Starknet Launches Staking Program for STRK Tokens
Starknet has introduced its staking program for STRK tokens, making it the first Ethereum layer-2 network to offer staking opportunities, as stated in a Nov. 26 release shared with CryptoSlate.
Empowering Token Holders
- The program aims to empower token holders by allowing them to participate in securing the network and earning rewards.
- Holders with at least 20,000 STRK can stake directly on the network, while those with fewer tokens can delegate to validators.
- Both groups will have a mandatory 21-day lockup period for unstaking, with rewards distributed proportionally based on the amount staked.
Encouraging Staking-Enabled Wallets
- Starknet encourages participants to use staking-enabled wallets, promoting broader institutional and retail adoption.
StarkWare CEO Eli Ben-Sasson expressed the significance of the staking program launch, highlighting its potential to handle increasing demand through rollups.
Starknet recently achieved a milestone of processing 857 transactions per second, setting a benchmark for other Ethereum layer-2 solutions.
Bitwise Joins as an Early Validator
Crypto investment firm Bitwise announced on Nov. 26 that it has become one of the initial validators for Starknet’s staking program.
Bitwise Onchain Solutions, known for its Ethereum staking expertise, will support STRK staking, allowing holders to easily delegate their tokens to the platform.
The company sees Starknet as a suitable choice to expand its staking products into layer-2 networks due to its advancements in blockchain technology with ZK-STARKs and the Cairo programming language.
Bitwise CTO Hong Kim stated, “Starknet has been pushing the frontiers of scaling and security with ZK-STARKs and Cairo. This network has contributed significantly to the Ethereum community’s growth while remaining committed to its vision of building a more accessible and transparent internet.”
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