Starknet

Read

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 (<a rel="" href="https://crypto.news/price/starknet/">STRK</a>) 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, Starknet <a href="https://x.com/Starknet/status/1838954595881758783" target="_blank">posted on X</a>. 
 Read more: <a rel="" href="https://crypto.news/starknet-enjoys-11-percent-surge-altcoin-downturn/"> Starknet enjoys 11% surge, decouples from altcoin downturn </a> 
<h2 class="wp-block-heading" id="first-starknet-governance-vote">First Starknet governance vote</h2> 
After <a rel="" href="https://crypto.news/starknet-token-staking-to-start-by-the-end-of-2024/">revealing plans</a> in July to enable staking on Ethereum’s (<a rel="" href="https://crypto.news/price/ethereum/">ETH</a>) 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 <a rel="" href="https://crypto.news/starknet-unveils-first-voting-proposal-to-bring-staking-to-strk-holders/">community governance vote</a> on the proposal passed earlier this month. 
The vote marked the first-ever governance process for Starknet token holders since the token <a rel="" href="https://crypto.news/starknet-to-airdrop-700m-strk-tokens-to-1-3m-users/">airdrop</a> in February 2024. Notably, 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. 
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. 
 You might also like: <a rel="" href="https://crypto.news/utonic-protocol-secures-100m-tvl-for-tons-first-restaking-solution/"> UTONIC Protocol secures $100m TVL for TON’s first restaking solution </a>

Starknet announces first phase of staking

Table of Contents

crypto.news

Other articles published on Sep 25, 2024

Bullish Donald (BULLDON) Mememcoin Will Explode Over 16,000% Before Exchange Listings, While Shib...

QCP Capital Highlights Positive Signals for Risk Assets, Including Cryptocurrencies

Predicted Ethereum Price To $3K Drives ERC20 Tokens Ascension Aave and Rollblock Ride Upwinds

RISE, the Gigagas Layer 2, announces its $3.2M Seed Round

Hamster Kombat reveals plans for 2025 in new roadmap

EOS Network significantly upgrades with 1-Second Transaction Finality (25 Sep)

Join our free newsletter for daily crypto updates!