Starknet Launches First Mainnet Governance Vote on Staking
Starknet is marking a significant milestone in its journey toward decentralisation with its first mainnet governance vote, set to run from September 10 to 13, 2024. For the first time, holders of the STRK token will participate in governance decisions via the Starknet Governance Hub, focusing on a crucial staking proposal. This vote not only reflects Starknet’s progression towards decentralisation but also introduces a new governance protocol designed to enhance voting efficiency and security.
STRK staking is closer than ever, and it’s now time for all STRK holders to shape its future 🫵
Starting tomorrow at 9 AM UTC, you will have the chance to vote on the STRK staking minting curve for staking rewards.
The upcoming vote represents a pivotal moment for Starknet’s community. Since the distribution of STRK tokens in February 2024, this will be the first opportunity for the community to actively engage in governance decisions. The vote will determine the minting curve for staking rewards, a step towards implementing Starknet’s staking mechanism. According to the Starknet Blog, “The vote determines the minting curve that will enable staking,” which is essential for transitioning to a proof-of-stake (PoS) network.
Today marks the launch of Snapshot X, our new fully onchain voting protocol now available on the Snapshot v2 interface. It combines the security and verifiability of onchain voting & execution plus the frictionless ease & modularity that Snapshot is known for. pic.twitter.com/FtwyyXmLIW
Starknet’s transition to a PoS protocol involves gradual implementation, starting with this vote. The Starknet Improvement Proposal (SNIP) 18, introduced in July, outlines the initial phase of staking where any STRK holder can participate. The proposed minting curve aims to balance the incentives for staking while managing inflation. Prof. Noam Nisan’s proposal, which forms the basis of the vote, suggests that “The more tokens staked, the lower the staking reward,” aiming to strike a balance between encouraging participation and controlling inflation.
Introduction of Snapshot X
A notable development accompanying this vote is the use of Snapshot X, a new on-chain governance protocol developed by Snapshot Labs and built on Starknet technology. Snapshot X enables gasless voting, addressing the high costs associated with on-chain governance. Eli Ben-Sasson, Co-Founder and CEO of StarkWare emphasised the importance of this development: “Those with voting rights with DAOs that currently vote on-chain need never again be expected to pay gas fees to vote.”
Snapshot X uses storage proofs to authenticate voting power based on STRK holdings without requiring the movement of tokens across chains. This approach not only reduces costs but also enhances security. Jeremy Musighi, COO of Snapshot Labs, explained, “By mathematically verifying data across chains, storage proofs eliminate the need for third-party intermediaries, making the process more secure and cost-efficient.”
Voting Process and Future Implications
To participate in the vote, STRK holders must delegate their voting power by 12 p.m. on September 10, 2024. Voting will be conducted through the Starknet Governance Hub, where users will connect their wallets and cast their votes on the staking proposal. The results will influence the token distribution and minting mechanism, shaping the future of Starknet’s staking ecosystem.
The vote not only represents a step toward decentralisation but also sets a precedent for future governance procedures within the network. The integration of Snapshot X marks a significant advancement in on-chain governance, offering a more efficient and cost-effective voting mechanism.
Conclusion
The first governance vote on Starknet’s mainnet is a landmark event in the network’s path to full decentralisation. By enabling STRK holders to influence critical decisions and introducing a new, gasless voting protocol, Starknet is making strides towards a more inclusive and efficient governance model. This development is crucial for ensuring the network’s growth and sustainability, reflecting its commitment to decentralisation and community involvement.
