@chainlink's services including CCIP, Data Streams, Functions, and more have been commercialized since day one. And this is one of the important factors to achieve economic sustainability.
That means: as a user, you need to pay fees to use these Chainlink services.
These fees cover operating costs (e.g. gas and infra), as well as providing a portion of profits to the service provider to incentivize them to operate compliantly.
Service providers today include node operators who retrieve requests, perform calculations, create consensus, and return responses/data after being aggregated. fit.
In the long term, this mechanism will increasingly extend to LINK stakers, who will be paid a portion of user fees for participating in staking, providing additional security and cryptoeconomic security for their services. Chainlink.
Stakers will include node operators staking $LINK, which can have the amount of LINK they staked if they fail to meet predetermined performance requirements, and this plays an important role. for mechanisms that will be launched in the near future for node operators, such as node reputation (node ââreputation) or job selection (priority in assigned work).
Service providers also include network coordinators that help coordinate research, development, deployment, maintenance, and support around oracles services, such as Chainlink Labs. a network coordinators.
The Chainlink network has different payment models to support commercialization and economic sustainability.
- Usage-based billing: This is the standard model where users pay for CL services based on their usage. For example, when using Functions, Automation, VRF, dApps need to have a contract with LINK in it, LINK will be deducted gradually if dApps request data for these services (like a subscription). Additionally, the remaining model is pay-on-demand where end users pay a fee when they use an application connected to Chainlink (CCIP, Data Streams).
- User Fee Sharing: Chainlink users share a portion of the fees they generate with the CL Network. This model applies to reputable protocols that want to negotiate and customize fees and in cases where they do not like to apply usage-based fees (see above). A fee sharing transaction with @GMX_IO was recently made, where 1.2% of the total fees generated by GMX V2 is paid for using Data Streams and is technically supported by Chainlink Labs (now launched on mainnet).
- BUILD Program: Early stage projects, before revenue, distribute a portion of their native token supply (3-7%) to the Chainlink network to use Chainlink services and receive support. accelerated support (similar to a development accelerator program). A portion of the tokens will be distributed to stakers that help secure Chainlink services used by BUILD projects. There are currently more than 90 projects participating in this BUILD program.
- SCALE Program: Blockchain ecosystems cover the operating costs of various Chainlink services on their chains for a period of time. It is true that blockchains need Chainlink services to grow, so sharing this cost is beneficial for both parties. Participation in SCALE was also a deciding factor in prioritizing chain integration. There are currently more than 8 blockchains participating in the SCALE program, one example is Chainlink's deal with @CeloOrg worth millions of dollars.
There is still no Dashboard built to track all of this activity, especially since some forms of payments today are one-to-one transactions, but Chainlink is working to standardize payment flows. on string, this will be easier to follow.
In addition to different payment models, Chainlink is actively working to reduce friction in payments by developing a Payment Abstraction solution, where users can pay with any asset they want (for a small amount). higher fees), which are then converted into LINK and paid to service providers.
This means users can pay fees using credit cards, bank accounts, crypto deposits, and more.
As a result, $LINK becomes a universal gas token, the standard form of payment for Chainlink services, either directly or abstractly through conversion.
Chainlink's economics will continue to grow over time as Web3 itself evolves, but the goal of building secure and useful services that become the industry standard remains the same.
âWhen you achieve network effects, the monetization naturally followsâ - ChainlinkGod.
*Credit: Article on X by @phuchoanglevn
