Starknet Launches First Phase of Staking Towards Decentralization

Starknet Begins First Phase of Staking

Starknet has commenced the first phase of staking as it moves towards transitioning to a fully decentralized proof-of-stake network.

On Sept. 25, the zero-knowledge rollup layer 2 network announced that Starknet staking had begun. The platform also confirmed that staking on the layer 2 network will be complete by the end of the year.

Both the testnet and mainnet for the first phase will launch in the fourth quarter of 2024.

First Governance Vote

After revealing plans in July to enable staking on Ethereum’s layer 2 network by the end of the year, Starknet acknowledged that the transition to a fully decentralized proof-of-stake network would take time.

This first phase of the STRK staking comes after a community governance vote on the proposal passed earlier this month. The vote marked the first-ever governance process for Starknet token holders since the token airdrop in February 2024.

“The approval of the vote introduced Starknet’s token-minting curve – a step that set the stage for the launch of staking rewards in this first phase.”

Starknet’s minting curve is designed to provide future incentives for token holders to participate in network security through staking while managing inflation. The model balances staked tokens and rewards – as more tokens are staked, the staking reward decreases.

Future Phases and Functionality

In its phased staking model, Starknet plans to evolve basic token staking into more complex functionality. This will include the adoption of real-time attestations and full sequencing and proving.

Stay tuned for more updates on Starknet and the latest in cryptocurrency news.

#Finance #Decentralization