Starknet Announced The Launch Of STRK Staking: Community To Vote On Key Minting Mechanisms

• Starknet will launch STRK staking, introducing a new security mechanism and a community voting system on the mainnet.
• STRK staking, which requires at least 20,000 STRK or token delegation, will be subject to a 21-day lockup period.
• STRK holders will vote on token minting mechanisms and the modification of parameters to balance security and inflation.

Starknet has announced a significant update to its roadmap. The Ethereum layer-2 scaling solution revealed its plans to launch STRK staking, a crucial milestone for its development. 

The platform will implement staking as a new mechanism to secure the network. Additionally, it will introduce an innovative community voting system on the mainnet.

STRK staking is designed to enhance Starknet’s security, decentralization, and efficiency, while encouraging participation in a democratically governed ecosystem. 

Unlike other networks, it stands out as the first Layer-2 to implement this type of staking, demonstrating its strong commitment to decentralization and active community involvement.

Staking on Starknet is a monumental milestone for our network.

Here is everything you need to know about it 👇

1️⃣ What is staking on Starknet?

Staking involves locking your STRK tokens in the Starknet staking contract to earn rewards proportional to your stake.

You can… pic.twitter.com/h7I7qTi5d5

— Starknet 🐺🐱 (@Starknet) August 20, 2024

Users interested in participating in the staking program will need to run a full node with at least 20,000 STRK or delegate their tokens to a specific staker via Starknet’s UI or selected decentralized applications. It is important to note that STRK staking will be subject to a 21-day lockup period.

How Will Voting Work On Starknet?

In parallel, Starknet has proposed a community vote to decide on two critical aspects of the staking program. 

STRK holders will vote on token minting mechanisms, including the creation and distribution of new tokens as rewards, and the modification of minting parameters to balance network security and inflation.

The voting process will be conducted in two stages. The first stage, serving as a testing period, will take place from September 2 to September 4 on the testnet. 

During this time, STRK holders will be able to evaluate the voting process before the final phase, which will occur from September 9 to September 13 on the mainnet.

It is worth noting that StarkWare, the Foundation behind the project, and locked tokens will not participate in this initial staking phase. 

This approach ensures that the community has a key role in the governance of the program and in making crucial decisions for the future of the Starknet network.