اقتصاد توکنی Chainlink (LINK)

The Chainlink token (LINK) is an ERC-677 token primarily deployed on Ethereum, which has been bridged to several other networks. Its token economics are centered around securing the decentralized oracle network (DON) and facilitating payments for oracle services, with a significant focus on the Chainlink Economics 2.0 initiative, which introduced staking, the BUILD program, and the SCALE program to enhance security, sustainability, and value capture.

Issuance Mechanism

The maximum token supply for LINK is 1 billion tokens. The issuance mechanism is based on the initial allocation and subsequent distribution from the non-circulating supply.

Allocation Mechanism

The total supply of 1 billion LINK tokens was initially allocated across three main categories:

The public token sale occurred in September 2017 and raised $32 million. The tokens allocated to "Node Operators & Ecosystem" are controlled by Chainlink Labs and are intended to subsidize node operations and support the ecosystem.

Usage and Incentive Mechanism

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

1. Medium of Exchange (Payment)

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

2. Staking and Cryptoeconomic Security (Incentives)

Staking is a core component of Chainlink Economics 2.0, enabling token holders and node operators to earn rewards for increasing the cryptoeconomic security of oracle services. Rewards are sourced from the non-circulating token supply.

• Community Staking: Tokenholders can stake LINK to provide security guarantees for oracle services, such as the ETH/USD Data Feed on Ethereum.
  • The community staking pool (v0.2) has a variable reward rate of 4.32% (with a target rate of 4.75%).
  • Staked tokens are automatically delegated equally to all Chainlink nodes within the staking pool.
  • Community stakers can earn an additional 7,000 LINK from the non-circulating supply for successfully raising an alert if the ETH/USD price feed has not had an on-chain update for at least three hours.
• Node Operator Staking: Nodes providing updates to the ETH/USD price feed on Ethereum must stake LINK to participate.
  • Node operators earn rewards at a base floor reward rate of 4.50% plus 4.00% of delegated staking rewards, with a target reward rate of approximately 7.00%.
  • Node operators can stake between 1,000 LINK and 75,000 LINK in the Staking v0.2 pool.
  • Node operators who fail to perform their duties (e.g., failing to update the price feed) can suffer a 700 LINK slash on their staked deposits (excluding delegated community deposits).

3. Ecosystem Programs

Chainlink Economics 2.0 includes programs designed to align incentives and drive adoption:

• Chainlink BUILD: Accelerates the growth of early-stage projects by providing Chainlink services and support in exchange for a portion of the project's token supply, which is intended to be distributed to LINK stakers in the future.
• Chainlink SCALE: Aims to have blockchain networks subsidize the operating costs of Chainlink nodes, ensuring the long-term economic viability of oracle services.

Locking Mechanism and Unlocking Time

The primary locking mechanism is associated with the Chainlink Staking program (v0.2).

Locking Mechanism

Stakers commit LINK tokens in smart contracts to back performance guarantees. The Staking v0.2 pool has a maximum deposit limit of 45 million LINK, with approximately 40.88 million LINK reserved for community deposits and 4.13 million LINK reserved for node operators.

Unlocking Time (Withdrawal Process)

For users participating in Staking v0.2, the withdrawal process involves specific time periods:

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

It is important to note that as of May 22, 2024, the Staking v0.2 pool was filled and no longer accepting new deposits. New staking is only possible when an existing staker withdraws their deposits, creating an opening in the pool.

Information regarding the specific unlocking schedule for the 300 million LINK allocated to the "Company" and the 350 million LINK allocated to "Node Operators & Ecosystem" (beyond the cliff that ended in Q4 2019) was not available.