Starknet, a notable player within the Ethereum layer-2 network, has announced that it will introduce staking to its primary network starting November 26. This comes after the main development company behind Starknet, StarkWare, proposed an idea for staking on the blockchain back in July but did not disclose a specific launch date at that time.
The company has revealed that staking on the blockchain will be open to anyone interested in participating. However, there will be certain prerequisites. Validators will need a minimum of 20,000 STRK tokens, which is equivalent to $9,610, to operate their nodes. On the other hand, delegators, who must be in possession of STRK tokens, will have the ability to select a validator to whom they can delegate their stakes.
In addition, StarkWare shared that validators and delegators will be subject to a 21-day unstaking lockup period. This means that those who wish to withdraw their stakes will have to wait for a period of 21 days before they can do so. It’s a common measure in staking systems, designed to maintain the network’s stability by discouraging sudden mass withdrawals.
Interestingly, StarkWare has gradually shifted its focus from being solely concentrated on the Ethereum layer-2 network. The company has been pivoting more towards the Bitcoin ecosystem, dedicating more of its research and development resources to this area.
Just last week, the StarkWare team, in collaboration with some of the leading Bitcoin developers, made significant strides in developing new features that could potentially make Bitcoin more programmable. These innovations could introduce a new level of functionality to Bitcoin, allowing developers to create more complex and diverse applications on the Bitcoin network.
This shift in focus to Bitcoin by StarkWare, coupled with the upcoming introduction of staking on Starknet, indicates a vibrant and dynamic period for blockchain technology. As these new developments unfold, it will be interesting to see how they impact the broader cryptocurrency landscape.
StarkWare’s progress in making Bitcoin more programmable and the impending launch of staking on Starknet are testaments to the continued evolution of blockchain technology. These advancements not only present new opportunities for participants but also push the boundaries of what’s possible within the realms of cryptocurrency and blockchain technology. This is an exciting period for all stakeholders within the ecosystem, and the wider industry will be following these developments closely.
In conclusion, as StarkWare continues its innovative streak, and with the introduction of staking on Starknet looming, the blockchain and cryptocurrency industry can look forward to a dynamic and transformative period.
