Decentralized oracle network Chainlink unveils new incentive system
Chainlink unveiled a new incentive system Monday called Chainlink Rewards, which is designed to provide ecosystem tokens from projects in its Build program to ecosystem participants and stakers of the LINK token.
The program’s first launch is through a collaboration with infrastructure firm Space and Time, a member of Chainlink Build that will provide 4% of the supply of its SXT token to eligible LINK stakers.
“The Season Genesis pilot is an experiment, informing how the program could evolve into the future,” a blog post from Chainlink reads. “The future of the Chainlink Rewards program is planned to feature a more advanced claiming mechanism incorporating a collection of Chainlink Build projects.”
Chainlink’s Build program is designed to accelerate the growth of early-stage and established projects in the Chainlink ecosystem, providing go-to-market support, priority access to services, and more. The program includes a wide variety of Web3 protocols, ranging from decentralized infrastructure (DePIN) projects to stablecoins, NFTs, and beyond.
In return for the services provided by Chainlink, these protocols are “making a percentage of their token supply available to the Chainlink ecosystem, including LINK stakers.”
With its Season Genesis launch the network’s most active stakers will be eligible to claim 2% of the SXT token on May 8 when the incentive program launches. The additional 2% of SXT tokens will be withheld for a future Chainlink Rewards activation.
To be eligible for the claim as an “active staker,” users must have been staking LINK prior to a March 31 snapshot. According to the network, this ensures that the largest and longest stakers of Chainlink’s native token were rewarded, while also making smaller stakers eligible participants in Season Genesis.
Chainlink’s LINK token is down 2.8% in the last 24 hours at a current price of $13.66. It’s up 8% over the last month. The token remains 74% off its all-time high of $52.70 from May 2021.
Edited by Andrew Hayward