Starknet has begun the first phase of caching as it moves towards becoming a fully decentralized caching proof network.
On September 25, the Zero Knowledge Accumulation Layer 2 Network announced that the Starknet (STRK) staking process had begun. The platform also confirmed that staking on the Layer 2 network would be completed by the end of the year.
Both the testnet and mainnet of the first phase will launch in Q4 2024, according to Starknet. Posted on X.
First Vote on Starknet Governance
After unveiling plans in July to enable staking on the Ethereum (ETH) layer 2 network by the end of the year, Starknet has acknowledged that the transition to a fully decentralized proof-of-stake network will take some time.
This first phase of STRK’s involvement comes after a community governance vote on the proposal passed earlier this month.
The vote represented the first-ever governance exercise for Starknet token holders since the token’s launch in February 2024. Notably, the vote’s approval introduced Starknet’s own token minting curve — a move that paved the way for the launch of staking rewards in this first phase.
Starknet’s minting curve is designed to provide future incentives for token holders to participate in the security of the network through staking while managing inflation. The model balances staking with rewards – the more tokens staking, the lower the staking reward.
In its gradual deposit model, Starknet plans to evolve the basic deposit of tokens into more complex functions. This will include the adoption of real-time proof-of-stake, full chaining, and proof-of-stake operations.