Demex Daily #195: StarkWare Proposes Staking on Starknet to Enhance Ethereum Layer 2

What’s Interesting Today:

StarkWare has proposed a Starknet Improvement Proposal (SNIP) to introduce staking on its Ethereum Layer 2 network by the end of the year, pending approval from its community of token holders. According to CEO Eli Ben-Sasson, the implementation would be gradual, starting with stakers setting up and interacting with specific contracts under the proposed protocol rules. The initiative aims to enhance community involvement in network operations. Despite this development, Starknet's token price remains unaffected at $0.59 amid broader market declines. Starknet's total value locked (TVL) has also fallen from a peak of $1.7 billion in March to $694 million, ranking it ninth among Layer 2 networks. The addition of staking could potentially boost Starknet's position in the Layer 2 sector. Additionally, StarkWare has been exploring scaling solutions for Bitcoin through the OP_CAT upgrade.


Jump Crypto's Firedancer, a newly developed high-performance validator client for Solana, has successfully created its first block on Solana's testnet. Firedancer, written in C++, aims to substantially boost transaction speeds by incorporating sharding, potentially scaling Solana's transaction capacity to 1 million transactions per second (TPS). This advancement adds a second validator client to Solana, enhancing its decentralization and security. Although Firedancer faced synchronization challenges after its initial success, these are slated for correction in upcoming updates. Additionally, Jump Crypto is offering up to $1 million in rewards to developers who uncover any vulnerabilities in Firedancer.

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