As a seasoned crypto investor with a knack for identifying promising projects, I must say that the recent development in Starknet has caught my attention. The successful implementation of staking on their layer-2 network is a significant step forward and shows the maturity of this project. Despite the low turnout for the governance election, it’s heartening to see that the majority of eligible voters supported the proposal.
On Friday, stakeholders of Starknet made a decision to introduce staking within their layer-2 network, a proposal that has been under consideration since July. This significant governance vote took place on the freshly developed, decentralized Snapshot X platform.
In a vote that went online on Tuesday, there was an extremely strong approval for the proposal. However, just 0.08% of those qualified to vote using Starknet’s native token, STRK, actually participated in the voting process. Out of those who did participate, 98.94% voted in favor of implementing staking, while 0.45% chose not to cast a vote, and 0.61% opposed it.
Starting in the last quarter of this year, individuals who possess over 20,000 units of STRK can participate in staking directly on the Starknet network.
In the statement they released to CoinDesk, StarkWare, creators of the Starknet blockchain, explained that a minting process was agreed upon which aims to fairly compensate stakers while also managing inflation expectations.
To facilitate the decision-making process, Starknet is employing Snapshot X – a governance protocol unveiled by the Snapshot team on Tuesday, marking their initial on-chain functionality.
Snapshot X calculates voting influence according to an individual’s STRK ownership,” as stated by StarkWare. This method aims to verify that votes originate from genuine community participants and not allow external individuals to purchase STRK, vote today, and sell tomorrow. Snapshot X accomplishes this by taking a prearranged inventory of STRK holdings at a specified time.
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2024-09-13 12:20