The Chainlink decentralized computing protocol has made improvements to its betting mechanism by introducing Chainlink Saving v0.2 with an increased pool size of 45 million LINK.
A nine-day "priority migration" period begins today for current version 0.1 stake holders, allowing them to transfer their frozen LINK and rewards to the new version. According to the statement, access to the new version will be gradually expanded through the stages of early access and general access, scheduled for December 7 and 11, respectively, which will allow users to bet up to 15,000 LINK.
By increasing the size of the betting pool to 45 million LINKS, which is 8% of the total number of LINKS in circulation, Chainlink hopes to attract a wider range of LINK token holders. This extension is part of the Chainlink Economics 2.0 strategy, which aims to strengthen network security.
Chainlink is the most popular oracle network in the world of cryptocurrencies, providing external data for blockchain applications. Chainlink staking was launched in December last year, which increased the usefulness of the token and allowed LINK holders to support Oracle services and receive rewards for ensuring network security. Initially, staking was only available to provide Ethereum ETH/USD price data, and the pool was limited to 25 million LINK tokens.
Sergey Nazarov, co-founder of Chainlink, stated: "As we see a constant increase in the amount of value transferred and paid through the Chainlink network, improving crypto-economic security is becoming increasingly important. Staking v0.2 represents important new security features and prepares the system for further growth next year."
The new version provides a more flexible token withdrawal mechanism for stake holders and improved security measures. The modular architecture of Chainlink Saving v0.2 is designed to ensure ease of implementation of future updates and improvements.
It is also worth noting that Chainlink Saving v0.2 includes "dynamic reward mechanisms that will be able to support new sources of rewards in the future," as the project team stated.
