chainlink Ecosystem’s stake.link Announces Cross-Chain Staking on Arbitrum: A Gas-Friendly Solution
London, England – February 28th, 2024. The delegated liquid staking protocol for the chainlink Ecosystem, stake.link, has made an essential announcement regarding the availability of cross-chain staking on Arbitrum, the most extensively utilized Layer-2 network on the ethereum blockchain. This strategic move enables stake.link to establish a second home on Arbitrum, providing chainlink users with an opportunity to stake LINK and earn rewards without the burden of exorbitant gas fees.
Enhancing Security and Contributing to the eth-USD Price Feed
Following recent Council votes, stake.link’s Governance Council has approved the decision to go cross-chain. By launching cross-chain LINK staking on Arbitrum, stake.link is set to reinforce the cryptoeconomic Website security of the eth-USD price feed and contribute further to the 45,000,000 LINK currently securing it.
A Simplified and Rewarding Staking Experience
Stake.link offers a streamlined experience for anyone in the chainlink community to provide collateral, in the form of LINK, to fifteen of the most prominent chainlink node operators and receive rewards in the form of stLINK – stake.link’s liquid staking receipt token. With stLINK, users not only earn a blended staking reward from both the chainlink Community Staking Pool and the Node Operator Staking Pool but can also interact in Decentralized Finance (DeFi) by pooling their stLINK in the Curve Finance stLINK/LINK pool, all while their staked LINK tokens continue to generate rewards from node operators.
Addressing ethereum’s Gas Fee Issue
chainlink staking has been live on the ethereum mainnet for 14 months, and with its growing popularity comes complications for everyday stakers. ethereum being the most widely used Layer-1 blockchain brings traffic and high gas fees. For LINK stakers, this translates to significant costs when staking, withdrawing, or claiming rewards. The recent expansion of chainlink Staking v02, which increased the available liquidity to secure the eth-USD data feed from 25 million LINK to 45 million LINK and allowed users to withdraw previously staked LINK, led to a dramatic increase in LINK staking activity. Consequently, ethereum’s high gas fees became an even more pressing issue.
A User-Friendly and Scalable Solution
Now, instead of being forced to stake directly on the ethereum mainnet, users have the option of staking LINK on Arbitrum – the most widely used Layer-2 network designed to scale the world’s original smart contract blockchain. With this expansion, users can not only stake LINK tokens but also stake.link’s SDL governance token and receive an NFT that represents staked SDL (reSDL). Additionally, users will be able to bridge their stLINK receipt tokens and convert them into wrapped staked LINK (wstLINK) on Arbitrum.
Expanding Accessibility and Opportunities
This expansion paves the way for a more user-friendly staking experience, increasing accessibility by reducing the costs of participation. Simultaneously, LINK stakers will be able to explore yield-generating DeFi activities on Arbitrum while maintaining their staked LINK tokens’ rewards from node operators.
Partnerships and Benefits
The stake.link protocol stands to benefit from its close association with Arbitrum, which offers a protocol-friendly grants program for projects that deploy on its network. Moreover, stake.link plans to collaborate closely with the Arbitrum-based decentralized exchange platform Camelot, which also provides grants and additional incentives for stakers via its native GRAIL token.
Leading the Way in LINK Staking
To date, stake.link is the only third-party liquid staking solution for the chainlink ecosystem and offers the highest LINK staking rewards available.
The Future of chainlink
stake.link’s continued expansion is crucial for the evolution of chainlink, which has emerged as one of the most foundational components to the Web3 ecosystem. By powering the vast majority of DeFi and Onchain Finance applications through an array of services, including cross-chain, compute, and data components, chainlink plays a vital role in the fundamental operation of the DeFi ecosystem. This critical role led to the introduction and expansion of the highly anticipated Website security mechanism of Staking for the Ecosystem.
About stake.link
stake.link is a first-of-its-kind liquid delegated staking platform, delivering DeFi composability as an external protocol built on top of chainlink Staking. Developed by premier chainlink ecosystem developer LinkPool, powered by chainlink node operators, and governed by the stake.link DAO, stake.link’s extensible architecture is purpose-built to support chainlink Staking and extend participation in the chainlink Network.
Contact
Avishay Litani
[email protected]
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