30s Summary

Starknet, an Ethereum layer-2 project, will introduce staking to its main network on November 26. Participants will need 20,000 STRK tokens to validate transactions and create blocks. Those with STRK tokens can also delegate their stakes to validators. Both groups must abide by a 21-day unstaking lockup period. Recently, StarkWare has been focusing on the Bitcoin ecosystem in addition to Ethereum.

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Starknet, an Ethereum layer-2 project, has announced that it will introduce staking to its main network on November 26. StarkWare, Starknet’s main developer, had previously mentioned that it would bring staking to the blockchain, but hadn’t given a specific launch date.

According to the folks at Starknet, anyone can jump in and participate in staking on the blockchain. Validators, or those who validate transactions and create blocks, will need a cool 20,000 STRK tokens (worth around $9,610) to run their nodes. Meanwhile, those who own STRK tokens but don’t want to be validators can still get in on the action. They can choose a validator and delegate their stakes to them.

There’s a catch though. The team announced that both validators and these delegators will have to sit through a 21-day unstaking lockup period. This simply means they won’t be able to withdraw their stakes for 21 days.

Interestingly, StarkWare has recently shifted some of its focus away from Ethereum and towards the Bitcoin ecosystem. Just last week, the StarkWare team alongside some top Bitcoin developers announced major breakthroughs on new features to make Bitcoin more programmable. So, it seems this major change in the Ethereum layer is just one of many exciting developments coming from StarkWare.