Layer 2 Chain on Ethereum Starknet plans to introduce Staking by the end of 2024

The company that created the zero-knowledge layer 2 network Starknet, StarkWare, has revealed plans to open staking by the end of 2024. 

CEO Eli Ben-Sasson announced at the Ethereum Community Conference (EthCC) in Brussels on Wednesday that StarkWare, a core developer, has submitted the Starknet Improvement Protocol (SNIP) to enable staking on the network. 

Following a 21-day lock period, participants will receive rewards based on the quantity of STRK tokens they have staked. Funds cannot be withdrawn before this time, Ben-Sasson stated. Stannet staking is anticipated to go live on the testnet shortly, pending community approval of the SNIP. The mainnet is scheduled to go live in the first quarter of 2024. 

Explaining the process, it was said that stakers must first connect to Starknet, communicate with staking contracts, and follow the protocol staking rules before participating in Starknet staking, which will be introduced in phases, the post added.

Stakeholders will initially be required to operate full nodes in order to get ready for validation tasks. In order to improve the technical and economic parameters for upcoming updates, the StarkWare team, the Starknet Foundation, and the community will analyze onchain staking data during this phase. To secure the network in the subsequent stages, stakeholders will have to complete proving and sequencing tasks in addition to real-time attestations, the post added. 

As per the November 2023 Starknet documents, STRK tokens, in their role as governance tokens, enable their holders to cast votes on various proposals that are important for the smooth operation of Starknet. The transaction fees required to maintain network operations are also paid with STRK. In order to support critical services that are essential to Starknet's operational capability and security, the use of STRK will soon be expanded to include staking. 

A few months prior to the staking announcement, the Starknet Foundation held an airdrop in which it gave away over 700 million STRK tokens to roughly 1.3 million wallet addresses. In addition, the Starknet Foundation announced on May 28 that the network's most advanced projects would receive 20 million Starknet (STRK) tokens.

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