Starknet, a zero-knowledge rollup layer 2 network, has recently announced the commencement of the first phase of staking as part of its transition towards becoming a fully decentralized proof-of-stake network. The news was shared by Benson Toti on September 25, 2024, at 5:58 pm and was edited by Jayson Derrick.
According to the announcement, Starknet (STRK) staking has officially begun, with the platform confirming that staking on the layer 2 network will be fully operational by the end of the year. The network plans to launch both the testnet and mainnet for the first phase in the fourth quarter of 2024.
This significant development comes after Starknet revealed its plans in July to enable staking on Ethereum’s (ETH) layer 2 network by the end of the year. The transition to a fully decentralized proof-of-stake network was acknowledged to be a gradual process that would require time.
The first phase of the STRK staking follows a community governance vote on the proposal, which passed earlier this month. This marked the first-ever governance process for Starknet token holders since the token airdrop in February 2024. The approval of the vote introduced Starknet’s token-minting curve, a crucial step that paved the way for the launch of staking rewards in this initial phase.
Starknet’s minting curve is designed to provide future incentives for token holders to participate in network security through staking while managing inflation. The model aims to balance staked tokens and rewards, with the staking reward decreasing as more tokens are staked. In its phased staking model, Starknet plans to evolve basic token staking into more complex functionality, including the adoption of real-time attestations and full sequencing and proving.
Overall, the announcement of the first phase of staking by Starknet signifies a significant milestone in the network’s journey towards full decentralization and proof-of-stake consensus. This development is expected to attract more participants to the network and enhance its overall security and functionality.