A 7,000 LINK per-participant staking cap was set to promote greater inclusion and reduce the risk of a few participants dominating the pool in the early stages. At the same time, the staking cap was set high enough to help ensure a sufficient amount of engagement is generated. The per-staker limit exists for both the early and at least the start of general access phases of v0.1. More information can be found in the following blog post.
Each Chainlink node operator currently servicing Chainlink Data Feeds will have the opportunity to individually stake up to 50,000 LINK, with a 1,000 LINK minimum if choosing to stake during Chainlink Staking v0.1. This cap was implemented to mitigate potential centralization risks that could arise if one or a small number of node operators dominate the staking pool, such as has historically been seen across other protocols with staking and mining pools.
It is currently anticipated the per-node operator stake limit will be raised over time, particularly as more Data Feeds are supported by Chainlink Staking and the mechanisms deployed become more proven in production.
Following a security-conscious approach, the initial pool size for v0.1 is capped at 25M LINK to help ensure robust security of the Chainlink ecosystem and the larger Web3 economy that relies on Chainlink services. It is planned for Chainlink Staking v0.1 to expand to 75M LINK over time. The planned staking roadmap can be found in this blog post. Additional opportunities to stake LINK are planned to be introduced over time.
Chainlink Staking v0.1 is an initial beta implementation that introduces the ability for stakers to raise alerts if node operators on supported feeds fail to meet predefined performance conditions. To increase the decentralization of alerting, and to support other functionalities in future implementations such as stake slashing, an allotment of the v0.1 staking pool is made available to the Chainlink community.
Staking v0.1 serves as the first release of an explicit cryptoeconomic security system where Chainlink DONs are backed by staked LINK. The initial v0.1 release is an early-stage beta which will set the foundation for future staking implementations by introducing a more decentralized and public alerting system, which is planned to be supplemented in the future with additional functionalities for increased security assurances. More information on the evolution of Chainlink staking can be found in this blog post.
Staking in v0.1 will require an on-chain transaction on Ethereum mainnet. Users should be aware of the dynamics around blockchain network resource availability.
Chainlink Staking v0.1 will support the staking of LINK on Ethereum mainnet.
Staking v0.1 is the initial beta implementation of staking in the Chainlink Network, setting the foundation for future implementations by introducing a decentralized alerting system. This is planned to be supplemented in the future with additional functionalities such as user fee rewards, a more advanced reputation system, comprehensive stake slashing mechanics, and other mechanisms for increased security assurances. The roadmap for the evolution of Chainlink Staking over time can be found in this recent blog post.
Because the Staking v0.1 pool is capped, a fair-entry mechanism (i.e. Early Access Eligibility List) has been created to identify who gets a prioritized opportunity to fill the pool’s limited space. Extra care was taken to ensure that the list included a wide diversity of participants from the Chainlink community. More information about the logic behind the Early Access Eligibility List can be found in the following blog post.
Being on the list provides an opportunity to stake in the v0.1 pool during the early access phase once it’s deployed on mainnet but does not provide a guarantee of entry given the initially capped pool size. The list is optimized to target active and long-term ecosystem participants. More info on the Early Access Eligibility List and early access can be found in the following blog post.
The Early Access Eligibility List is made up of Hodlers, Builders, and Educators, who are the most likely to raise alerts. For details, see the following blog post which provides more context about the Early Access Eligibility List.
Eligibility from CEX usage was not directly included due to the opacity and trust involved with capturing CEX users—opening up complications given that activity on such platforms cannot be objectively identified in a trust-minimized manner. General access after the early access period ends can potentially give CEX users additional opportunity to participate in Chainlink Staking v0.1, alongside future pool size increases. More information about the logic behind Early Access can be found in the following blog post.
The early access phase of Chainlink Staking v0.1 is a period at launch where eligible community members on the Early Access Eligibility List have the opportunity to stake LINK before the pool is opened to the public via the general access phase. More information can be found in the following blog post.
The general access phase of Chainlink Staking v0.1 begins after the early access phase ends and allows other LINK token holders to stake if the pool has not been filled. More information can be found in the following blog post.
Many Web3 wallets, such as MetaMask, allow you to connect to hardware wallets as an additional layer of security. Refer to the official support documentation of your Web3 wallet and hardware wallet providers for best practices around using wallets in tandem.
Below are some support resources for connecting commonly used hardware wallets with MetaMask and WalletConnect:
If you have any additional questions, please follow up with your hardware wallet manufacturer.
The Early Access Eligibility App currently supports widely used Web3 wallets including MetaMask, Coinbase Wallet, and WalletConnect-enabled wallets. Smart contract wallets are planned to be supported upon the launch of Staking v0.1 in December. Refer to the official support documentation of the above Web3 wallet providers for more information on connecting to Web3-enabled websites.
If you are not on the Early Access Eligibility List, there will be an opportunity to join the staking pool when it opens to the general access phase, subject to the pool limit and other applicable participation requirements. The pool size is also expected to expand in the future. For more details, see the following blog post.
The early access petition form closed October 17, 2022 and is no longer accepting entries.