Starknet is staking in the first stage of its drive to become a completely decentralized proof-of-stake network.
The zero-knowledge rollup layer 2 network declared the start of Starknet staking on September 25. Additionally, the platform verified that by the end of the year, staking on the layer 2 network would be finished.
According to a Starknet post on X, the testnet and mainnet for the first phase will go live in the fourth quarter of 2024.
The shift to a completely decentralized proof-of-stake network will take time, Starknet said after disclosing plans in July to allow staking on Ethereum’s layer 2 network by year’s end.
Following a vote on the proposal by community governance earlier this month, the STRK staking began with this phase.
Since the token airdrop in February 2024, the vote marked the beginning of the Starknet token holders’ participation in a governance process.
Notably, the vote’s ratification established Starknet’s token-minting curve, which was necessary to prepare for the first phase’s staking incentive launch.
Starknet’s minting curve aims to control inflation while offering token holders incentives in the future to stake their tokens and contribute to network security.
The staking reward diminishes with the number of tokens staked, maintaining a balance between staked tokens and rewards.
Starknet intends to advance basic token staking into more sophisticated capabilities through its phased architecture.
This will need the implementation of complete sequencing and proving, as well as real-time attestations.
