Starknet is set to introduce its staking protocol, which is anticipated to hit the mainnet in the fourth quarter of 2024. Eli Ben-Sasson, the CEO of StarkWare, announced this major development during the EthCC conference on July 10. The initiative will be rolled out first on the testnet, pending community approval of a Starknet Improvement Proposal (SNIP).
Starknet Staking Mainnet Launch Details
Starknet staking will commence on the testnet before transitioning to the mainnet, aiming for a Q4 launch. A GitHub repository for the new staking feature will be publicly available throughout development, ensuring transparency and community involvement. According to Ben-Sasson, staking will allow Starknet token holders to participate in core activities of a decentralized network, gradually assuming more responsibilities and receiving rewards conditioned on their performance.
According to reports, Ben-Sasson elaborated on the role of stakers: “After a PoS protocol has been fully implemented, stakers will be the key entities that maintain and operate Starknet.”
The Starknet staking mainnet launch is contingent on community approval. The SNIP proposal outlines that users can become stakers by holding the minimum staking amount or delegating to an existing staker. Rewards will be proportional to the amount staked, following a minting curve proposal well-received by the Starknet community in February.
Rollout Stages and Responsibilities
The rollout of Starknet staking will occur in multiple stages. Initially, stakers must connect to Starknet, interact with staking contracts, and adhere to protocol rules. They will be expected to run full nodes in preparation for validation activities. The StarkWare team, Starknet Foundation, and the community will analyze on-chain staking data to refine technical and economic parameters for subsequent updates.
In the later stages, stakers will be required to provide real-time attestations and perform proving and sequencing activities to secure the network. “Staking power will, in due course, enable voting power, ensuring that those who are actively contributing to the network have a say in its direction and decisions,” Ben-Sasson stated.
The initial stage is particularly crucial as it sets the foundation for future activities. Stakers will be responsible for running full nodes, which are essential for validating transactions and maintaining the integrity of the network. This stage will involve significant community engagement as the StarkWare team will work closely with participants to gather data and feedback.
Incentives and Rewards
The Starknet Foundation has also announced a $25 million token distribution to the most advanced projects on the network. Diego Oliva, the CEO of Starknet Foundation, shared that the team considered a “range of metrics” for the distribution as part of its Catalyst program. This program aims to accelerate the development of Starknet’s Ethereum layer-2 solution based on zero-knowledge rollup technology.
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Starknet staking mainnet launch is designed to be inclusive and rewarding for participants. Users involved in staking, either as a speaker or through delegation, can expect proportional rewards based on the amount they stake. The rewards system is structured around a minting curve proposal, which suggests that the more tokens staked, the higher the total minting rate. However, the staking reward as a percentage of the staked amount decreases, maintaining a balance between participation and inflation control.
Ben-Sasson explained, “The core idea of the minting curve mechanism is to strike a balance, encouraging participation while keeping inflation in check, and ensuring enough STRK tokens are available for other network activities.” This approach aims to create a sustainable and fair system where active participants are duly rewarded without compromising the overall supply of STRK tokens.
Community Impact and Future Governance
The Starknet staking mainnet launch signifies a pivotal moment in Starknet’s decentralized journey. According to the SNIP proposal, if the community approves the staking mechanism, it will foster a robust staking community and technology, providing new opportunities for users and developers. The first stage of staking is expected to be ready for the Starknet mainnet in Q4 2024, featuring a permissionless on-chain staking protocol and stake delegation.
Ben-Sasson emphasized the importance of community involvement: “As Starknet continues its decentralized journey, StarkWare is excited to propose the first stage of staking. This is an important step in building the staking community and technology, offering new opportunities for users and developers.”
Staking is not just about securing the network but also about empowering the community. As stakers gain more responsibilities, they will also gain more influence over the network’s governance. This includes the ability to vote on key decisions and proposals, ensuring that those who are actively contributing to the network have a say in its future direction. This democratization of decision-making is a core principle of decentralized networks and is expected to strengthen Starknet’s resilience and adaptability.
Starknet’s Vision and Future Prospects
Looking ahead, the Starknet staking mainnet launch is part of a broader vision to create a robust, scalable, and decentralized layer-2 solution on Ethereum. Starknet’s use of zero-knowledge rollup technology is at the forefront of blockchain innovation, offering significant improvements in transaction speed and cost efficiency.
The Starknet Foundation’s Catalyst program, which includes the $25 million token distribution, is another testament to Starknet’s commitment to fostering innovation and development within its ecosystem. By supporting advanced projects, Starknet aims to build a vibrant community of developers and users who can leverage the network’s capabilities to create groundbreaking applications.
The Starknet staking mainnet launch is expected to be a game-changer for the network, providing a new layer of security and participation. As the launch date approaches, excitement is building within the community. The introduction of staking will enhance the network’s security and incentivize active participation, creating a more engaged and robust ecosystem.
Conclusion
With the Starknet staking mainnet launch set for Q4 2024, the anticipation is building within the community. This initiative marks a significant milestone for Starknet and promises to enhance its decentralized network through active community participation and governance. As the Starknet staking mainnet launch approaches, stakeholders and developers alike are eager to see the positive impact it will have on the network’s growth and sustainability.
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