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Blockchain Data Provider Chainlink Launches Programs to Reduce Costs Ahead of Staking of Its Token
The popular blockchain oracle network’s new “Build” and “Scale” programs set the stage for the LINK token staking to begin in December 2022, said cofounder Sergey Nazarov.
Chainlink, a provider of price feeds and other data to blockchains, is reducing the network’s barriers to entry for early-stage projects and reducing costs for existing participants ahead of the introduction of staking of its native token at the end of this year, the company said at this week’s SmartCon developer event held in New York
The smart contract oracle network that powers much of decentralized finance (DeFi) is offering a “Build” program where up-and-coming teams donate 3% to 5% of their native tokens to the network in return for access to Chainlink data. And for those already initiated, the “Scale” program aims to reduce on-chain transaction costs associated with smart contract oracles to near zero.
STORY CONTINUES BELOW
Chainlink has been a key factor in the roller-coaster growth of DeFi, which reached over $250 billion in total locked value (TVL) late last year, but currently languishes at around $55 billion thanks to harsh bear market conditions. Yet, some crypto market watchers have observed a disconnect between Chainlink’s role as a cornerstone of DeFi (its oracles have played a part in over $6 trillion of transactions so far this year, according to Chainlink co-founder Sergey Nazarov), and the market cap of its native token LINK.
The Chainlink community hopes any disparity can be addressed by its new programs, as well as the introduction of LINK staking and rewards. Chainlink staking is slated to get underway in December, according to Nazarov.
Regarding the ongoing crypto winter and DeFi’s resilience within it, Nazarov said TVL is down because of the drop in value of underlying assets, but usage remains high.
“The economic activity in DeFi is still at a very high level,” Nazarov said in an interview. “It's actually the same as it was before and in a certain way crypto might even be more attractive because the scarier the world gets, the more attractive crypto is.”
Read more: Galaxy Digital Offers Crypto Price Data on Chain Via Chainlink
Ian Allison
Ian Allison is a senior reporter at CoinDesk, focused on institutional and enterprise adoption of cryptocurrency and blockchain technology. Prior to that, he covered fintech for the International Business Times in London and Newsweek online. He won the State Street Data and Innovation journalist of the year award in 2017, and was runner up the following year. He also earned CoinDesk an honourable mention in the 2020 SABEW Best in Business awards. His November 2022 FTX scoop, which brought down the exchange and its boss Sam Bankman-Fried, won a Polk award, Loeb award and New York Press Club award. Ian graduated from the University of Edinburgh. He holds ETH.
