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Chainlink Staking Opens With Initial $51M Inflow
Staking started Tuesday, and 7 million LINK tokens were locked in the first 30 minutes to secure the network.
Chainlink, a provider of price feeds and other data for blockchains to use in smart contracts, introduced staking of its native token LINK on Tuesday. Selected holders locked 7 million tokens to secure the oracle network, valued at about $51 million, in the first 30 minutes, according to a company spokesperson.
The staking pool, currently in beta, is initially capped at 25 million LINK, which the company says is a security-conscious approach, meaning 28% of the staking capacity was met within the first 30 minutes. The protocol is paying out 4.75% in annualized rewards to stakers in the form of LINK tokens.
STORY CONTINUES BELOW
The company didn't respond to a request for a more recent figure sent outside of U.S. business hours. Chainlink said it plans to scale up to 75 million LINK over time. Some 500 million tokens are currently in circulation.
The program, which opens for general access on Dec. 8, lets people earn rewards in order to maintain the protocol's performance and keep it more secure.
“What staking does is it allows us to scale the system by creating incentives that allow the system to grow,” Chainlink co-founder Sergey Nazarov said in an interview with CoinDesk.
Stakers will be unable to unlock or move their LINK rewards until the next version of the protocol is released. That is expected in nine to 12 months, the company said in a blog post.
At the time of publication LINK was trading at about $6.87.
Read more: Blockchain Data Provider Chainlink Launches Staking of Its Native Token LINK
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner.
Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
