Starknet, a layer 2 chain built on top of Ethereum, plans to open staking by the end of the year.

In a significant development for the Starknet ecosystem, developer firm StarkWare announced on Wednesday that staking will be introduced in its network by the end of 2024. The news was shared at the Ethereum Community Conference in Brussels, Belgium, where company CEO Eli Ben-Sasson presented a proposal for the staking mechanism.

Table of Contents

Starknet Improvement Proposal

Ben-Sasson submitted a Starknet Improvement Proposal (SIP) to the community, which suggests that users will have the option to become stakers. The rewards for participation will be proportional to the amount of STRK tokens staked. This means that users who choose to stake their tokens will receive a reward based on the number of tokens they have locked in.

Staking Process

According to a press release shared with CoinDesk, stakers will need to lock their tokens for a 21-day period before being allowed to withdraw their funds. The proposal also outlines the process of staking, which will be rolled out in several phases.

Phase 1: Connection and Interaction

In the first main stage, stakers will need to connect to Starknet, interact with the staking contracts, and follow the proposed protocol rules to stake. This phase is crucial as it sets the foundation for the subsequent stages of staking.

StarkWare’s Approach to Staking

StarkWare, the primary development firm behind Starknet, shared that they will study users’ staking habits in real-time to determine later updates to the staking mechanism. This approach ensures that the staking process is optimized for the community and helps identify areas for improvement.

Subsequent Phases

In subsequent stages, stakers will be required to provide attestations to the content of blocks in real-time. This means that stakers will need to verify the transactions included in each block, which adds an additional layer of security to the network.

Final Stage: Sequencing and Proving

The final stage of staking involves sequencing and proving activities, where stakers will be responsible for fully securing the network. This stage is critical as it requires stakers to participate actively in the validation process.

Importance of Staking on Starknet

As Ben-Sasson mentioned in the press release, introducing staking is an important step in building a decentralized community and technology. It offers new opportunities for users and developers to participate in the ecosystem and contribute to its growth.

Roadmap for Staking

The proposal outlines that a testnet for staking on Starknet will be released soon after the proposal is approved by the community. Staking will then go live on mainnet by the last quarter of 2024. This roadmap ensures a smooth transition and allows users to adapt to the new staking mechanism.

Conclusion

The introduction of staking on Starknet marks an exciting milestone for the ecosystem. With its decentralized approach, Starknet is setting itself apart from other blockchain networks. The proposal outlines a clear plan for implementing staking, which will benefit both users and developers in the long run.

Key Takeaways

Staking will be introduced on Starknet by the end of 2024.
Users will have the option to become stakers with rewards proportional to the amount of STRK tokens staked.
The staking process will be rolled out in several phases, starting with connection and interaction.
Subsequent stages will involve providing attestations to block content and sequencing/proving activities.
A testnet for staking will be released soon after proposal approval, followed by mainnet launch by the last quarter of 2024.

For more information on Starknet’s plans, including the much-awaited airdrop of new STRK tokens next week, please refer to the article Starknet Blockchain Plans Much-Awaited Airdrop of New STRK Tokens Next Week.