Starknet Prepares for First Community Vote on Mainnet with Introduction of STRK Token Staking
Starknet, a decentralized layer 2 scaling solution built on Ethereum, is gearing up for a significant milestone with its first community vote on the mainnet for STRK token staking.
This vote not only marks an important step for Starknet’s governance, but also a move towards greater decentralization and improved network functionality.
Context and Significance of the Staking Vote
The vote, set for September 2024, will introduce a staking mechanism within Starknet. This mechanism is designed to enhance the security and efficiency of the network while aligning participants’ economic interests with Starknet’s long-term vision. Although the exact staking launch date is yet to be determined, it is expected to be operational in October, pending a favorable voting outcome.
The significance of this vote lies in its ability to formalize crucial aspects of the Starknet ecosystem, including the creation of new tokens and adjustments to minting parameters. These elements will play a central role in incentivizing validator and delegator participation, ensuring a more robust and democratically governed network.
Proposal Details
The submitted proposal for voting covers two fundamental aspects of the staking mechanism on Starknet:
- The minting mechanism: This mechanism will define the creation and distribution of new tokens within the Starknet ecosystem. It will serve as an incentive for validators securing the network and delegators supporting these validators through their STRK tokens.
- The addition of a parameter adjustment protocol: This protocol will allow for time-based modifications to minting parameters, ensuring a balance between token supply and network needs while maintaining controlled inflation.
Voting Schedule and Process
To ensure that all STRK holders are well-informed and prepared, the voting process has been structured into multiple phases. A test vote period will take place from September 2nd to 4th, providing participants with an opportunity to familiarize themselves with the process on the testnet. The main voting phase will follow from September 9th to 13th, providing a five-day window for the official staking vote.
Towards Staking Launch in Q4 2024
At the EthCC conference in July 2024, Eli Ben-Sasson, CEO of StarWare, announced the company’s intention to launch staking by the end of the year. Based on the latest developments, this launch is expected in October 2024, subject to community approval through the Starknet Improvement Proposal (SNIP).
Staking on Starknet represents a significant advancement for both the network and its participants. Stakers will gradually be entrusted with more responsibilities, with rewards proportionate to their performance. This gradual process will enable a stable and reliable implementation of the Proof of Stake (PoS) mechanism, ensuring network security and stability.
Understanding Starknet Staking and Next Steps
Staking on Starknet involves locking STRK tokens in a staking contract to earn rewards proportionate to the amount staked. Participants can choose to become Stakers by operating a full node or Delegators by delegating their tokens to a staker through a simple transaction.
The implementation of staking brings added utility to the STRK token, in addition to its role in gas fee payments and governance.
Starknet plans to launch the first phase of staking on the testnet in September, followed by deployment on the mainnet in October. This initial phase will be followed by the introduction of other features, such as voting power and block attestation, further strengthening governance and network efficiency.
