Starknet Community to Vote on Staking Launch

Holders of Starknet (STRK) have been invited to approve the integration of token issuance mechanisms and parameter adjustments—essential components for staking.

The first-ever vote on Mainnet for STRK Holders ?️

The first voting proposal is here, bringing STRK staking to the Starknet ecosystem!

STRK holders will have the opportunity to voice their opinions on the proposed minting mechanism and the conditions for modifying its…

— Starknet ?? (@Starknet) August 20, 2024

The “temperature check” will run from September 2 to 4, with the main vote scheduled for September 9-13.

To make an informed decision, STRK holders can familiarize themselves with the staking mechanism on the test network.

The exact deployment schedule is still being finalized. According to the initiative, if approved, the functionality will be integrated in October.

The issuance mechanism will establish the rules for creating and distributing new tokens within the Starknet ecosystem and will serve as a central incentive for validators and delegates to participate.

The parameter adjustment system will allow changes over time to ensure balance and stability.

The initiative was proposed by Eli Ben-Sasson, CEO of StarkWare, the company behind Starknet. On July 10, he announced plans to introduce staking by the end of 2024 through a SNIP.

In June, ForkLog reported on StarkWare’s ambition to make the L2 network a unified scaling layer for the first cryptocurrency alongside Ethereum. 

According to Ben-Sasson, such an expansion for the protocol could be realized six months after the implementation of the OP_CAT update in the Bitcoin network.