Starknet plans to introduce staking through a new protocol launching on the testnet before a mainnet release in Q4.
Eli Ben-Sasson, the CEO of StarkWare, announced at EthCC on July 10 that the company plans to introduce staking by the end of 2024 through a Starknet improvement proposal (SNIP).
If the community approves the SNIP, Starknet staking is expected to go live on testnet soon, followed by the mainnet launch in the fourth quarter.
A GitHub repository for the new staking feature will be publicly available throughout the development process.
In a written Q&A with Cointelegraph, Ben-Sasson explained that staking would enable Starknet tokenholders to “participate in core activities of a decentralized network.”
“Over time stakers will gradually receive more responsibilities, with rewards conditioned on performing these responsibilities. After a PoS protocol has been fully implemented, stakers will be the key entities that maintain and operate Starknet.”
Summary Review: The introduction of staking on Starknet marks a significant step toward enhancing the platform’s decentralization and engagement with its community. By allowing tokenholders to participate in core network activities and rewarding them for their contributions, Starknet aims to strengthen its ecosystem. As the protocol moves from the testnet to the mainnet in Q4 2024, it will be interesting to see how the community embraces this new development and the impact it will have on the overall stability and functionality of the Starknet network.
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