Starknet Network Launches Staking with Up to 12.27% Annual Yield
Date: 2024-11-27 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
Owners of 20,000 coins (around $11,200 at the current rate) can become validators or delegate their assets to other network participants. The new staking feature is supported by projects and companies such as Bitwise, zkLend, Karnot, and is also available through Argent and Braavos wallets.
The staking interest rate varies from 4.63% to 12.27% per annum, depending on the conditions. Withdrawal of funds from staking takes 21 days, and this limitation applies to both invested assets and received rewards.
The developers note that the launch of staking is a key step towards creating a fully decentralized network based on the Proof of Stake (PoS) algorithm.
Amid the general decline in the cryptocurrency market, the cost of STRK has fallen by 8% over the past 24 hours.
The decision to launch staking was approved by the Starknet community after a vote that took place in August and ended in September with a positive result.
It is also worth recalling that the Starknet developers previously announced plans to significantly improve network performance. In particular, they are going to increase the speed of transaction processing by four times and reduce fees by five times, expecting an increase in user activity.
