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Starknet to Introduce Staking on Mainnet by End of 2024

Layer-2 network Starknet plans to introduce staking by the end of 2024. StarkWare, the developer firm behind Starknet, announced this at the Ethereum Community Conference in Brussels, Belgium.

CEO Eli Ben-Sasson shared the news and submitted a Starknet Improvement Proposal (SIP) for community approval.

How Staking Will Work

If the community approves the proposal, staking will be available on a testnet before launching on the mainnet by late 2024. Users can choose to become stakers, locking their STRK tokens for 21 days before withdrawal. Rewards will be proportional to the amount staked.

Phased Rollout of Staking

StarkWare plans a phased rollout for staking. Initially, stakers will need to connect to Starknet, interact with staking contracts, and follow protocol rules. StarkWare and the Starknet Foundation will study staking habits to refine the system.

Future Staking Mechanisms

In later stages, stakers will provide real-time attestations to block content. Eventually, they will perform sequencing and proving activities to secure the network fully.

Starknet’s Decentralization Journey

Ben-Sasson emphasized the significance of this step in Starknet’s decentralization. “As Starknet continues its decentralized journey, we are excited to propose the first stage of staking,” he said. “This is an important step in building the staking community and technology, offering new opportunities for users and developers.”

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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