Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Starknet launches staking with 20,000 token minimum

Starknet launches staking with 20,000 token minimum

GrafaGrafa2024/11/27 06:40
By:Liezl Gambe

Starknet (CRYPTO:STRK), an Ethereum (CRYPTO:ETH) layer-2 scaling solution, has initiated the first phase of its staking mechanism, allowing STRK token holders to participate in securing the network.

Solo staking requires a minimum of 20,000 STRK tokens, while those holding fewer tokens can delegate them to validators for indirect participation.

The phased rollout begins with validators performing essential tasks such as running full nodes and interacting with staking contracts.

Over time, their responsibilities will expand to include block creation and validation, supporting network functionality and decentralisation.

Eli Ben-Sasson, CEO of StarkWare, described the launch as a significant milestone for the Starknet community.

He highlighted that Bitwise has already joined as a public validator.

“Eventually, Starknet users will be able to sequence and validate Starknet blocks and, in turn, earn rewards,” Ben-Sasson stated.

“It took Ethereum three years to get this right,” he emphasised, highlighting the importance of a gradual rollout to ensure network stability.

The staking mechanism also introduces governance opportunities.

Ben-Sasson explained that governance benefits will be rolled out in stages, ultimately allowing token holders to support the network’s operation.

“The staking rollout pushes forward the ongoing decentralisation of Starknet and will rest control in the hands of the community,” he added.

In a stress test conducted on October 29, Starknet achieved a peak throughput of 857 transactions per second (TPS), with an average of 127.5 TPS over 24 hours.

The test simulated high-demand gaming scenarios and demonstrated Starknet’s ability to scale without compromising network integrity.

At the time of reporting, the Starknet (STRK) price was $0.5955.  

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Bitcoin (BTC) Surges to New Heights Amidst Robust Capital Inflows

Bitcoin's price hits an all-time high of $93k, driven by $62.9 billion capital inflows, with ETFs playing a critical role in stabilizing the market.

Blockchainnews2024/11/27 08:43

Bitfarms Expands Board and Appoints Andrew J. Chang as Independent Director

Bitfarms announces board expansion to six members, appointing Andrew J. Chang as an independent director, following a special shareholder meeting. Key shareholder proposals were approved.

Blockchainnews2024/11/27 08:43

Pantera Bitcoin Fund Achieves 1,000x Milestone Amidst Market Surge

Pantera Bitcoin Fund reaches a significant 1,000x growth milestone, with post-election market dynamics further boosting its performance, according to Pantera Capital.

Blockchainnews2024/11/27 08:43

Bitcoin (BTC) Nears $100K Amidst Long-Term Holders' Distribution

Bitcoin approaches the $100K mark as Long-Term Holders distribute 507k BTC. The surge in price action sets a new ATH in daily realized profits.

Blockchainnews2024/11/27 08:43