Originally published on: November 26, 2024
Starknet, a leading Ethereum layer-2 (L2) scaling solution, has introduced the first phase of its staking mechanism, allowing holders of its STRK tokens to actively participate in network security and functionality.
Now, individuals with a minimum of 20,000 Starknet STRK tokens have the opportunity to engage in solo staking, contributing to network security and earning rewards. For those with fewer tokens, there is an option to delegate tokens to validators, indirectly supporting the network.
The rollout will commence with validators executing fundamental staking functions, such as operating full nodes and engaging with staking contracts. As time progresses, these validators will take on more crucial roles like block creation and validation.
CEO of StarkWare, Eli Ben-Sasson, expressed his excitement about this development, stating that the team is thrilled to have Bitwise as a public validator onboard.
The phased rollout aims to introduce basic staking processes, including the staking protocol and stake delegation. This will set the foundation for future responsibilities and enhance decentralization within the network.
According to Ben-Sasson, users will eventually have the ability to sequence and validate Starknet blocks, resulting in rewards. He emphasized the importance of a gradual rollout to ensure network stability and efficiency.
Starknet’s implementation of staking represents a significant milestone for the ecosystem, offering users both financial incentives and governance participation opportunities. Ben-Sasson highlighted the gradual introduction of governance benefits, indicating that token holders will play a role in supporting blockchain operations.
In a recent stress test, Starknet achieved a peak of 857 transactions per second (TPS), showcasing its scalability and network integrity. The stress test, which simulated a high-demand gaming environment, demonstrated improved throughput and rapid transaction speeds.
By introducing staking and showcasing impressive TPS results, Starknet is solidifying its position as a frontrunner in Ethereum L2 scaling solutions. Stay updated on similar advancements in our newsletter, Finance Redefined, for insights into the latest DeFi developments and financial opportunities. Subscribe today to make informed decisions with confidence.