On December 6th, Chainlink, a provider of price feeds and other data for blockchains to use in smart contracts, launched staking of its native token LINK. According to a company spokesperson, selected holders locked 7 million tokens worth approximately $51 million in the first 30 minutes.
The staking pool, which is currently in beta, is initially capped at 25 million LINK, which the company claims is a security precaution, implying that 28% of the staking capacity was met within the first 30 minutes. Stakeholders receive 4.75% annualised rewards in the form of LINK tokens from the protocol.
Chainlink stated that it intends to grow to 75 million LINK over time. There are currently 500 million tokens in circulation.
The programme, which goes live on December 8, allows people to earn rewards for maintaining the protocol’s performance and making it more secure. Stakers will be unable to unlock or transfer their LINK rewards until the protocol’s next version is released. The company stated in a blog post that this is expected in nine to twelve months.
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