Stake.link introduces cost-effective cross-chain staking for LINK tokens on Arbitrum, bypassing Ethereum mainnet gas fees. Enhance security of ETH-USD price feed and explore new DeFi opportunities.
Stake.link, a liquid staking protocol, has recently unveiled cross-chain staking capabilities for Chainlink (LINK) on Arbitrum. This move aims to present users with a more economical approach to staking LINK tokens, bypassing the high gas fees associated with the Ethereum mainnet.
The approval for the transition to support cross-chain staking came from the stake.link Governance Council, emphasizing the goal to enhance the security of the ETH-USD price feed. At present, this feed is backed by 45 million LINK, a number that has seen a notable increase following the introduction of Chainlink Staking v.02. This version has not only expanded liquidity for securing the data feed but also facilitated the withdrawal of previously staked LINK, resulting in a surge of staking activities.
For members of the Chainlink community, Stake.link provides the opportunity to deposit LINK as collateral with prominent Chainlink node operators. In return, they earn rewards in stLINK, the liquid staking token of the protocol. These stLINK tokens can be utilized in various decentralized finance (DeFi) activities, such as participating in the Curve Finance stLINK/LINK pool, allowing users to continuously earn rewards on their staked LINK.
This shift towards interoperability not only lowers the financial barrier for participants but also unlocks new DeFi possibilities on Arbitrum.
Furthermore, Stake.link users can seamlessly bridge their stLINK tokens to Arbitrum, transforming them into wrapped staked LINK (wstLINK) tokens. This collaboration with Arbitrum, renowned for its scalability solutions and project support through grants and incentives, significantly strengthens Stake.link’s position in the DeFi space.
The liquid staking protocol has also recently announced a strategic partnership with Camelot, a decentralized exchange operating on Arbitrum. This collaboration introduces additional benefits for stakers, including incentives through Camelot’s GRAIL token.