Starknet Phase 1 Staking on Ethereum Layer 2: Everything You Need to Know

Starknet, a layer-2 scaling solution on Ethereum, has exciting news for token holders! They’ve just launched the first phase of their staking mechanism, giving holders of their STRK tokens the opportunity to stake and help secure the network.

To participate in solo staking, you’ll need at least 20,000 STRK tokens. Don’t worry if you have fewer tokens, though—you can still delegate your tokens to validators to contribute indirectly. This phased rollout is starting with validators handling basic staking tasks, like running full nodes and interacting with staking contracts. As time goes on, they’ll take on more critical roles like block creation and validation.

Eli Ben-Sasson, the CEO of StarkWare, is thrilled about this development, calling it a “very big deal” for the Starknet community. In fact, Bitwise is already on board as a public validator!

The rollout will happen in stages to ensure stability and decentralization. The goal is for users to sequence and validate Starknet blocks, earning rewards in the process. Ben-Sasson notes that it took Ethereum three years to perfect their staking system, so the StarkWare team is taking their time to study staking habits and onchain data to make sure everything runs smoothly.

This move towards staking also has important governance implications. Users will not only have the chance to earn rewards but also to participate in governance, supporting the running of blockchain rails. The idea is to put more control in the hands of the community, pushing forward the ongoing decentralization of Starknet.

In a recent stress test, Starknet hit a record 857 transactions per second. This is a huge milestone for the project, demonstrating its ability to scale without sacrificing network integrity. The test simulated a high-demand gaming environment, showcasing improved throughput and fast transaction speeds. It’s clear that Starknet’s firepower is not to be underestimated!

It’s an exciting time for Starknet and its community, with the promise of more to come as the project continues to evolve. #Blockchain #Altcoin #Decentralization #Ethereum #Adoption #DeFi #Layer2 #zk-STARK #Staking