Starknet, a leading Ethereum layer-2 network, has recently introduced its staking program for STRK tokens, making it the first network of its kind to offer staking opportunities. This development was announced on Nov. 26 and aims to allow token holders to participate in securing the network while earning rewards.
In the initial phase of the program, token holders with a minimum of 20,000 STRK tokens have the option to stake directly on the network. For those with fewer tokens, there is the opportunity to delegate their holdings to validators. Both groups will be subject to a mandatory 21-day lockup period when unstaking, with rewards being distributed proportionally based on the amount staked.
Starknet is also encouraging participants to utilize staking-enabled wallets, as this move is expected to pave the way for wider institutional and retail adoption of the network. CEO Eli Ben-Sasson highlighted the significance of the staking launch, emphasizing how it demonstrates the scalability potential of blockchains through rollups.
This milestone comes on the heels of Starknet’s recent accomplishment of processing 857 transactions per second, setting a new standard for Ethereum layer-2 solutions.
In a related development, Bitwise, a prominent crypto investment firm, has joined as an early validator for Starknet’s staking program. Bitwise Onchain Solutions, known for its expertise in Ethereum staking, will be supporting STRK staking. The company has provided a public validator address to facilitate easy delegation of tokens for STRK holders.
Bitwise sees Starknet as an ideal choice to expand its staking products into layer-2 networks due to the network’s role in advancing blockchain technology through innovations like ZK-STARKs and its Cairo programming language. Bitwise CTO Hong Kim praised Starknet for its contributions to the Ethereum community and its commitment to building a more accessible and transparent internet, known as the “Integrity Web.”
Overall, the launch of the staking program and Bitwise’s involvement as a validator mark significant progress for Starknet, positioning it as a leader in the Ethereum layer-2 space.