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08/19/2024

Starknet's First Official Staking Vote Is Coming: What STRK Holders Need to Know

Starknet, the decentralized layer-2 scaling solution built on Ethereum, is preparing to hold its first official staking vote on mainnet for STRK token holders. The vote, expected to take place in September, will introduce a new staking mechanism for the network, aimed at enhancing decentralization and improving network functionality. While the exact date for staking deployment has not yet been confirmed, it is expected to roll out in October, subject to the outcome of the vote. Proposal Detai

Starknet's First Official Staking Vote Is Coming: What STRK Holders Need to Know

Starknet, the decentralized layer-2 scaling solution built on Ethereum, is preparing to hold its first official staking vote on mainnet for STRK token holders.

The vote, expected to take place in September, will introduce a new staking mechanism for the network, aimed at enhancing decentralization and improving network functionality.

While the exact date for staking deployment has not yet been confirmed, it is expected to roll out in October, subject to the outcome of the vote.

Proposal Details

The upcoming vote will focus on introducing two core aspects of Starknet's staking mechanism:

  1. Minting mechanism: This will govern the creation and distribution of new tokens within the Starknet ecosystem, and will serve as the cornerstone for incentivizing participation from validators and delegators.
  2. Minting parameter adjustment mechanism: This allows the minting process to be fine-tuned over time to ensure network balance and long-term sustainability.

Voting Schedule

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

The trial voting phase is scheduled to run from September 2 to September 4, giving all participants a chance to familiarize themselves with the process on testnet.

The official vote will follow this trial phase, running from September 9 to 13. STRK holders will have a five-day window to cast their official votes on staking.

Starknet's Q4 Staking Goals

On July 10 at EthCC, StarkWare CEO Eli Ben-Sasson announced the company's plans to introduce staking by the end of 2024 through a Starknet Improvement Proposal (SNIP).

With community approval of the SNIP, staking on Starknet is expected to launch in October, according to the latest development update on August 20.

Ben-Sasson explained to Cointelegraph on July 10 that stakers will "gradually take on more responsibilities," with corresponding rewards based on how well they fulfill those responsibilities.