Chainlink celebrates the first anniversary of Chainlink Economics 2.0.
Chainlink Economics 2.0 has witnessed significant growth since its inception, marked by the introduction of the BUILD and SCALE programs.
In a tweet, Chainlink announced the first anniversary of Chainlink Economics 2.0, which was implemented to bolster the network’s long-term economic viability. According to Chainlink, Chainlink Economics 2.0 signifies a new phase characterized by sustainable expansion, enhanced crypto-economic security, and increased value extraction within the Chainlink Network.
This upgrade encompasses multiple endeavors aimed at fortifying the security and functionality of Oracle services, streamlining operational expenses, augmenting user fees for support, and widening the participation of diverse service providers, including stakers, in the network.
Significant Events in Chainlink Economics 2.0
Chainlink Economics 2.0 has witnessed significant growth since its inception, marked by the introduction of the BUILD and SCALE programs during Sergey’s keynote at SmartCon 2022 and the launch of Staking v0.1 in December. The following are a few major developments in Chainlink Economics 2.0 during the previous 12 months that have hastened the Chainlink ecosystem’s transition to financial sustainability.
Chainlink Staking v0.1
The Chainlink Staking protocol’s beta v0.1 launched on the Ethereum mainnet on December 6th, 2022. Initially available to community members on the Early Access Eligibility List, it later opened to the general public. The total allocation included 22.5 million LINK tokens for Community Stakers and 2.5 million LINK tokens for Node Operator Stakers.
Remarkably, Community Stakers fully subscribed to the allotment of 22.5 million LINK tokens within three hours of the General Access launch, with a staggering commitment of over 7.2 million LINK tokens within the first hour of Early Access opening. Additionally, the v0.1 pool attracted 7,846 Community Staker addresses, collectively staking their holdings, with a median stake of 1,161 LINK tokens per address.
Chainlink BUILD
Thirty-eight projects have joined the BUILD program since its beginning in September 2022, with 23 doing so in 2023 alone. These projects, which cover a wide range of Web3 use cases, have grown more quickly due to advantages like having first access to alpha and beta versions of new Chainlink services.
As of the time of writing, the following projects have joined the Chainlink BUILD program and pledged a portion of their native token supply to the program. Bitcoin.com, Robodex, and Mind Network, among others shown below.
Chainlink SCALE
Since its announcement in September of last year, several layer-1 and layer-2 blockchain ecosystems have either joined or expressed their commitment to join the SCALE program. Transitioning into SmartCon 2022, it was revealed that Avalanche, Metis, Moonbeam, and Moonriver had already become part of SCALE.
Subsequently, in 2023, additional announcements indicated that Starknet, Base, and Celo had committed to joining the program. Celo’s community took part in an on-chain vote, approving a proposal to join Chainlink SCALE with an overwhelming 99.9 percent approval rate. This vote serves as a testament to the immense demand for Chainlink oracle services to expedite the progress of blockchain ecosystems.
No spam, no lies, only insights. You can unsubscribe at any time.
Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Chainlink BUILD program Chainlink Economics 2.0 Chainlink SCALE Chainlink staking
