Starknet Introduces Staking with Returns Up to 12.27% Annually

Starknet has launched STRK staking on its mainnet, marking the first major L2 blockchain to offer this solution.

STRK Staking phase 1 is officially live on Mainnet!

If you want to take part in this initial phase (or in futures phases) and contribute to the decentralization of Starknet, you can now:
? Become a Validator: Open to everyone, this requires running a full node and staking a… pic.twitter.com/zxIIW6dQf3

— Starknet ?? (@Starknet) November 26, 2024

Users can become validators with at least 20,000 coins ($11,200 at the time of writing) or delegate their assets to other participants.

Several projects, companies, and validators have announced support for STRK staking, including Bitwise, zkLend, Karnot, among others. The service is also available in Argent and Braavos wallets.

The annual interest rate ranges from 4.63% to 12.27%. Withdrawing STRK from staking takes 21 days, a rule that also applies to the rewards earned.

Developers emphasized that the launch of staking is the first step towards creating a fully decentralized PoS network.

Note that this is only Phase 1 of our plan to transform Starknet into a fully decentralized PoS network.

Here’s the full roadmap to get there:https://t.co/RbnJ6aSxFq

— Starknet ?? (@Starknet) November 26, 2024

The price of STRK has adjusted by 8% in the last 24 hours amid a broader market downturn.

In August, the Starknet community planned a vote on the staking launch. It concluded positively in September.

In November, developers of the L2 network planned to quadruple transaction processing speed and reduce fees by five times in anticipation of a surge in user activity.