Tech
Starknet to Introduce Staking on Layer-2 Network
Starknet is set to revolutionize the world of Layer-2 networks with the introduction of staking, offering users new ways to participate and earn rewards in the network ecosystem.
StarkWare, the developer firm behind the layer-2 network Starknet, has announced plans to launch staking within its ecosystem by the end of 2024. The CEO of StarkWare, Eli Ben-Sasson, unveiled this development during the Ethereum Community Conference in Brussels, Belgium.
Staking Proposal Details
Ben-Sasson presented a Starknet Improvement Proposal to the community, outlining that users will have the option to participate as stakers. Rewards for staking will be directly proportional to the amount of STRK tokens staked. Stakers will be required to lock their tokens for a 21-day period before they can withdraw their funds.
Rollout Phases
Staking on Starknet will be introduced in stages. Initially, stakers will have to connect to Starknet, interact with staking contracts, and adhere to the proposed protocol rules. Subsequent phases will involve providing real-time attestations to block content and later progressing to sequencing and proving activities to enhance network security.
Timeline
If the community approves the proposal, a staking testnet for Starknet will be released soon, followed by the full implementation on the mainnet by the last quarter of 2024. StarkWare will closely monitor stakers’ behavior to inform future updates to the staking mechanism.
StarkWare’s Statement
In a statement, StarkWare expressed excitement about the introduction of staking on Starknet, emphasizing the significance of this step in fostering a strong staking community and advancing technology opportunities for users and developers.