- STRK holders have approved a staking proposal.
- The staking feature aims to boost Starknet’s security and efficiency.
- A new STRK minting curve was also passed in the proposal.
The Starknet community has concluded its inaugural mainnet vote, approving a proposal to implement STRK staking.
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The Ethereum Layer 2 network introduced the STRK staking idea on August 20, noting that it would bolster the network’s security, decentralization, and efficiency while incentivizing participation in a “democratically governed ecosystem.” The vote on the proposal went live on September 10.
STRK Holders Ratify Staking Proposal
On Friday, the large majority of STRK token holders approved the governance proposal “SNIP 18” to implement staking within Starknet. Of the 0.08% of eligible voters, 98.94% voted in favor of the proposal, 0.61% voted against it, and 0.45% abstained.
The vote paved the way for Starknet to introduce STRK staking on testnet soon before the mainnet launch by the end of the year. Once launched on mainnet, Starknet will allow users with over 20,000 STRK holdings to stake their tokens, subject to a 21-day time-lock period before funds can be withdrawn.
The proposal also approved a new minting curve mechanism, allowing for a “dynamic adjustment” of STRK’s supply in response to staking participation rates. This feature aims to balance staking incentives while meeting inflation expectations.
Following the development, Starknet is keen on integrating additional governance features and responsibilities for STRK stakers in phases. This includes the potential role of stakers in decentralizing the network’s sequencer and prover.
While STRK surged to a daily high of $0.403 on Friday, partly due to the news, the token is down $89.27% from its all-time high of $3.66 on February 20. At press time, CoinMarketCap data shows STRK’s price stood at $0.39, with a market cap of $699,874,363.
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Starknet Shakes up Its Executive Ranks: Here’s What You Need to Know
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