STRK Holders Set to Vote on Staking for Starknet Ecosystem

• Starknet introduces staking with the first-ever Mainnet vote for STRK holders, set to launch in October 2024.
• STRK holders will vote on crucial staking mechanisms, including minting processes, during the September 2024 voting period.

Starknet, an Ethereum Layer 2 scaling solution, has made a momentous announcement that opens a new chapter in its community. The first-ever Mainnet vote for STRK holders is set to bring staking to the Starknet ecosystem.

Although the rollout timing is still being decided, the initial launch is expected to take place in October. This breakthrough is seen as a watershed moment in Starknet’s history, giving STRK holders not just a say in the network’s progress but also the option to participate in the staking mechanism.

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

STRK Holders to Shape Starknet Staking and Minting Mechanisms 

Staking on Starknet will be implemented in accordance with a defined strategy, allowing STRK holders to vote on critical components of the staking process. One of the main topics on the agenda is the minting system, which is outlined in the document titled “Minting Mechanism.”

This approach will have a significant impact on how new tokens are created and dispersed around the network.

Additionally, voters will be requested to provide feedback on the methodology for altering the parameters of this minting mechanism, as detailed in “Adjustments to Minting Curve.” These decisions are critical because they will influence the future economic model of the Starknet ecosystem.

To guarantee that the community makes educated judgments, Starknet has proposed a sensible voting system. A three-day test voting phase is set for September 2–4, 2024.

This period will allow participants to become acquainted with the voting process and test the staking mechanism on the testnet. Following that, the formal voting session will run from September 9 to September 13, 2024, for five days.

On the other hand, CNF previously reported that Starknet is collaborating with Informal Systems to join the interchain, improving blockchain interoperability.

In addition, integrating IBC into Starknet will allow for a smooth flow of liquidity between this L2 network and other networks.

Meanwhile, at the time of writing, its native token, STRK, is trading at around $0.3509, down 2.41% over the last 24 hours, with a daily trading volume of $51.42 million.