Latest Update: Chainlink (LINK) Officially Launches V2 Staking Feature

Chainlink, one of the leading platforms in the crypto space, officially launched the v0.2 staking update on November 28, 2023 on the Ethereum mainnet. In this latest update, Chainlink increased the capacity of LINK tokens that can be staked to 45 million, equivalent to around 8 percent of the total LINK tokens in circulation.

When looking at the LINK IDR price as of November 29 2023 on the Bittime market, LINK has experienced an increase of 35% in the last month, from IDR 170 thousand in early November to IDR 229 thousand per week. One of the fundamental factors that contributed to the increase in LINK/IDR prices was the implementation of Chainlink Staking V2. 

The concept of staking ,  similar to placing a deposit in a bank, gives token owners the opportunity to earn income from crypto assets by locking LINK tokens in the blockchain network for a certain period. Token owners will receive a certain amount of LINK tokens in return. 

What is Chainlink Staking V2

Staking is a key pillar in Chainlink Economics 2.0, bringing new security to the Chainlink Network. This allows node operators and community members to support oracle services by staking LINK, earning rewards as a contribution to network security. Last December, Chainlink Staking v0.1 launched with a 25 million LINK staking pool for ETH/USD Data Feed on Ethereum. Meanwhile, Chainlink Staking v0.2 was officially launched on November 28, 2023 on the Ethereum mainnet. 

Staking V0.1 served as the initial Staking program, while v0.2 is the latest version following a restructuring into a fully modular, extensible and upgradeable Staking platform.

What's New in Chainlink Staking V2?

• Expanded Capacity. Now, more LINK tokens can be staked in the network, providing LINK holders with greater opportunities to earn income.
• More Flexible Mechanism.  The process of withdrawing (unbonding) staked LINK tokens has become easier and faster.
• Security Improvements. Introduced new features aimed at protecting the network and staked tokens , including sanctions for rule violators.
• Modular Design. The system is designed modularly, making future updates easier, allowing Chainlink to continue adding features and making improvements.

Reasons why Chainlink must update Staking V2

Chainlink functions as a bridge connecting real-world data with blockchain technology.

Staking is an important element in the Chainlink ecosystem to provide incentives to LINK token owners who participate in network development. Through this update, Chainlink seeks to increase the level of security and performance of their network.

Sergey Nazarov, co-founder of Chainlink, emphasized that this update is crucial to ensuring the continued security and efficiency of their network. This reflects Chainlink's commitment to continuing to develop and meet user demands.

Conclusion

The Chainlink V2 update is a significant step for Chainlink development. With greater capacity, more flexible processes, and increased levels of security, Chainlink shows their commitment to providing the best experience for users.

With this update, Chainlink hopes to attract more users to adopt staking , while strengthening the integrity of the network. This update also opens up opportunities for LINK owners to achieve greater profits.

How to Buy Chainlink (LINK) on Bittime

You can buy and sell LINK tokens in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappbeti. 

To be able to buy LINK tokens on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000.

After that, you can make LINK purchases in the application. 

More Complete Guide on How to Buy LINK on Bittime

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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.