Chainlink (LINK) Launches Staking Program, Named SCALE and BUILD

Chainlink launched an initiative to cut gas fees for gamers. (Photo; Doc. Naira Metrics)

JAKARTA – The number two cryptocurrency based on its market capitalization, Chainlink (LINK), officially announced the launch of its new program, namely the staking feature through a program called SCALE and BUILD. The Chainlink community has been looking forward to this staking launch.

For information, staking is the process of locking or betting crypto in a blockchain that is used to secure or validate transactions on the network. Those who lock the coins within a certain period of time are called validators. Validators will be rewarded with crypto coins.

The new program is part of Chainlink's efforts in Economics 2.0 aimed at securing the network and rewarding participants through this staking feature. So what are SCALE and BUILD programs?

Chainlink SCALE Program

As reported by CryptoSlate, SCALE stands for Sustainable Chainlink Access for Layer 1 and 2 Enablement. This is part of Chainlink's Economics 2.0 initiative designed to increase the long-term utility and sustainability of its oracle services.

Chainlink SCALE is designed to reduce the operational costs of running oracle data by dividing costs between project node operators and users of decentralized applications (dApps). Participating projects will offer a portion of their earnings on LINK to cover transaction costs of the Chainlink oracle network.

In exchange, Chainlink will unlock advanced oracle tools and solutions for those projects. Developers can get access to modify configurations to suit the needs of their ecosystem, such as Data Feeds for higher update frequency. Chainlink will work with the Avalanche, Metis, Moonbeam, and Moonriver networks in the first iteration of the SCALE program.

Chainlink BUILD Program

The build is a Chainlink staking program aimed at several LINK's early-stage projects. That way, new Chainlink projects will be able to gain access to Chainlink services, technical support, and a thriving community to accelerate their development.

Participating projects stake their network fees in Chainlink's native LINK tokens to incentivize network participants called stakes.

To start this program, Space and Time, Truflation, and bitsCrunch-have confirmed their participation. The initial staking pool has been capped at 25 million LINK tokens with plans to expand it to 75 million at a later stage.

Projects using the BUILD program will benefit from several benefits including priority access to Chainlink upgrades and increased network security.