StarkWare CEO Submits Staking Program Proposal to Starknet Community

Eli Ben-Sasson wants to open staking for the Ethereum layer-2 chain by the end of the year.
Image source: Starknet

Quick take:

  • Eli Ben-Sasson announced the news at the Ethereum Community Conference in Brussels on Wednesday.
  • The program is optional for community members with rewards for stakers allocated proportionally to the STRK tokens staked.
  • Staked tokens will be locked up for 21 days before they can be withdrawn.

StarkWare CEO Eli Ben-Sasson has submitted a proposal to the Starknet community as he seeks to open staking for the Ethereum layer-2 by the end of the year. Ben-Sasson announced the news at the Ethereum Community Conference in Brussels on Wednesday. 

According to the announcement, the program will be open for willing community members to participate, with stakers rewarded proportionate to their staked STRK tokens. They will also be required to keep their tokens locked for at least 21 days before they are allowed to withdraw them, CoinDesk reported.

StakeWare said the program will be rolled out in several phases with the first and main stage, requiring stakers to “connect to Starknet, interact with the staking contracts, and follow the proposed protocol rules to stake.”

StarkWare and Starknet Foundation plan to implement various improvements to the program upon studying the staking habits of members.

“In subsequent stages, stakers will need, in real-time, to provide attestations to the content of blocks,” StarkWare added. “Then in the final stage, stakers will be performing sequencing and proving activities to fully secure the network.”

Ben-Sasson sees the first phase of the staking program as an important step in building the staking community and technology for the Starknet ecosystem as it seeks to offer new opportunities for users and developers.

This announcement comes at a time when crypto staking and restaking protocols are growing in popularity as Web3 companies look to establish more feasible ways of securing their networks.

EigenLayer, the leading crypto restaking protocol on Ethereum has already surpassed $20 billion in total value locked, according to DeFiLlama data.

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