Layer 2 network Starknet has confirmed that its first community governance vote on the mainnet will be held from September 10 to 13, 2024.
According to a recent blog post from the team, the vote is expected to introduce a token-minting curve essential for enabling staking rewards as Starknet transitions to a proof-of-stake (PoS) protocol. This curve, based on the Starknet Improvement Proposal (SNIP) 18, aims to balance rewards with the need to control inflation by reducing staking rewards as more tokens are staked.
STRK holders would be to participate in this governance process via the Starknet Governance Hub. The team noted that participants must delegate their voting power to their wallet address before “12 pm on September 10.” Failure to do so will exclude them from the voting process.
Notably, this vote is a key step in Starknet’s broader strategy for full decentralization. “Starting with this vote, Starknet governance votes will take place entirely on-chain, ” the team stated in the blog post.
According to them, this ensures the integrity of the voting process while making it cost-effective and “represents an important step toward full decentralization on the network.“
The team noted that the voting process will be powered by Snapshot X, a new on-chain governance protocol built on Starknet’s infrastructure. Snapshot X enables cross-chain voting, allowing users to vote based on STRK holdings across different chains, including Ethereum.
The Starknet team had earlier announced in August that its first mainnet vote would be on a proposal introduced by StarkWare Co-founder Eli Ben-Sasson to help determine the specifics of its staking mechanism. The team noted that the proposed implementation plan includes a phased approach to staking integration, with a testnet set for September and a full launch in October 2024.
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