[Starknet is about to hold its first mainnet staking vote: What STRK holders need to know]
Starknet, a decentralized Layer-2 scaling solution based on Ethereum, plans to conduct its first staking vote for STRK holders in September. This vote aims to introduce a staking mechanism to further decentralize and improve network functions. It is expected to be implemented in October, and the specific time will depend on the results of the vote.
This vote will focus on two aspects: the first is the minting mechanism, which determines how new tokens are created and distributed, and incentivizes validators and delegators to participate; the second is the adjustment protocol for the parameters of the minting mechanism, which allows for changes over time. Push and modify parameters to ensure system balance and sustainability.
The voting process is structured to give STRK holders sufficient time to conduct test voting. A test voting period is scheduled for September 2-4, with the official vote taking place from September 9-13.
At the EthCC conference, StarWare CEO Eli Ben-Sasson announced that the company plans to introduce a staking mechanism through the Starknet Improvement Proposal (SNIP) by the end of 2024. Following community approval of SNIP, the Starknet staking mechanism is expected to launch in October. Ben-Sasson explained that stakers will "gradually take on more responsibilities" and receive corresponding rewards based on how well they fulfill their responsibilities.
