the backdrop the crypto staking news bombshell 

LINK/USDT daily chart

The native token of the network, Chainlink (LINK), experienced a 12% surge immediately after the announcement of Early Access, reaching a peak of $16.92. Subsequently, the price retreated to the current $14.82 during a market-wide correction. 

The price jump reflects the confidence of Chainlink's community that the project is capable of reaching the following goals regarding cryptocurrency staking: offering greater flexibility for Community and Node Operator Stakers through a new unbonding mechanism, maintaining a secure non-custodial design; enhancing security guarantees for oracle services secured by Chainlink Staking by implementing node operator stake slashing; adopting a modular architecture for iterative support of future improvements, including the expansion to more services; and implementing a dynamic rewards mechanism that can seamlessly accommodate new external sources of rewards in the future, such as user fees. Discussing Staking v0.2, Chainlink co-founder Sergey Nazarov highlights the implementation of vital security features, setting the stage for sustained growth in the coming year.