Overview of Chainlink Economics 2.0
• Chainlink celebrated its first anniversary of Chainlink Economics 2.0, an upgrade that focuses on bolstering the network’s long-term economic viability.
• Significant developments include the introduction of BUILD and SCALE programs, Staking v0.1, and increased participation of diverse service providers in the network.
• These have enabled sustainable expansion, enhanced crypto-economic security, and increased value extraction within the Chainlink Network.
Introduction of BUILD and SCALE Programs
Chainlink announced the first anniversary of Chainlink Economics 2.0 at SmartCon 2022 with the introduction of two major programs: BUILD and SCALE. The BUILD program is designed to support projects that are looking to use or build on top of the Chainlink ecosystem, while SCALE focuses on blockchain ecosystems committed to utilizing Chainink’s technology for their own networks. As a result, there are now 38 projects in BUILD and 7 blockchain ecosystems in SCALE as part of this initiative.
Launch of Staking v0.1
The Chainlink Staking protocol’s beta v0.1 launched on Ethereum mainnet in December 2022 with a total allocation that included 22.5 million LINK tokens for Community Stakers and 2.5 million LINK tokens for Node Operator Stakers. This pool attracted 7,846 Community Staker addresses collectively staking their holdings to support the network’s security and functionality with remarkable enthusiasm – 22.5 million LINK tokens were fully subscribed by Community Stakers within three hours from General Access launch!
Increase in Participation from Service Providers
In addition to these initiatives, there has also been an increase in participation from service providers including stakers who are responsible for providing secure connection services for smart contracts on the chain link network thereby widening its reach across multiple blockchains such as Ethereum and Hyperledger Fabric . Furthermore , fees paid by users have also been augmented , incentivising service providers even more .
Conclusion
Chainlink’s Economic 2.0 upgrade marks a significant milestone towards achieving financial sustainability for its platform – enabling sustainable expansion , improved security , wider participation from service providers & increased value extraction throughout its network .
