Bitcoin price surged above $58,000 and tested $60,000 as Germany’s BTC holdings decreased. Meanwhile, the Ethereum event continues this week with significant announcements. The latest development was about Starknet, with the team planning to start staking by the end of the year.
STRK Coin Commentary
For layer2 solutions like this, if you can’t increase token utility, you can’t prevent prices from falling. The Starknet team saw what was needed and shared their staking plans at the recent Ethereum event. CEO Eli Ben-Sasson announced at EthCC that they presented the Starknet Improvement Proposal (SNIP) to enable staking on the network.
Following the community’s approval of this proposal, the staking feature will be launched on the mainnet by the end of 2024. After the vote, the testnet will receive this feature much earlier.
“As Starknet continues its decentralized journey, StarkWare is excited to propose the first phase of staking. This is a significant step in building the staking community and technology, offering new opportunities for users and developers.”
The staking proposal includes a 21-day lock-up period, and if it gains demand, the supply of STRK Token on exchanges could decrease, leading to significant price increases.
