Starknet, a layer-2 network solution, has announced its plans to introduce staking within its ecosystem by the end of 2024. This significant development was unveiled by the CEO of StarkWare, Eli Ben-Sasson, during the Ethereum Community Conference held in Brussels, Belgium. Ben-Sasson presented a Starknet Improvement Proposal to the community, proposing a staking system where users can opt to become stakers and earn rewards based on the amount of STRK tokens they stake.
According to the proposal, stakers will be required to lock their tokens for a 21-day period before they can withdraw their funds. If the community approves the proposal, a staking testnet for Starknet will be launched soon, followed by the mainnet implementation in the last quarter of 2024.
StarkWare outlined that the staking rollout will occur in multiple phases. Initially, stakers will interact with the staking contracts on Starknet and adhere to the specified protocol rules. The development teams will closely monitor user staking behavior to inform future updates to the staking mechanism.
In subsequent stages, stakers will be responsible for providing real-time attestations to block content, ensuring the network’s security. The final stage will involve stakers performing sequencing and proving activities to further enhance network security.
“As Starknet progresses on its decentralized path, StarkWare is thrilled to propose the initial phase of staking,” Ben-Sasson expressed in a press release. “This marks a pivotal moment in establishing the staking community and technology, creating new opportunities for users and developers alike.”