Starknet Staking Mechanism: Overview and Features Explained

The Starknet staking project aims to transition from centralized to decentralized mechanisms while offering competitive staking pools.

### Starknet Staking Mechanism: Overview and Key Features
* 👋 Welcome to the Starknet Staking Cod Hawks kickoff, where the competition is live until **October 4th**, with a total prize pool of **$65,000**, split between **high, medium, and low rewards**.
* 💻 The Starknet staking project implements a **competitive staking mechanism**, allowing users to **lock funds and allocate them to staking pools** while following the Starknet SN8 standards.
* 🔄 A key feature is the ability for users to **switch between staking pools without waiting for a 21-day lock period**, enhancing **competitiveness and flexibility**.
* 📜 The project includes various functionalities like **entering delegation pools**, **claiming rewards**, and **managing staker addresses**, with a minimum stake requirement set at **20,000 Starks**.
* 🔑 Stakers can manage their rewards and operational addresses separately, allowing for **enhanced security and flexibility** in fund management.
* ⚙ The mechanism also supports L2 to L1 messaging, allowing for **efficient communication and minting of rewards**, although some details are **out of scope for the current discussion**.
* 💬 For any questions, participants are encouraged to utilize the Starkware and Cphon Discord channels, as representatives will be **available to assist throughout the competition period**.
* 🎉 The team is excited about the transition from **centralized to decentralized staking** and invites everyone to engage with this **innovative project** as they continue to refine their **economic structures**.

Starknet Staking | Live competition Kick-off

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The Starnet staking contract involves key players like the staking contract, L2 reward supplier, and operator, with a minting curve that queries the total stake.

The project aims to implement the Starnet staking mechanism, with a live competition running until October 4th, offering a $65,000 prize pool.

Natan and Alon from Starnet are leading the project, emphasizing the importance of testing and finding issues before the official launch.

The staking contract calculates yearly rewards and extrapolates them based on the time passed since the last calculation.

The interface allows users to enter the staking contract and switch to the delegation pool.

This project is in its first stage of decentralized staking on L2, with plans for major versions and a smooth transition to full decentralization.

The staking process allows users to increase their stake and claim rewards, with a minimum stake of 20,000.

Unstaking involves a 21-day intent period before the actual withdrawal of funds.

The reward supply contract manages rewards for all stakers and has a mechanism to add stakes when funds are low.

Key Management and Transition to Decentralization

Stakers have three keys: a main key for control, a rewards address for less secure funds, and an operational address for frequent use.

Delators can also have two addresses for delegation and rewards.

The project is transitioning from centralized to decentralized while live, taking inspiration from Ethereum's two-year transition between consensus protocols.

Overview of the System and Delegation Pool

The system receives L1 messages and consumes L2 to L1 messages, requesting a mint and depositing with a message from L1 to L2.

The representatives will be available in Discord to answer questions and provide support.

The pool contract allows users to enter the delegation pool without a minimum requirement, aiming to provide flexibility in claiming rewards and adding contributions.

The GitHub repo for the project is linked on the Hawk's Landing Page, and support is available through the Starkware and Cphon Discords.

The mechanism for compound interest involves claiming rewards and adding them to the stake, with no minimum requirement.

The delegation pool has two entry points and a unique function to switch pools quickly, promoting competition and allowing delegators to move without waiting for the typical 21-day period.