Chainlink (LINK) טוקנומיקה

Chainlink (LINK) operates as a decentralized oracle network with a token economic model designed to facilitate secure data transfer between off-chain sources and on-chain smart contracts. The ecosystem is currently transitioning into Economics 2.0, a framework focused on sustainable growth, cryptoeconomic security, and deeper value capture.

Issuance and Allocation Mechanism

The LINK token was launched via a public token sale in September 2017, which raised $32 million. The total maximum supply of LINK is 1,000,000,000 (1 billion) tokens. The initial allocation of this supply was distributed as follows:

The "Node Operators & Ecosystem" allocation is controlled by Chainlink Labs and was subject to a cliff that ended in Q4 2019. These tokens are often used to subsidize node operations and incentivize network growth.

Usage and Incentive Mechanism

The LINK token serves several primary functions within the network:

• Medium of Exchange: LINK is the primary currency used to pay node operators for retrieving data from off-chain feeds, formatting data into blockchain-readable formats, and performing off-chain computations (jobs). Node operators can set their own pricing parameters for these services.
• Staking (Cryptoeconomic Security): Under Economics 2.0, LINK is used as a security guarantee. Stakers commit tokens to back the performance of oracle services. If a service fails to meet performance requirements (e.g., uptime or accuracy), staked tokens can be subject to slashing.
• Incentives for Node Operators: Nodes earn LINK through service fees paid by users and through staking rewards. In Staking v0.2, node operators earn a base floor reward rate of approximately 4.50%, plus 4.00% of delegated staking rewards.
• Community Incentives: Community members can earn rewards by staking LINK to secure the network. They also participate in a decentralized alerting system; if a data feed (such as ETH/USD) fails to update for more than three hours, a staker who successfully raises an alert can receive a reward of 7,000 LINK from the non-circulating supply.

Locking Mechanism and Unlocking Time

Chainlink has implemented a phased approach to its staking and locking mechanisms, primarily through its Staking v0.1 and v0.2 releases.

• Staking v0.2 Pool Limits: The v0.2 pool has a maximum capacity of 45 million LINK. Approximately 40.88 million LINK (90.83%) is reserved for community stakers, while 4.13 million LINK (9.17%) is reserved for node operators.
• Lock-up and Withdrawal (v0.2): Staked LINK is subject to specific withdrawal rules to ensure network stability:
  • Cooldown Period: Users must initiate a 28-day cooldown period before they can withdraw.
  • Claim Window: Following the cooldown, there is a seven-day window during which the staked LINK and rewards can be withdrawn.
• Reward Ramping: Accrued rewards are not immediately available in full. They follow a 90-day ramping-up period. For example, a user can withdraw 50% of their earned rewards after 45 days, with 100% becoming available only after the full 90 days.
• Staking Limits: In v0.2, community members can stake a minimum of 1 LINK and a maximum of 15,000 LINK. Node operators have a staking range of 1,000 to 75,000 LINK.

Future Economic Initiatives

The Economics 2.0 roadmap includes programs like Chainlink BUILD, where early-stage projects receive technical support and service access in exchange for committing a portion of their native token supply (often multiple percentage points) to Chainlink service providers and stakers. Additionally, Chainlink SCALE involves blockchain networks subsidizing the operating costs of Chainlink nodes to accelerate ecosystem adoption. These initiatives aim to transition the network toward a model where oracle services are sustained by user fees and diversified reward streams.