Tuesday, November 29, 2022

Chainlink Labs Floats New Program Dubbed Chainlink SCALE For its Ecosystem

Chainlink Labs, the leading provider of reliable open source blockchain oracle solutions, announced on its platform the introduction of Chainlink SCALE which is centered on accelerating the growth of the blockchain ecosystem.

Chainlink SCALE (Sustainable Chainlink Access for Layer 1 and 2 Enablement) program started with a number of on-chain ecosystems like Avalanche, Metis, Moonbeam, and Moonriver in participation. Each of them will collaborate with Chainlink Labs as well as contribute positively towards covering the operating costs of the oracle network.

Additionally, the program will expand the economic stability of the Chainlink Network. Chainlink SCALE is a complement to the Chainlink Economics 2.0 model. A program that focuses on improving utility as well as data security while reducing the operating cost of oracle services.

In the same vein, participating blockchains and Layer-2 networks will not only increase developer access to oracle services via Chainlink SCALE. They will also support the network with unique configurations. Likewise, it aims to discover more economic value for participants in Web3.0, dApps, oracle service providers, and users.

Previously known as blockchain gas grants, Chainlink SCALE aims to enable blockchains and layer-2 ecosystems to fast-track smart contracts in their native ecosystem. Developers also get access to a variety of special oracle services like configurations specific to their ecosystem needs.

As the program progresses, the costs of the oracle networks will transition positively and be fully covered by dApps user fees. This move will take dApps ecosystems to a more viable economic model which is long-term for all participants.

Chainlink begins staking

The Scale program is also in preparation for the introduction of its staking and reward scheme billed for December this year. Ahead of the staking scheme, an eligibility app that ranks users in tiers according to the amount of LINK they own and their level of community engagement will be released.

Meanwhile, Chainlink’s native token LINK was recently listed on Robinhood alongside other popular tokens like Polygon (MATIC), Solana (SOL), and Shiba Inu (SHIB).

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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