As a seasoned crypto investor with a knack for recognizing potential in emerging blockchain projects, I find myself captivated by Starknet’s recent development strides. Having witnessed the evolution of Ethereum and its challenges with scalability, I am particularly intrigued by Starknet’s phased staking rollout strategy.
In simpler terms, Starknet – a tool for improving the speed and efficiency of the Ethereum network – introduced the initial stage of its staking system. Now, owners of STRK tokens can deposit their tokens to assist in maintaining the network’s security and performance.
Individuals holding a minimum of 20,000 Starknet tokens (STRK) are eligible to engage in single staking, which allows them to support the network’s security and receive incentives. On the other hand, those with fewer tokens can still make a contribution by assigning their tokens to validators for indirect participation.
The gradual deployment begins by validators handling essential staking tasks such as operating complete nodes and engaging with contract agreements related to staking. As the process continues, they will assume increasingly significant responsibilities, like creating blocks and verifying them.
Eli Ben-Sasson, StarkWare’s CEO, shared exciting news with CryptoMoon, stating that this development is significant for the Starknet community, as Bitwise has officially joined as a public validator.
Decentralizing through phased staking rollout
The gradual introduction of staking features will commence by establishing a staking system and enabling users to delegate their stakes. This sets up the foundation for more duties in the future and promotes greater decentralization.
“I can anticipate that Starknet users will eventually gain the ability to sequence and verify Starknet blocks, which could potentially earn them rewards. Ben-Sasson highlighted the need for a phased deployment to maintain stability in the system.
He noted that it’s important to recall Ethereum required three years to reach its current state, so teams at StarkWare and the Starknet Foundation are utilizing this initial phase primarily for researching staking patterns and on-chain data. These insights will guide them in gradually assigning additional tasks to validators when they roll out further stages.
Governance implications
The introduction of staking on Starknet signifies an important step forward within the ecosystem, giving users the chance to engage both financially and in terms of governance.
According to Ben-Sasson, the advantages of governance will unfold gradually, eventually enabling token holders to contribute towards the operation of the blockchain infrastructure.
“The staking rollout pushes forward the ongoing decentralization of Starknet and will rest control in the hands of the community.”
Starknet hits 857 TPS in stress test
On October 29th, the L2 solution achieved a significant benchmark, processing up to 857 transactions every second in a supervised high-load test.
According to Ben-Sasson’s report, Starknet maintained its network stability even while processing approximately 127.5 transactions per second on average for a full day.
The stress test simulated a high-demand gaming environment and showed improved throughput and fast transaction speeds, demonstrating Starknet’s “firepower,” as described by Ben-Sasson.
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2024-11-26 16:22