Starknet is preparing to launch its token staking feature on the mainnet by Q4 2024, pending community approval, aligning with broader blockchain trends towards staking.
Points
- Starknet plans to launch token staking on its mainnet by Q4 2024.
- Community approval is required before the testnet rollout.
- Staking involves a 21-day time lock period for withdrawals.
- Staking aligns with broader blockchain trends for network security and rewards.
Starknet is on track to launch its token staking feature on the mainnet by Q4 2024, pending community approval. This move aligns with broader trends in the blockchain industry, where staking has become a popular method for securing networks and providing rewards to token holders.
The staking mechanism will include a 21-day time lock period, meaning users must wait 21 days after staking before they can withdraw their funds. This approach ensures network stability and encourages long-term commitment from stakers.
Once the proposal is approved, individuals can either delegate to a staker or act as a staker themselves, earning rewards proportionate to the amount staked. The rewards will be based on a modified version of a minting curve proposed in February.
Explanation
- Staking: The process of participating in the validation of transactions on a blockchain network by locking up a certain amount of cryptocurrency.
- Time Lock Period: A specified period during which staked funds cannot be withdrawn.
- Minting Curve: A predefined schedule or formula for distributing new tokens over time.
Starknet’s upcoming staking feature is poised to enhance network security and offer attractive rewards, fostering greater community participation and long-term stability.
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