Originally published on: November 26, 2024
StakeNet, a cutting-edge Ethereum layer-2 (L2) scaling solution, has unveiled the first phase of its pioneering staking mechanism. This launch allows holders of STRK tokens to stake their tokens, actively contributing to the network’s security and functionality.
Individuals holding a minimum of 20,000 StakeNet STRK tokens, valued at $0.7058, now have the opportunity to engage in solo staking to bolster network security and reap rewards. For those holding fewer tokens, the option to delegate their tokens to validators remains available, allowing them to contribute indirectly.
The rollout is set to commence with validators undertaking fundamental staking functions, such as operating full nodes and engaging with staking contracts. As the process unfolds, validators will assume more critical roles, including block creation and validation duties.
Eli Ben-Sasson, CEO of StarkWare, expressed his excitement about this significant milestone for the StakeNet community. He revealed that Bitwise has already come on board as a public validator, emphasizing the importance of a gradual approach to ensure network stability.
The phased rollout will kick off with basic staking functionalities, establishing the staking protocol and introducing stake delegation. This groundwork sets the stage for future responsibilities and enhanced decentralization within the network.
In the words of Ben-Sasson, “StakeNet users will eventually have the ability to sequence and validate StakeNet blocks, earning rewards in the process.” He stressed the necessity of a cautious rollout strategy, citing Ethereum’s three-year journey to achieve stability in staking operations as a key lesson for StakeNet.
The introduction of staking on StakeNet signifies a pivotal moment for the ecosystem, granting users the chance to engage for both financial incentives and governance purposes. Ben-Sasson envisions a future where tokenholders can actively support the operation of blockchain rails through governance benefits provided in stages.
StakeNet recently achieved a groundbreaking milestone by reaching 857 transactions per second (TPS) during a stress test. This impressive feat, coupled with an average of 127.5 TPS over 24 hours, underscores StakeNet’s scalability and network integrity under high-demand conditions.
The stress test, designed to simulate a rigorous gaming environment, showcased the platform’s enhanced throughput and rapid transaction speeds. Ben-Sasson applauded StakeNet’s firepower, highlighting its capacity to scale effectively without compromising network performance.
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