StarkWare CEO Eli Ben-Sasson said at the ETHCC Summit in Brussels, Belgium that Starknet will open staking on its ecosystem by the end of 2024. This news undoubtedly brings new expectations to the cryptocurrency market and lays the foundation for Starknet’s future development.
Details of the Starknet Staking Program
Eli Ben-Sasson submitted a Starknet improvement proposal to the community, suggesting that users can choose whether to become stakers, and that participation rewards are proportional to the number of STRK tokens pledged. If the proposal is approved by the community, the staking testnet on Starknet will launch soon and enter the mainnet in the last quarter of 2024. Stakers must lock their tokens for 21 days before they can withdraw their funds.
How staking works: Staking refers to users locking their tokens in a specific blockchain network to support the operation of the network and obtain corresponding rewards. In Starknet’s staking program, stakers will receive rewards proportional to the number of tokens they stake, meaning the more tokens you stake, the more rewards you receive. This mechanism can not only encourage more users to participate in staking, but also improve the security and stability of the network.
Starknet’s technical advantages: Starknet is a Layer 2 scaling solution developed by StarkWare, aiming to improve the scalability and performance of the Ethereum network. Its core technology is based on STARK (Scalable Transparent Argument of Knowledge) proof, which is a zero-knowledge proof technology that can verify the validity of transactions without revealing transaction details.
Application of STARK technology
STARK technology is efficient, secure and transparent, and can significantly reduce transaction costs and increase transaction speed. On Starknet, all transactions will be verified through STARK proof, which will not only improve the security of the network, but also greatly increase the transaction processing speed to meet the needs of more users.
The impact of staking on the Starknet ecosystem: The launch of the staking program will have a profound impact on the Starknet ecosystem. First of all, staking can attract more users to participate in network operations and improve the security and stability of the network. Secondly, staking rewards will encourage more users to hold and use STRK tokens, thereby increasing the value and liquidity of the tokens. Finally, the launch of the staking plan will promote the development of the Starknet ecosystem and attract more developers and projects to join, thereby further enhancing the competitiveness of the network.
The importance of user participation
For users, participating in staking can not only obtain generous rewards, but also support the development and operation of the network. Stakers must lock their tokens for 21 days, meaning funds cannot be withdrawn during this period. This mechanism can not only improve the security of the network, but also prevent short-term speculation, thereby promoting the healthy development of the network.
Starknet’s future outlook: With the launch of the staking plan, Starknet will usher in new development opportunities. First of all, the staking plan will attract more users to participate in network operations and improve the security and stability of the network. Secondly, staking rewards will encourage more users to hold and use STRK tokens, thereby increasing the value and liquidity of the tokens. Finally, the launch of the staking plan will promote the development of the Starknet ecosystem and attract more developers and projects to join, thereby further enhancing the competitiveness of the network.
Increased competitiveness: Starknet’s technical advantages and staking plan will enable it to occupy an important position in the blockchain market. As more users and developers join, Starknet will continue to improve its technical level and service quality to stand out in the highly competitive market.
in conclusion
Starknet will open staking at the end of 2024. This news undoubtedly brings new expectations to the cryptocurrency market. The launch of the staking plan will attract more users to participate in network operations, improve the security and stability of the network, and promote the development of the Starknet ecosystem. With the advancement of the staking plan, Starknet will usher in new development opportunities and occupy an important position in the blockchain market. Users who participate in staking can not only receive generous rewards, but also support the development and operation of the network, thereby jointly promoting the future development of Starknet.