Starknet Preps First Mainnet Stake Vote
A staking vote for native STRK token holders will be held on the mainnet by Starknet, a decentralised layer-2 scaling solution based on Ethereum.
Starknet’s first staking vote paves the ground for staking by October 2024 by introducing methods for minting and parameter modifications.
The vote, scheduled for September, will add a staking mechanism to the network, intended to increase network functionality and decentralisation.
The date of the staking launch has yet to be announced, but based on the vote result, it is anticipated to take place in October.
The next vote will introduce two components of the Starknet staking mechanism.
The first will be the minted mechanism, which will control the production and distribution of new tokens inside the Starknet ecosystem and play a key role in encouraging the involvement of validators and delegators.
The second part is the protocol for adjusting the minting mechanism’s parameters, which permits gradual modifications in minting to guarantee sustainability and balance.
Through a test voting procedure, the voting process is set up to allow holders of STRKs ample time to make well-informed decisions.
The test vote session is slated to begin on September 2 and end on September 4, giving all participants ample opportunity to become acquainted with the testnet procedure.
This testing phase, which runs from September 9 to September 13, would be followed by the primary vote. Holders of STRK would then have a five-day window for the formal staking vote.
StarkWare CEO Eli Ben-Sasson revealed at EthCC on July 10 that the company intends to include staking by the end of 2024 via a STarknet improvement proposal (SNIP).
With community acceptance of the SNIP, Starknet staking is scheduled to be implemented in October, per the latest update today, August 20.
Ben-Sasson indicated on July 10 that stakers will “gradually receive more responsibilities,” and commensurate incentives will depend upon executing these obligations.
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