Starknet debuts Ethereum layer-2 staking with Bitwise as early validator News ▸ Ethereum ▸ Technology
Starknet debuts Ethereum layer-2 staking with Bitwise as early validator
Bitwise supports Starknet's staking launch, highlighting ZK-STARKs and Cairo innovation.
2 min read
Updated: Nov. 26, 2024 at 5:42 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Starknet has launched its staking program for STRK tokens, becoming the first Ethereum layer-2 network to enable staking, according to a Nov. 26 statement shared with CryptoSlate.
The program aims to empower token holders to participate in securing the network while earning rewards.
In this initial phase, token holders with at least 20,000 STRK can stake directly on the network. Those with fewer tokens can delegate their holdings to validators. Both groups will face a mandatory 21-day lockup period for unstaking, with rewards distributed proportionally based on the amount staked.
Meanwhile, Starknet also encourages participants to use staking-enabled wallets, paving the way for broader institutional and retail adoption.
StarkWare CEO Eli Ben-Sasson said the launch of staking is a significant moment for the network. He emphasized that the staking initiative showcases blockchains’ potential to handle increasing demand through rollups.
This milestone follows Starknet’s recent achievement of processing 857 transactions per second, setting a benchmark for other Ethereum layer-2 solutions.
Bitwise joins an early validator
According to a Nov. 26 announcement, crypto investment firm Bitwise has become one of the first validators for Starknet’s staking program.
The Bitcoin ETF issuer stated that its Bitwise Onchain Solutions, known for its extensive Ethereum staking experience, will support STRK staking. The company has offered a public validator address that enables STRK holders to delegate their tokens easily to the platform.
The company explained that it views Starknet as a fitting choice to expand its staking products into layer-2 networks, citing the network’s role in advancing blockchain technology through innovations like ZK-STARKs and its Cairo programming language.
Bitwise CTO Hong Kim said:
“For years, Starknet has been pushing the frontiers of scaling and security with ZK-STARKs and its native smart-contract language, Cairo. This network has given back a great deal to the Ethereum community while staying committed to its vision of building a more accessible, transparent, and sovereign internet, the ‘Integrity Web.’”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitwise Asset Management pioneered the first cryptocurrency index fund and is the leading provider of rules-based exposure to the cryptoasset space..