Chainlink is a decentralized blockchain oracle network built on Ethereum. The network is intended to be used to facilitate the transfer of tamper-proof data from off-chain sources to on-chain smart contracts.
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- What is Chainlink Staking?
Validators in Chainlink are acting as blockchain oracles, that perform a greater range of tasks than the nodes of many other decentralized platforms. Oracles interact with smart contracts and transmit data from external sources to them. Validators are incentivized by receiving LINK tokens for performing these tasks.
It is planned to add collateral for Validators. These measures will improve the quality of the data provided. If the node does not meet any requirements of the smart contract or is idle, disrupting the normal operation of the decentralized application, the Deposit will be written off as a fine for violating the terms (Slashing).
Currently, Chainlink operators can perform work and supply data to smart contracts, receiving their own remuneration, but staking will be available in a later version of the mainnet when oracles will be able to make an advance payment to accept the task.
- How to stake Chainlink (LINK)?
Staking is not yet enabled in the Chainlink Network. Currently, only blockchain node operators, called Validators are able to earn LINK tokens by performing tasks in the network.
You will be able to stake your LINK once the new staking feature is added.
For now, you can lend your LINK to earn passive income on platforms like Yearn or Aave as seen here.
- When can i stake my LINK?
The Chainlink team has not published or communicated any kind of roadmap, timeline, or estimate for the launch of the LINK staking feature.
However, we believe the staking feature will likely be added within 2021.