Chainlink Staking, a part of the greater Chainlink Economics 2.0 initiative, is a cryptoeconomic security mechanism whereby stakers commit LINK tokens in smart contracts to back certain performance guarantees regarding the operation of oracle services.
Beginning with an initial beta version, Chainlink Staking v0.1 is planned for release this December. Community members can check their eligibility for Early Access to Staking v0.1 today at staking.chain.link. Learn more about the rationale and methodology behind the Early Access criteria in this blog post.
Security is of paramount importance in the Chainlink ecosystem, particularly to ensure developers have reliable access to external resources. This allows for the creation of more advanced hybrid smart contracts that extend the value proposition of Web3. While the Chainlink Staking v0.1 codebase has already undergone multiple security audits from professional auditing firms, additional reviews from the smart contract security community further strengthen the robustness of this initial beta release.
This is why we’re announcing the launch of a new time-limited competitive audit program on the Code4rena platform, featuring a prize pool of $120K+ paid in USDC. Code4rena takes a unique approach to security reviews, with a large number of independent security researchers, known as Wardens, reviewing code for bugs and logic errors via audit contests. The Code4rena platform has been successfully used by many leading Web3 projects to review their codebase, including Aave Lens, ENS, OpenSea, The Graph, and Trader Joe.
The competitive audit will begin on November 1 and continue until November 15, 2022. It will be a private contest conducted by identity-reviewed Wardens. The scope of this crowdsourced audit focuses specifically on the Staking v0.1 Solidity smart contracts, which enable the staking of LINK tokens and the raising of alerts. After the audit is complete and the Code4rena Wardens have submitted their findings, a review process will begin during which feedback will be given, which will include the ranking of severity and provision of response.
By taking a defense-in-depth approach to security, Chainlink can continue to provide smart contract developers with access to the broadest range of the most secure oracle services in the Web3 ecosystem. The upcoming launch of Chainlink Staking v0.1 serves as an inflection point for both the Chainlink Network’s security and its economic design. Combined with other key Economics 2.0 programs such as Chainlink BUILD and Chainlink SCALE, the Chainlink ecosystem is entering a period of accelerated sustainable growth, enhanced security, and deeper value capture in the network.
Check your eligibility for Chainlink Staking v0.1 Early Access today.
To learn more about Chainlink Staking and Economics 2.0, check out the following resources:
Disclaimer: This post is for informational purposes only and contains statements about the future, including anticipated programs, products and features, developments, and timelines for the rollout of these new products and features. These statements are only predictions and reflect current beliefs and expectations with respect to future events; they are based on assumptions and are subject to risk, uncertainties, and change at any time. There can be no guarantee that any of the contemplated programs, products or features will be implemented as specified or at all nor any assurance that actual results will not differ materially from those expressed in these statements, although we believe them to be based on reasonable assumptions. All statements are valid only as of the date first posted and we may not update this post in response.