Chainlink Unveils Staking Plans for Its Web3 Data Services

Chainlink has launched its campaign to be the AWS of web3 with new staking plans that will help reduce the costs of putting data and reports on-chain.
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Quick take:

  • Chainlink has unveiled staking plans for web3 services.
  • The blockchain data services provider wants to be the AWS of web3.
  • Chainlink’s new scalable program will reduce the costs of putting oracle data and reports on-chain.

Chainlink has launched staking plans for its web3 services platform. The blockchain data services provider wants to reduce the costs of putting oracle data and reports on-chain by splitting costs among the participants. Chainlink’s mission is to become the AWS (Amazon Web Services) of web3.

Polygon has similar ambitions according to a report published in February this year following its $450M fundraising.

Chainlink uses centralised oracle networks to provide secure access to real-world data for Web3 apps. The company plans to debut its staking rewards by December 2022.

Announcing the roadmap for the launch at SmartConn 2022, Chainlink Co-founder Sergey Nazarov said Avalanche, Metis, Moonbeam, and Moonriver are among the early participants in his company’s new SCALE program.

According to the announcement, the companies will receive premium Cahinlink services like data feeds commensurate with staked tokens.

The company also launched a side program BUILD, for early-stage projects which will grant them access to top-tier support services in exchange for their staked native tokens.

Chainlink will soon add secure cross-chain communication services to its portfolio of services, which include rice data feeds, weather data, and random number generation for gaming applications.

The company’s primary goal is to offer an all-in-one resource for web3 apps, a service akin to AWS.

“We are seeking to provide all the services that everyone needs to build Web3, and based on our market share we already do that very successfully,” Nazarov told Decrypt.

The platform has already built a strong portfolio of clients in the DeFi space, including crypto lending platforms Aave and Synthetix, dYdX— a decentralised exchange platform backed by Polychain and a16z, as well as, Compound and Nexus Mutual.

Chainlink’s new economic model not only grants web3 apps access to services without impacting their income statements but also gives the data services provider an opportunity to profit from a diversified pool of staked tokens.

“Staking is going to distribute the value the system accrues to the relevant participants—the nodes and the stakers,” said Nazarov, emphasising that the model is still experimental and in its early stages.

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