Originally published on: November 26, 2024
Starknet, a revolutionary Ethereum layer-2 (L2) scaling solution, has launched the first phase of its staking mechanism. This exciting development allows holders of STRK tokens to stake their tokens and actively contribute to the security and efficiency of the network.
In this initial phase, participants with a minimum of 20,000 Starknet STRK tokens can engage in solo staking to play a crucial role in safeguarding the network while earning rewards. Users with fewer tokens have the option to delegate their holdings to validators, indirectly supporting network operations.
The phased rollout commences with validators handling essential staking tasks such as running full nodes and engaging with staking contracts. As the process progresses, validators will take on more significant responsibilities like block creation and validation.
Eli Ben-Sasson, the CEO of StarkWare, expressed his enthusiasm for this milestone for the Starknet community. He revealed that Bitwise has already joined as a public validator, further strengthening the network.
According to Ben-Sasson, the initial rollout focuses on establishing basic staking functions, including the introduction of the staking protocol and stake delegation. This foundation sets the stage for future enhancements and increased decentralization.
In the coming stages, Starknet users will have the opportunity to sequence and validate Starknet blocks, unlocking rewards for their contributions. Ben-Sasson highlighted the importance of a gradual approach to ensure network stability, emphasizing the need to learn from staking behaviors and onchain data before expanding validator responsibilities.
The introduction of staking on Starknet signifies a significant milestone for the ecosystem, offering users the chance to engage in financial incentivization and governance activities. Ben-Sasson indicated that governance benefits will be introduced incrementally, enabling token holders to support blockchain operations.
Starknet achieved a remarkable milestone on Oct. 29, hitting a peak of 857 transactions per second (TPS) during a stress test. The network maintained an impressive average of 127.5 TPS over a 24-hour period, demonstrating its scalability without compromising network integrity.
The stress test, which simulated a high-demand gaming environment, showcased Starknet’s enhanced throughput and rapid transaction speeds. Ben-Sasson lauded the network’s robust capabilities, highlighting its scalability and efficiency.
As Starknet continues to evolve, its innovative solutions promise to revolutionize the DeFi landscape and provide users with unparalleled opportunities for financial growth and participation in governance. Don’t miss out on the latest developments in the finance world – subscribe to the Finance Redefined newsletter today for expert analysis and insights delivered weekly. Join us in shaping the future of decentralized finance!