Starknet, an Ethereum Layer-2 scaling solution, has established the first phase of its staking mechanism. This will allow holders of its STRK tokens to stake and contribute to the network’s security and functionality. 

STRK holders with at least 20,000 tokens (currently valued at $0.5752) can now participate in solo staking to secure the network and earn rewards. In the meantime, those with smaller holdings can delegate their tokens to validators, indirectly contributing to network security. 

This phased rollout starts with validators handling basic staking functions like running full nodes and interacting with staking contracts. Over time, their responsibilities will expand to include critical tasks such as block creation and validation. 

Eli Ben-Sasson, CEO of StarkWare, described the initiative as a “very big deal” for the community, highlighting Bitwise’s involvement as a public validator. 

Starknet lays the foundations for decentralized staking with a phased rollout

The phased rollout will begin with basic staking functionality, including introducing the staking protocol and stake delegation to lay the groundwork for future responsibilities and increased decentralization. 

According to Ben-Sasson Starknet, users will eventually be able to sequence and validate blocks, earning rewards in the process. He stressed the importance of a gradual rollout to maintain network stability. 

He added:

Ethereum took three years to refine its staking system. Similarly, StarkWare and the Starknet Foundation are using this initial phase to analyze staking habits and on-chain data, ensuring an informed approach to expanding validator responsibilities.

~Ben-Sasson

Starknet introduces staking to empower users with governance and financial control

Starknet’s introduction of staking marks a milestone for the ecosystem. It offers users the opportunity to participate for financial and governance purposes.

Ben-Sasson explained that governance benefits will come in stages and ultimately token holders will be able to support running blockchain rails. This staked rollout advances the ongoing decentralization of Starknet and will rest control in the community’s hands.

In related developments, Bitwise Onchain Solutions (BOS) is set to launch decentralized staking services for Starknet starting November 26. Having already managed over $3.5 billion in staked assets on Ethereum, this marks BOS’s first venture into providing staking solutions for the Starknet network.

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