Starknet, the Ethereum layer-2 platform, has announced its staking programme for STRK Tokens. According to a statement released to CryptoSlate on Nov. 26, Starknet is now the first Ethereum network that allows staking.
Token holders will be empowered to take part in protecting the network and earn rewards.
In the initial phase, holders of tokens with a minimum 20,000 STRK may stake their holdings directly on network. Validators can be delegated by those with less tokens. The lockup period will be 21 days for both groups. Rewards are distributed proportionally according to the staked amount.
Starknet encourages its participants to also use wallets that support staking, which will pave the way for institutional and retail adoption.
StarkWare CEO Eli Ben-Sasson has said that the launch is a momentous occasion for the StarkWare Network. He emphasized that the staking initiative showcases blockchains’ potential to handle increasing demand through rollups.
This milestone follows Starknet’s recent achievement of processing 857 transactions per second, setting a benchmark for other Ethereum layer-2 solutions.
Bitwise becomes an early validator
According to a Nov. 26 announcement, crypto investment firm Bitwise has become one of the first validators for Starknet’s staking program.
Bitwise Onchain Solutions – a Bitcoin ETF provider with extensive Ethereum staking knowledge – will now support STRK staking. A public validator has been provided by the company to enable STRK token holders to easily delegate their tokens to the platform.
The company explained that it views Starknet as a fitting choice to expand its staking products into layer-2 networks, citing the network’s role in advancing blockchain technology through innovations like ZK-STARKs and its Cairo programming language.
Hong Kim, Bitwise CTO said:
“For years, Starknet has been pushing the frontiers of scaling and security with ZK-STARKs and its native smart-contract language, Cairo. This network has given back a great deal to the Ethereum community while staying committed to its vision of building a more accessible, transparent, and sovereign internet, the ‘Integrity Web.’”
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