Starknet, the first Ethereum layer-2 network to offer staking, launched its staking program for STRK tokens. The program allows token holders with at least 20,000 STRK to stake directly on the network, with the option for those with fewer tokens to delegate to validators. Rewards are distributed proportionally based on the amount staked, and there is a mandatory 21-day lockup period for unstaking. The initiative aims to empower token holders to secure the network while earning rewards and encourages the use of staking-enabled wallets for broader institutional and retail adoption.
StarkWare CEO Eli Ben-Sasson underscored the significance of the staking program, highlighting its potential to address increasing demand through rollups. This milestone follows Starknet’s achievement of processing 857 transactions per second, setting a benchmark for other Ethereum layer-2 solutions. Bitwise, a crypto investment firm, has joined as an early validator for Starknet’s staking program. Bitwise Onchain Solutions, known for its Ethereum staking experience, will support STRK staking, offering a public validator address for easy token delegation. The firm sees Starknet as an ideal choice to expand its staking products into layer-2 networks due to innovations like ZK-STARKs and the Cairo programming language.
In a statement, Bitwise CTO Hong Kim praised Starknet for pushing the boundaries of scaling and security with ZK-STARKs and Cairo. He noted the network’s commitment to building a more accessible, transparent, and sovereign internet, known as the ‘Integrity Web.’ The partnership with Bitwise signals confidence in Starknet’s technology and potential for growth in the blockchain space. Overall, the staking program and partnership with Bitwise demonstrate Starknet’s commitment to advancing blockchain technology and increasing adoption through innovative solutions.
Overall, Starknet’s staking program for STRK tokens marks a significant advancement in the Ethereum layer-2 network space. By empowering token holders to participate in securing the network and earn rewards, Starknet aims to address increasing demand through rollups. The partnership with Bitwise as an early validator further solidifies Starknet’s position as a leader in the blockchain industry. With innovations like ZK-STARKs and the Cairo programming language, Starknet continues to push the boundaries of scaling and security, paving the way for broader institutional and retail adoption. As Starknet continues to grow and innovate, it is poised to play a key role in advancing blockchain technology and building a more transparent and sovereign internet, known as the ‘Integrity Web.’
