Upcoming Staking vote

šŸ› Governance
1

Upcoming Staking vote

Vote on Staking on Starknet

We are thrilled to announce the first-ever vote on Mainnet for STRK holders, which will introduce staking to the Starknet ecosystem. While the exact deployment schedule is still being finalized, we anticipate the staking launch to occur in October.

Staking on Starknet details

As part of the introduction of the Staking mechanism on Starknet, STRK holders will be voting on the following:

  1. The minting mechanism, as detailed in ā€œMinting Mechanismā€
  2. The protocol for modifying the parameters of the minting mechanism, as detailed in ā€œAdjustments to Minting Curveā€

Minting Mechanism:

We propose the implementation of a minting curve mechanism for new STRK tokens. The minting curve is based on Professor Noam Nisanā€™s proposal , with a slight parameter variation. The minting curve is defined by the following formula:

M = C/10 * āˆš S

Where:

  • S is the staking rate, expressed as a percentage of the total token supply.
  • M is the annual minting rate, also expressed as a percentage of the total token supply.
  • C is the maximum theoretical inflation rate, expressed annually as a percentage.

The initial value for C is proposed to be set at 1.6.

Implementing a minting curve mechanism allows for a dynamic adjustment of the token supply in response to staking participation rates. This approach aims to balance the incentives for staking while effectively managing inflation.

Adjustments to Minting Curve:

A monetary committee created by the Starknet Foundation will have the authority to adjust the minting curve constant C within the range of 1.0 to 4.0, subject to the following conditions:

  • Lowering C: This adjustment will be made when an excessive amount of STRK is staked.
  • Increasing C: This adjustment will be made if insufficient STRK is being staked.

To ensure transparency and community trust, any change to the minting curve constant C must be accompanied by:

  • A public announcement detailing the justification for the change.
  • The announcement must be made on the community forum at least two weeks in advance of the change.

For more detail, see the Staking on Starknet voting proposal and SNIP 18: Stakingā€™s First Stage on Starknet

Proposed timeframe for Staking vote

In order to afford sufficient time to test staking on testnet and reach a knowledgeable decision about the mechanismā€™s approval, we propose the following vote timeframe:

  • Test voting period (3 days): The test voteā€™s duration, September 3-5, 2024
  • Voting period (5 days): The voteā€™s duration, September 9-13, 2024

Starknet governance hub

The vote will be held on the Governance hub where you can delegate or self delegate and cast your vote.

2

Yes I am very much in favor of staking $STRK as I am a loyal holder and want to increase my coin holdings.

3

Hi,

Staking is a huge milestone, i got a question tho, can we all agree that having to ā€œwrapā€ strk to vote is weird ?

It would be great if the staked strk would automatically give governance rights, as it is in every other DAO existing. How are

Thanks.

4

very good for starknet, I strongly support this proposal of the team.

5

I was waiting! I support it!

6

Absolutely for, as STRK holder iā€™d like to hold and earn :slight_smile:

7

The introduction of staking on Starknet is an important step that will demonstrate the maturity of the ecosystem and allow STRK holders to directly influence its future.

8

Hi @MathiasTelitsine thanks for this feedback it is in the works