Layer-2 Starknet plans to launch staking on its mainnet on November 26, aiming to become a fully decentralized PoS network.
On November 12, layer-2 Starknet announced that the project will launch STRK token staking on its mainnet on November 26.
In July 2024, the main developer behind Starknet StarkWare also shared plans to staking STRK on this blockchain but has not yet determined a specific date.
According to information from the development team, anyone can participate in staking on Starknet. Validators will need a minimum of 20,000 STRK tokens (equivalent to $9,000) to operate their nodes. Meanwhile, delegators only need to hold STRK tokens and can choose a validator to delegate staking. Both validators and delegators will be subject to a 21-day unstaking period.
While the first phase of STRK staking is already live on the Starknet Sepolia testnet, this is just the beginning of a plan to transform Starknet into a fully decentralized Proof of Stake (PoS) network. This process consists of four phases:
Phase 1: Introducing the staking mechanism with a permissionless protocol and staking delegation. Validators are required to run full nodes to prepare for the next phases.
Phase 2: Validators will begin validating blocks and will be randomly selected.
Phase 3: Validators will participate in validating and voting on blocks arranged by the sequencer and the validator consensus will be sent to Layer 1.
Phase 4: Validators will be fully responsible for maintaining and securing the network by producing, validating and proving blocks.
The phased implementation of the staking mechanism allows the development team to monitor and adjust based on community feedback and activity, ensuring a smooth and safe experience for all participants. This plan is subject to change based on observations and feedback during the implementation process.
Starknet has been through a rough patch since the infamous airdrop in February 2024. Negative news has been pouring in, from the resignation of the Starknet Foundation CEO to the announcement of the shutdown of the ZKX protocol due to lack of revenue.
However, amid these difficulties, the TVL of Starknet DeFi projects has increased by nearly $50 million from a low of $233.67 million in August 2024 to $280.8 million at the time of writing.
According to data from L2Beat, including the amount of ETH bridged into the ecosystem, Starknet’s TVL has recorded an impressive growth of up to 33.5% in just the past week.
STRK price also skyrocketed from $0.32 to $0.55 when Bitcoin set a new ATH. However, after Bitcoin corrected from $90,000 to $86,400, STRK price is now down more than 13% in the past 24 hours, hovering around $0.45.
