Starknet rolls out phase 1 STRK token staking on the Ethereum L2

Ethereum Layer 2 scaling solution Starknet has announced the launch of phase 1 staking for its native STRK token, allowing token holders to actively participate in securing the network while earning rewards.

To become a validator, 20,000 plus STRK tokens need to be staked, according to a statement by StarkWare. Those with less than 20,000 STRK tokens can still participate in the staking process by delegating to validators. Both validators and delegators are subject to a 21-day unstaking lockup period, and the rewards they receive will be proportional to the amount staked, the statement added.

A multi-stage rollout of staking on the protocol

The rollout of staking on Starknet will occur in multiple phases, gradually expanding the responsibilities of validators. During this first stage, teams at StarkWare and the Starknet Foundation will study staking habits and on-chain data to inform the rollout of further responsibilities to validators. 

In subsequent stages, validators will be given further responsibilities to create, attest, and prove blocks as part of Starknet’s consensus protocol. The final stage of the staking rollout will involve giving validators full responsibility for performing the sequencing and proving activities required to fully secure the network.

"We are paving the way for enabling members of the Starknet community to sequence and validate Starknet blocks, which is where the true magic of decentralization takes effect. It took Ethereum three years to get this right. It’s also going to take us time, but Starknet will be the first major L2 to take these steps toward decentralization," StarkWare CEO Eli Ben-Sasson said.

The introduction of this first stage of staking on Starknet is part of a broader effort to distribute control of the network among its community members, according to Starknet Foundation Executive Director James Strudwick. "This will demonstrate the power and utility of blockchain technology and put control into the hands of the Starknet community," Strudwick said. Notably, during this initial phase, neither StarkWare nor the Starknet Foundation will claim staking rewards.

Starknet is a Layer 2 scaling solution built on Ethereum, leveraging zero-knowledge rollup (ZK-rollup) technology to enhance transaction speed and reduce costs while maintaining Ethereum’s security.