Crypto Staking Launches on Starknet, First for Top Ethereum Layer 2 Blockchains

Good news for cryptocurrency enthusiasts! Starknet, a major layer-2 rollup on Ethereum, is now offering users the opportunity to earn money by staking their tokens. That’s right – anyone with at least 20,000 STRK tokens (which is about $12,000) can participate and start making some passive income.

If you don’t quite have 20,000 STRK tokens, don’t worry! You can still get in on the action by delegating your tokens to validators to stake on your behalf. This is a great way to be involved in the process even if you don’t have a huge amount of tokens.

Starknet’s decision to introduce staking is part of an effort to decentralize the network, and it’s been in the works for some time now. The main developer behind Starknet, StarkWare, proposed this change to the community back in July, and now it’s finally come to fruition.

For those actively staking or delegating tokens, it’s important to note that there is a 21-day waiting period to withdraw any staked tokens or rewards earned from staking. This is to ensure the security and stability of the network.

Starknet’s move towards staking follows a trend in the cryptocurrency world, with Ethereum transitioning to a proof-of-stake consensus mechanism in 2022. Eli Ben-Sasson, CEO and co-founder of StarkWare, sees this as a positive step towards decentralization, with Starknet leading the way in this area.

While Starknet may be the first major layer-2 blockchain to introduce staking, it’s not the only one. Metis, a smaller layer-2 network, also added staking to its ecosystem earlier this year. However, the setup is slightly different as Metis tokens are locked on the main Ethereum chain and can be staked through a liquid staking protocol on the L2.

Overall, the implementation of staking on Starknet is just the beginning of a larger plan. The team behind StarkWare will continue to monitor staking habits on the network and explore additional responsibilities for validators in the future.

Exciting times ahead for the cryptocurrency community, as more and more opportunities for earning passive income emerge in the world of blockchain technology. Stay tuned for updates on this evolving and innovative space!