Starknet Staking Expected to Launch Mainnet in Q4

Key Points:

• Eli Ben-Sasson, CEO of StarkWare, announced at EthCC that Starknet plans to introduce staking by the end of 2024.
• The Starknet staking feature will first launch on the testnet and is expected to go live on the mainnet in Q4 2024, with a 21-day withdrawal time-lock period.
• Staking rewards will follow a minting curve proposal, providing higher total minting rates with increased tokens staked but lower percentage rewards.

Eli Ben-Sasson, CEO of StarkWare, revealed at EthCC on July 10 that. Starknet is set to introduce staking by the end of 2024, The Block first reported the news.

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StarkWare CEO Announces 2024 Starknet Staking Plans

The initiative, contingent on community approval, will be implemented through a Starknet Improvement Proposal (SNIP). The development aims to enhance the decentralized nature of the Starknet network.

The SNIP, which has been submitted by StarkWare, outlines a phased rollout for the Starknet staking feature. If approved, the staking process will initially launch on the testnet, with a mainnet release expected in the fourth quarter of 2024. A GitHub repository will be made publicly available throughout the development process, ensuring transparency and community involvement.

New Minting Curve Proposal to Guide Staking Rewards

The proposal highlights the introduction of a permissionless on-chain staking protocol and the ability to delegate stakes. There will also be a 21-day time-lock period before funds can be withdrawn, adding a layer of security for stakers. The rewards for Starknet staking will follow a minting curve proposal, previously well-received by the community, which stipulates that the more tokens staked, the higher the total minting rate, but the lower the staking reward percentage.

“In the first main stage, stakers will need to connect to Starknet, interact with the staking contracts, and follow the proposed protocol rules to stake,” the proposal explains. The teams at StarkWare and Starknet Foundation will analyze staking habits to refine the mechanism further.

If the community endorses the SNIP, the Starknet staking feature will soon be live on the testnet, with the mainnet deployment anticipated by the year’s end.