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Starknet, a permissionless, censorship-resistant, and decentralized zk-Rollup, has recently announced a significant initiative. As per the company, it is going to introduce the STRK staking as an exclusive project on its platform, to improve the STRK coin’s utility. The firm took to the social media platform X to provide the specifics of this development.
It's official: STRK staking is coming to Starknet! 🕺
— Starknet 🐺🐱 (@Starknet) July 10, 2024
This will enable the development of new business logic and use-cases, adding more utility to the STRK token and gradually increasing the decentralization of our network.
And because it's coming this year, Starknet will be… pic.twitter.com/ilaDraEyqH
Starknet Unveils the Impending Official Release of STRK Staking
In its recent X post, Starknet revealed that the release of the STRK staking is a landmark for the company. It added that the development will fortify the decentralization throughout the Starknet network. The firm also pointed out that it has scheduled the 4th quarter of this year for the availability of STRK staking. At that time, the company will reportedly launch the project both on the testnet as well as the mainnet.
The endeavor will potentially stimulate the advancement of the latest business logic apart from the use cases in Starknet’s ecosystem. This will further strengthen its position within the blockchain market. A noteworthy thing is that during staking’s 1st phase, the Starknet Foundation and StarkWare will not participate in staking operations. As a result of this, they will have no eligibility to get staking rewards.
The Initiative Enhances Wider Participation and Enhanced Utility for the Expanding DeFi Network
In addition to this, the locked coins within the ecosystem of Starknet will stay ineligible for participation in staking. The STRK staking’s launch denotes the commitment of the platform to community engagement and decentralization. By letting coin holders take STRK tokens, the firm incentivizes long-term commitment. In general, the announcement signifies a visionary move by Starknet, leading to wider participation and enhanced utility.