Turning On The Chainlink Economy
Chainlink Staking goes live in December. Click the link and sign a transaction from your wallet that you hold your link in to check if you are eligible for early access.
Side note: if anyone ever sends you a link and tells you to sign a tx from your wallet there should be red flags going off in your head. You can and will get scammed by signing random transactions. Heres the official chainlink site https://chain.link . Go to blog under resources and you can double check the website yourself.
If you are eligible for early access staking you will have the chance to stake up to 7,000 Link and officially claim your stake in the new Web3 data economy. I plan on staking as much Link as I am allocated as soon as I can.
This is a big moment for Chainlink. Up until this point the Link economy has been operating with almost zero reason for retail users to hold or use the token. Up until now I have not been able to do anything with my Chainlink other than hold it in my wallet. Now retail has a reason to buy, hold, and stake their Link. This will not only provide buy pressure , but also lower supply available for purchase as people lock their Link in the staking nodes.
Furthermore, Chainlink announced their Build and Scale programs. I highly suggest you read about them here and here. These are big brain moves by the Chainlink team. The Scale program allows blockchains such as Avalanche to give Chainlink some Avax tokens in exchange for … “a variety of important oracle services, which can include configurations specific to their ecosystem needs, such as Data Feeds with higher update frequencies to enable more advanced and low-latency smart contract applications.” The Chainlink team is going to start offering increased premium services in exchange for tokens. A certain percentage of those tokens will be given to the Chainlink stakers which means higher yield.
The Build program is something similar but targetting specific projects rather than entire Blockchains. This is important because if DeFi protocols or other projects want to be relevent many of them need off-chain data that only Chainlink can provide. As of now there are no significant competitors to offer the same off-chain data at the same security level that Chainlink can. Essentially, its time to pay up if you want Chainlink to provide services specifically catered to your project. And it is the stakers who will benefit.
Chainlink powers almost all of the relevent projects in crypto and their economy is slowly turning on. We ( especially I ) have been waiting for this since late 2017 and the time is finally approaching. It will roll out slowly but I have high hopes. The Chainlink team has said they are targetting 5% yield for staking Link. If you have been accumulating as I have this could be a nice increase to your yearly income.
If you do not understand how to check your eligibility or you are nervous signing a tx from you wallet, leave a comment below and I can help walk you through it.