Alternative to Ethereum staking finally emerges, but there are some details you need to know
Chainlink Staking v0.1 will go live on the Ethereum mainnet on December 6th, which is why it’s all about whether it will be able to compete with Ethereum’s solution and if there are sensitive details like It is important to dig through the existing details. Its lock-up period is over transparent,
Lock-up
The lock-up period is the cornerstone of any staking operation, as it remains the main mechanism for easing up selling pressure on the market and forming a stable collateral for networks to work with. Recently, Ethereum faced a massive backlash after developers postponed the unlocking of users’ funds, practically removing their ability to withdraw their assets from contracts for an unknown period of time.
In the case of Chainlink, the original 12-24 month lock-up period was based on a “conservative release cycle”. However, after direct contact with community members and node operators, Chainlink management decided to change the lock-up period to 9-12 months.
After releasing the next version of staking, users will be able to unlock or migrate their staked LINK tokens and rewards. By unlocking their funds, investors will have no issues taking profits right away or moving funds to the new version of staking on the network, entering another lock-up period.
Chainlink staking guarantees the performance of oracle services with the help of LINK tokens committed by users. On December 6th, users will be able to access the Chainlink beta with support for ETH/USD data feeds on Ether’s mainnet.
Stakers will earn rewards for helping to secure the data feed by alerting users about any performance issues that may occur through the entire period of beta testing.
