توكنوميكس Chainlink (LINK)

The LINK token is an ERC-677 token primarily deployed on Ethereum, serving as the foundational asset for the Chainlink decentralized oracle network. Its token economics are designed to incentivize node operators to provide accurate, timely data to smart contracts and to increase the cryptoeconomic security of the network, particularly through the Chainlink Economics 2.0 initiative.

Issuance Mechanism

The LINK token has a fixed maximum supply of 1 billion LINK. It is minted on a single blockchain (Ethereum mainnet).

The issuance mechanism is not inflationary in the traditional sense, as the total supply is capped. However, rewards for staking and network participation are currently sourced from the non-circulating token supply, which was part of the initial allocation.

Allocation Mechanism

The total maximum supply of 1 billion LINK was initially distributed across three main categories:

The 350 million LINK allocated to "Node Operators & Ecosystem" are controlled by Chainlink Labs and are subject to a cliff that ended in Q4 2019. These tokens are used to subsidize node operations and fund ecosystem growth.

Usage and Incentive Mechanism

The LINK token serves multiple critical functions within the Chainlink ecosystem, primarily acting as a medium of exchange and a cryptoeconomic security mechanism.

1. Medium of Exchange and Payment

• Fulfilling Job Requests: Chainlink nodes receive LINK tokens as payment for fulfilling job requests, which are transactions executed by a node to complete off-chain computation and deliver data to smart contracts. Node operators can adjust the pricing parameters for these jobs.
• Protocol Fees: LINK is used for transaction and verification fees across various Chainlink applications, including Data Streams, Cross-Chain Interoperability Protocol (CCIP) transfers, and Chainlink Automation.

2. Staking and Cryptoeconomic Security

Staking is a core component of Chainlink Economics 2.0, enabling token holders and node operators to earn rewards for providing security guarantees for oracle services.

• Security Guarantees: Stakers commit LINK tokens in smart contracts to back performance guarantees. If an oracle network fails to meet its service-level agreement (SLA), a portion of the staked LINK can be slashed.
• Alerting Mechanism: Staked token holders and node operators can submit an alert if the Ethereum ETH/USD price feed has not had an on-chain update for at least three hours. A successful alert earns the user 7,000 LINK from the non-circulating supply.
• Rewards: Rewards for staking are currently sourced from the non-circulating token supply.
  • Community Staking: The community staking pool (e.g., Staking v0.2) has a variable reward rate of 4.32% (with a target rate of 4.75%).
  • Node Operator Staking: Nodes that stake LINK to provide updates to the ETH/USD price feed earn rewards at a base floor rate of 4.50% plus 4.00% of delegated staking rewards, with a target reward rate of approximately 7.00%.

3. Ecosystem Incentives (BUILD and SCALE)

• Chainlink BUILD: This program supports early-stage projects by providing Chainlink services and infrastructure in exchange for a portion of the project's native token supply. Chainlink intends to distribute these partner protocol tokens to LINK stakers in the future.
• Chainlink SCALE: This initiative involves blockchain networks subsidizing the operating costs of Chainlink nodes on their network for a period, allowing applications more time to build sustainable revenue flows.

Locking Mechanism and Unlocking Time

The primary locking mechanism for LINK tokens is staking, which is governed by the rules of the specific staking pool version (e.g., Staking v0.2).

Staking v0.2 Parameters

The Staking v0.2 program features specific limits and withdrawal mechanics:

• Maximum Deposit Limit: The total pool size is capped at 45 million LINK.
  • Community Staking: ~40.88 million LINK (~90.83%)
  • Node Operators: ~4.13 million LINK (~9.17%)
• Individual Limits: Community stakers can stake a minimum of 1.00 LINK and a maximum of 15,000.00 LINK per address. Node operators can stake between 1,000.00 and 75,000.00 LINK.
• Delegation: All staked tokens in the community pool are automatically delegated equally to all Chainlink nodes within the staking pool.

Unlocking and Withdrawal Time (Unbonding Mechanism)

Staking v0.2 introduced a more flexible unbonding mechanism for withdrawing staked LINK:

• Cooldown Period: Users must wait an initial 28-day cooldown period after initiating a withdrawal.
• Claim Window: Following the cooldown, there is a seven-day claim window during which staked LINK and accrued rewards can be withdrawn.
• Reward Claiming: Accrued rewards are subject to a 90-day ramping-up period to be fully claimable. For example, a user can withdraw 50.00% of their rewards after 45 days, and 100.00% is available after 90 days.

Cross-Chain Locking (CCIP)

For cross-chain transfers using the Cross-Chain Interoperability Protocol (CCIP), LINK tokens utilize a Lock and Mint mechanism:

• When transferring LINK from Ethereum mainnet (the issuing blockchain) to a destination chain (e.g., Base mainnet), the LINK token pool locks the tokens on Ethereum and mints equivalent tokens on the destination chain.
• When transferring LINK back from a non-issuing chain to Ethereum mainnet, the token pool burns the tokens on the source chain and unlocks the original tokens on Ethereum mainnet.

Note: Information regarding specific, scheduled token unlocks for the initial allocations (Company or Node Operators & Ecosystem) was not available.