- STRK holders have approved the staking proposal.
- The staking feature aims to increase the security and efficiency of Starknet.
- The new STRK casting curve was also passed as proposed.
The Starknet community has completed its first mainnet vote and approved a proposal to implement STRK staking.
The Ethereum Layer 2 network introduced the STRK staking idea on August 20, saying it would enhance the network’s security, decentralization, and efficiency, and encourage participation in a “democratically governed ecosystem.” Voting on the proposal began on September 10.
STRK holders ratify staking proposal
On Friday, a majority of STRK token holders approved the governance proposal “SNIP 18” to implement staking within Starknet. 98.94% of the 0.08% of voters voted in favor of the proposal, 0.61% voted against, and 0.45% abstained.
This vote paves the way for Starknet to introduce STRK staking on the testnet ahead of its mainnet launch by the end of the year. Once launched on mainnet, Starknet will allow users holding 20,000 or more STRK to stake their tokens, with a 21-day lockup period before funds can be withdrawn.
The proposal also approved a new mining curve mechanism that would allow STRK supply to “dynamically adjust” in response to staking participation. This feature aims to balance staking incentives while meeting inflation expectations.
As development progresses, Starknet is eager to gradually integrate additional governance functions and responsibilities for STRK stakers, including a potential role for stakers in decentralizing the network’s sequencers and probers.
STRK surged to a daily high of $0.403 on Friday, partly due to the news, but the token is still down 89.27% from its all-time high of $3.66 on February 20. At the time of writing, STRK was priced at $0.39 and had a market cap of $699,874,363, according to CoinMarketCap data.
Stay up to date on recent leadership changes at the Starknet Foundation.
Starknet has shaken up its executive team. Here’s what you need to know.
Read about Binance’s charity efforts in Vietnam:
Binance Offers $1 Million BNB Airdrop to Users Affected by Typhoon Yagi