Originally published on: November 26, 2024
Starknet, the cutting-edge Ethereum layer-2 (L2) scaling solution, has just launched the first phase of its staking feature, allowing holders of its STRK tokens to stake and actively contribute to the network’s security and functionality.
Now, participants who possess a minimum of 20,000 Starknet STRK tokens can engage in solo staking to safeguard the network and earn lucrative rewards. For those with fewer tokens, delegating them to validators is a viable option to indirectly contribute to the network’s operations.
This progressive introduction commences with validators executing essential staking tasks like operating full nodes and engaging with staking contracts. As time progresses, these validators will take on more crucial responsibilities such as block creation and validation.
Eli Ben-Sasson, StarkWare’s CEO, expressed the significance of this milestone for the Starknet community, announcing that Bitwise has already joined as a public validator, demonstrating strong support for the initiative.
The phased rollout is designed to initiate basic staking functionalities, including the implementation of the staking protocol and stake delegation, laying the groundwork for future expansion and enhanced decentralization.
As Ben-Sasson explains, Starknet users will eventually be empowered to sequence and validate Starknet blocks, ultimately earning rewards. The gradual rollout strategy aims to ensure stability by studying staking behaviors and on-chain data, utilizing insights to refine the responsibilities allocated to validators responsibly.
This introduction of staking by Starknet marks a pivotal moment for the ecosystem, offering participants the opportunity to engage for financial incentives and governance privileges.
Investors can expect governance benefits to unfold gradually, with tokenholders potentially supporting the operation of blockchain rails in the future.
Starknet recently achieved a remarkable milestone on October 29 by reaching a peak of 857 transactions per second (TPS) during a controlled stress test. Ben-Sasson highlighted the platform’s scalability and network integrity, noting an average TPS of 127.5 over 24 hours.
The stress test, which simulated a high-demand gaming scenario, revealed enhanced throughput and rapid transaction speeds, underscoring Starknet’s impressive capabilities.
With Starknet’s innovative staking solution now live, users can actively participate in the network’s growth while reaping rewarding benefits. Stay tuned for more exciting developments from Starknet as it continues to revolutionize the Ethereum landscape.
