7 months ago
38 ARTICLE AD
The stLINK liquid staking token is now available on the Ethereum layer-2 blockchain, to let users pay for smaller gas fees.
Liquid staking protocol Stake.link has launched cross-chain Chainlink (LINK) staking capabilities on Arbitrum, intending to provide users with a more cost-effective way to stake LINK tokens by bypassing the high gas fees associated with the Ethereum mainnet.
The transition to support cross-chain staking was ratified by the stake.link Governance Council and seeks to bolster the security of the ETH-USD price feed. Currently, the feed is secured by 45 million LINK, a figure that has seen an increase due to the introduction of Chainlink Staking v.02. This version expanded the liquidity for securing the data feed and enabled the withdrawal of previously staked LINK, leading to a surge in staking activities.
Stake.link offers Chainlink community members the opportunity to deposit LINK as collateral with leading Chainlink node operators, earning rewards in stLINK, the protocol’s liquid staking token. These tokens can be used in various decentralized finance (DeFi) activities, including pooling in the Curve Finance stLINK/LINK pool, allowing users to continue earning rewards on their staked LINK.
The interoperability shift not only reduces the financial barrier to entry for participants but also opens up new DeFi opportunities on Arbitrum.
Additionally, stake.link users can bridge their stLINK tokens to Arbitrum, converting them into wrapped staked LINK (wstLINK) tokens. The collaboration with Arbitrum, known for its scalability solutions and support for projects through grants and incentives, further enhances stake.link’s proposition in the DeFi space.
The liquid staking protocol also announced a partnership with Camelot, a decentralized exchange on Arbitrum, introducing additional benefits for stakers, including incentives through Camelot’s GRAIL token.
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