Ethereum Layer 2 solution StarkNet has announced plans to introduce staking functionality by the end of 2024.
This development was revealed by StarkWare CEO Eli Ben-Sasson at the Ethereum-related event “EthCC” held in Brussels, Belgium.
Staking Participation and Rewards
Users will have the option to participate in staking, with rewards proposed to be proportional to the amount of StarkNet’s native token, STRK, staked.
Those who choose to stake will need to lock their tokens for 21 days before they can withdraw their funds.
The introduction of the staking feature is proposed through StarkNet Improvement Proposals. The staking feature will be implemented upon community approval of this proposal.
Following approval, a testnet for staking will commence, with the mainnet implementation planned for the last quarter of 2024.
The staking functionality will be rolled out in multiple phases. In the initial major phase, users will need to connect to StarkNet, interact with staking contracts, and follow the proposed protocol rules for staking.
Subsequently, the teams at StarkWare and the StarkNet Foundation will study user staking patterns to decide on updates to the staking mechanism.
Importance of Staking for StarkNet
CEO Ben-Sasson emphasized that this new system is a significant step towards the decentralization of StarkNet.
He highlighted the importance of forming a staking community, fostering technological innovation, and providing new opportunities for users and developers.
This development is expected not only to enhance the reliability of the network but also to create new economic opportunities for participants.
Innovations like StarkNet have the potential to further Ethereum’s development and attract a broader user base.
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