Starknet, a decentralised layer-2 scaling solution based on Ethereum, is preparing to conduct its inaugural staking vote on the mainnet for native STRK token holders.
The network will implement a staking mechanism in September to enhance and decentralise its functionality.
The date of the staking launch has yet to be established; however, it is anticipated to take place in October, contingent upon the referendum results.
Details of the proposal
The forthcoming vote will concentrate on introducing two components of the staking mechanism on Starknet.
The initial mechanism will be the minted mechanism, which will be responsible for creating and distributing new tokens within the Starknet ecosystem. This mechanism will be instrumental in encouraging the participation of validators and delegators.
The second aspect pertains to the protocol for parameter adjustment of the minting mechanism, which enables the modification of minting over time to ensure sustainability and balance.
Timeline for voting
A test voting procedure is in place to give STRK holders sufficient time to make informed decisions.
The test vote period is scheduled to commence on September 2 and conclude on September 4, allowing all participants to become acquainted with the testnet process.
The primary ballot will occur after the testing phase, from September 9 to September 13. This would give STRK holders a five-day window to participate in the official staking vote.
Starknet establishes target for Q4
The CEO of StarkWare, Eli Ben-Sasson, disclosed at EthCC on July 10 that the company intends to implement staking by the conclusion of 2024 through a STarknet improvement proposal (SNIP).
The most recent development today, August 20, indicates that Starknet staking is anticipated to be initiated in October following the community’s approval of the SNIP.
Ben-Sasson informed Cointelegraph on July 10 that stakeholders will “gradually receive more responsibilities” and that the corresponding rewards will be contingent upon fulfilling these responsibilities.
