The first mainnet vote for Starknet, an autonomous layer-2 solution on the Ethereum network, is about to happen. This is a big step in the platform’s development. Starting in September, people who own Starknet’s own STRK tokens will be able to decide on whether or not to add a staking method that will help the network work better and less centrally.
Based on the results of this vote, staking is likely to begin in October. Two important parts of the planned staking system will be the focus of the vote itself. The first part is a minting system that will control how new tokens are made and given out in the Starknet environment. This method is very important for encouraging both validators and delegators to work together, which keeps the network strong and safe.
The second thing being voted on is a procedure that would let the minting process be changed over time. Through this freedom, we hope to keep things fair and make sure that the network’s stake process will last for a long time.
There will be a test step in the vote process to make sure that all STRK holders are ready to take part. This practice vote will take place from September 2nd to September 4th, giving people a chance to get used to the process without any risk. The main vote will happen soon after, from September 9 to September 13. This gives people who own tokens five days to cast their views on this important problem.
Executive Chairman of Starknet, Eli Ben-Sasson, first talked about plans for staking at EthCC in July. According to him, staking will be added by the end of 2024 through a Starknet Improvement Proposal (SNIP). This timeline depends on the community’s approval. Ben-Sasson says that the staking process will gradually give stakers more tasks to do, and their benefits will depend on how well they do.
This vote is very important for the community because the Starknet environment is always changing. Not only will the result decide if staking is allowed, it may also set the tone for future choices about how the platform is run.
