- Chainlink Economics 2.0, which kicked off a year ago, has strengthened Chainlink’s Network through cryptoeconomic security and broadened participation.
- The introduction of Staking v0.1 and the successful implementation of Chainlink BUILD and SCALE programs are significant achievements in the past year.
As we celebrate the first anniversary of the Chainlink Staking roadmap, the transformative impact of Chainlink Economics 2.0 becomes evident. It has opened a new chapter of sustainable growth, cryptoeconomic security, and deeper value capture within the Chainlink Network. The strategy, packed with an array of initiatives, aims at enhancing the utility and security of oracle services, increasing user fees, reducing operating costs, and encouraging broader network participation, including stakers.
Chainlink Economics 2.0 was introduced one year ago to support the network's economic sustainability.
There are now 38 projects in BUILD, 7 blockchain ecosystems in SCALE, & 24M+ LINK staked.
Learn more about the milestones achieved over the past year👇https://t.co/MMdvfvIyw5
— Chainlink (@chainlink) June 21, 2023
Chainlink Economics 2.0 has made strides over the past year. The launch of Staking v0.1 in December and the introduction of the BUILD and SCALE programs during SmartCon 2022 were instrumental steps. Currently, the BUILD program hosts 38 projects, and the SCALE initiative is integrated with seven blockchain ecosystems.
Staking v0.1 brings a new layer of cryptoeconomic security to the Chainlink Network by introducing a reward and penalty mechanism to encourage proper network operation. It opens the door for ecosystem participants like node operators and community members to stake their LINK tokens, earn rewards, and contribute to oracle service guarantees. The initial beta version attracted a significant number of stakers, demonstrating a vibrant and committed Chainlink community.
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Looking ahead, the next version, Staking v0.2, due for release this year, promises to introduce several enhancements, including flexible lockup periods, LINK rewards, improved security guarantees, and a more modular design that allows continuous feature additions.
The Chainlink BUILD program aims to turbocharge growth within the Chainlink ecosystem by offering technical support and advanced access to Chainlink services in exchange for fee commitments and incentives to Chainlink service providers, including stakers. The program, which started in September 2022, has already admitted 38 projects, with 23 of them joining in 2023.
On a similar note, the Chainlink SCALE program seeks to boost the growth of the Chainlink oracle services by offsetting their operating costs. This approach allows blockchain projects to accelerate smart contract innovation within their ecosystems. To date, seven layer-1 and layer-2 blockchain ecosystems have pledged their participation in this program.
Fee-Sharing initiatives, alongside usage-based fees and subscription models, form an important part of the Chainlink Network monetization model expansion. It helps increase the overall volume of user fees, making a tangible impact on economic sustainability.
Furthermore, technical upgrades and maintenance are key to sustainable oracle economies. Initiatives like low-latency oracles reduce operating costs, shifting the transaction gas fee burden from oracle node operators to users, thereby lowering the user fee threshold for economic sustainability.
Chainlink Economics 2.0 underscores the importance of sustainable oracle economics for the long-term growth and security of the Chainlink Network. It’s crucial for providing the necessary data, computation, and interoperability services required for thriving Web3 ecosystems, enabling developers to unlock more value through smart contract applications.
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