Vitalik Buterin Unlocks 1.268 Million STRK Tokens Ahead of StarkNet Staking Protocol Launch

Vitalik Buterin, an early investor in StarkNet, recently unlocked 1.268 million STRK tokens from the Starknet LockedTokenGrant contract, valued at approximately $470,000.

output: Early investor in StarkNet, Vitalik Buterin, unlocked 1.268 million STRK from the Starknet LockedTokenGrant contract on Monday. This recent activity, valued at around $470,000, adds to his total STRK holdings, now amounting to 2.113 million STRK, valued at about $781,000, making STRK his most valuable token besides ETH.

Meanwhile, StarkNet is gearing up for the launch of its permissionless on-chain staking protocol, complete with stake delegation. This upcoming feature will allow anyone holding STRK to contribute to network security and earn rewards.

The first phase of staking is set to go live in Q4 2024, offering the community an opportunity to engage with the network in a new and meaningful way.

The initial phase of staking is designed to lay the foundation for the protocol, ensuring a smooth and secure rollout. Participants can join as either Stakers or Delegators.

Stakers, who are required to run a full node and stake at least 20,000 STRK, will play a crucial role in maintaining and securing the network.

Delegators, on the other hand, can simply delegate their tokens to a chosen staker through a straightforward transaction on the official user interface or other decentralized application UIs.

1/ 🧵 With $STRK staking just a few months away from going live on @Starknet mainnet, here’s a quick thread on everything you need to know.

This is a massive step forward in Starknet’s decentralization journey, and it’s shaping up to be a game-changer!👇 pic.twitter.com/vi8bjRgznV

— zkLend Intern (@zkLendIntern) September 3, 2024

One of the key features of StarkNet’s staking protocol is its reward system, which is based on a minting curve. As more STRK tokens are locked in the staking protocol, the rewards decrease, balancing the incentive to stake with the need to maintain the network’s economic security.

Staking on StarkNet is not just about earning rewards; it represents a significant step towards the network’s decentralization. Stakers will eventually take on critical responsibilities, including producing, attesting, and proving blocks.

Voting on the staking proposal is set to begin in September, with the mainnet staking expected to launch in October 2024. This initiative promises to be a game-changer for StarkNet, further solidifying its position in the decentralized finance landscape.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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