- By the end of 2024, StarkWare, the company that developed the zero-knowledge layer 2 network Starknet, intends to introduce staking.
Through this move, the blockchain’s robustness and decentralization are intended to be enhanced. As per the Starknet Improvement Proposal (SNIP) that CEO Eli Ben-Sasson and his team presented, subject to community approval, the first staking phase is scheduled to commence on the mainnet of the L2 network in Q4 2024. The proposal will be accepted or rejected by the community based on a governance vote.
At the Ethereum Community Conference in Brussels, Ben-Sasson revealed these ambitions and offered a proposal that enables users to become stakers. Following a 21-day lock period, participants will receive payouts based on the quantity of STRK tokens they have staked. Funds cannot be withdrawn before this time.
Tokens STRK
As governance tokens, STRK tokens give holders the ability to cast votes on a range of proposals that are essential to Starknet’s functioning. In order to fund network operations, transaction fees are also paid with STRK.
The use of STRK will soon be restricted to staking-required major services that are critical to Starknet’s security and operational capability. Steve Goodman, the principal technical writer for StarkWare, mentioned that staking services might include temporary L2 consensus, STARK-proving services, data availability provisioning, and sequencing in June 2024 network documentation.
Despite being distinct organizations, StarkWare and the Starknet Foundation have similar leadership. Co-founders Eli Ben-Sasson and Uri Kolodny, who serve on the Foundation board, are not, however, active in day-to-day management of the organization.
A staking announcement has been made subsequent to the Starknet Foundation’s significant airdrop of over 700 million STRK tokens to over 1.3 million wallet addresses. A staking testnet will soon be established, pending approval, and the mainnet rollout is scheduled for the final quarter of 2024.
Method of slow staking
According to StarkWare, staking should be done in stages. Basic token staking would come first, followed by real-time attestations and, in the end, complete sequencing and proving operations to safeguard the network.
According to Ben-Sasson, this is a crucial step in developing the staking community and technology, providing new chances for users and developers.
The addition of staking is a critical step forward for Starknet’s decentralized development. It claims to increase community engagement and fortify the network’s security.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
