Starknet set for first mainnet staking vote: What STRK holders need to know

Josh O"Sullivan11 hours agoStarknet set for first mainnet staking vote: What STRK holders need to knowStarknet’s inaugural staking vote introduces mechanisms for minting and parameter adjustments, paving the way for staking by October 2024.926 Total views40 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onStarknet, a decentralized layer-2 scaling solution built on Ethereum, is set to conduct its first-ever staking vote on the mainnet for native STRK tokenholders.

The vote, set to take place in September, would introduce a staking mechanism to the network, designed to further decentralize and improve network functionalities.

Although the exact date of the staking launch is yet to be determined, it is expected to occur in October, depending upon the outcome of the vote.Source: Starknet

Related:Starknet launches $25M token incentive for top projectsProposal details

The upcoming vote will focus on introducing two aspects of the staking mechanism on Starknet. 

The first will be the minted mechanism, which will dictate new token creation and distribution within the Starknet ecosystem and become central to incentivizing validator and delegator participation.

The second aspect concerns the protocol for parameter adjustment of the minting mechanism, allowing for modification of minting over time to ensure balance and sustainability. 

Related:Starknet staking will hit mainnet in Q4 — EthCCVote timeline

The voting process is structured to give STRK holders enough time to make informed decisions through a test voting process.

The test vote period is scheduled to start on Sept. 2 and run until Sept. 4, providing all participants with time to familiarize themselves with the process on testnet.

The main vote would follow this testing phase, which runs from Sept. 9–13. This would give STRK holders a five-day window for the official staking vote.

Related:Starknet-based ZKX protocol shutters, blaming lack of usersStarknet staking Q4 target

On July 10, at EthCC, StarWare CEO Eli Ben-Sasson announced the firm’s plans to introduce staking by the end of 2024 through a Starknet improvement proposal (SNIP).

With community approval of the SNIP, Starknet staking is expected to be launched in October, per the latest development today, Aug. 20.

Ben-Sasson explained to Cointelegraph on July 10 that stakers will “gradually receive more responsibilities,” and corresponding rewards will be based upon the performance of these responsibilities.

Magazine:11 critical moments in Ethereum’s history that made it the No.2 blockchain# Blockchain# Decentralization# Adoption# Voting# Layer2# Staking# MintingAdd reaction