Starknet Token Holders Vote 98.94% to Launch Staking Mechanism
TL;DR
- Starknet token holders voted overwhelmingly (98.94%) to implement staking, marking a key milestone for the layer-2 network.
- However, only 0.08% of eligible $STRK holders participated in the vote, indicating low engagement despite strong support.
Starknet's governance election concluded with a decisive 98.94% approval for staking, a significant step for the community. Despite this overwhelming support, participation was alarmingly low, with just 0.08% of eligible $STRK token holders casting their votes. A mere 0.45% abstained, while 0.61% opposed the proposal.
The approved staking mechanism will enable holders of more than 20,000 $STRK to stake starting in Q4 this year. StarkWare, the main development team behind Starknet, mentioned that the vote also included a minting mechanism to balance rewards for stakers and manage inflation expectations effectively.
To streamline this governance process, Starknet is utilizing Snapshot X, a newly launched governance protocol. This system determines voting power based on the amount of $STRK held, ensuring that votes reflect the true interests of the community. By taking a snapshot of $STRK holdings at a specific time, it prevents individuals from acquiring tokens solely for voting purposes and then selling them shortly after.
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