Ethereum
Layer 2 Starknet Introduces Staking Proposal in Its Ecosystem
Layer 2 network Starknet will open staking on its ecosystem by the end of 2024, development firm StarkWare announced on Wednesday. The news was announced at the Ethereum Community Conference in Brussels, Belgium, by the company’s CEO Eli Ben-Sasson.
Ben-Sasson submitted a Starknet improvement proposal to the community that suggests users can choose whether they want to become a staker, with rewards for participation proportional to the amount of STRK tokens staked.
Stakers will have to lock their tokens for a period of 21 days before being allowed to withdraw their funds, according to a press release shared with CoinDesk.
If the proposal is approved by the community, a testnet for staking on Starknet will be launched soon, with staking coming to mainnet by Q4 2024.
StarkWare, the main development company behind Starknet, said staking will be rolled out in phases. “In the first main phase, stakers will need to connect to Starknet, interact with staking contracts, and follow the rules of the proposed protocol to stake,” the press release said. The StarkWare and Starknet Foundation teams will study their users’ staking habits to determine future updates to the staking mechanism.
“In the next steps, stakers will be required to provide real-time attestations on the contents of blocks,” StarkWare added. “Then, in the final step, stakers will perform sequencing and proof activities to fully secure the network.”
“As Starknet continues its decentralized journey, StarkWare is excited to offer the first phase of staking,” Ben-Sasson said in the press release. “This is an important step in building the staking community and technology, providing new opportunities for users and developers.”