Starknet Token Holders Approve Staking Implementation Plan

Starknet token holders have voted to implement staking on Snapshot’s layer-2 network, which has been in the works since July, in a landmark governance election on Snapshot’s new decentralized Snapshot X platform.

The vote, which went live on Tuesday, was a landslide, with only 0.08% of voters holding Starknet’s native token, the STRK token, participating. 98.94% of those who participated voted in favor of implementing staking, while 0.45% were undecided.

The new mechanism on Starknet means that starting from the fourth quarter of this year, anyone holding more than 20,000 STRK will be able to stake in the network.

“The vote also approved a minting mechanism that will balance rewarding stakers with inflation expectations,” StarkWare, the main developer behind the Starknet blockchain, said in a press release shared with CoinDesk.

To strengthen its governance process, Starknet uses Snapshot X, a governance protocol that the team behind Snapshot released on Tuesday.

“Snapshot X determines the voting power of voters based on their STRK holdings. The goal here is to ensure that votes come from real community members and to prevent people outside the community from buying STRK for a few days, voting, and then selling it. To ensure this, Snapshot X takes a snapshot of users’ STRK holdings at a predetermined time.”