Starknet Token Holders Approve Staking on Snapshot X with Overwhelming Majority

Starknet Token Holders Embrace Staking: Snapshot X Vote Sees Record Support

On Friday, in a historic election for governance on Snapshot’s new decentralized Snapshot X platform, Starknet token holders cast their votes to bring staking to the layer-2 network—a proposal that has been in the works since July. Merely 0.08% of eligible voters who held Starknet’s native token, STRK, cast ballots in the vote, which went live on Tuesday and was passed with an overwhelming majority. With 0.45% abstaining and 0.61% voting against, 98.94% of voters supported instituting staking.

A minting mechanism that strikes a balance between rewarding stakers and setting inflation expectations was also approved in the vote,

StarkWare

Snapshot X to Power Starknet’s New Staking Mechanism for 20,000+ STRK Holders

Starting in the fourth quarter of this year, anyone with more than 20,000 STRK will be allowed to stake on the network due to a new mechanism on Starknet. Snapshot X, the governance protocol and first on-chain functionality that the Snapshot team announced on Tuesday, is being used by Starknet to power the governance process.

Snapshot X determines voting power based on the voters’ STRK holdings. The goal is to ensure votes are coming from genuine community members, and to prevent people outside of the community from buying STRK today, voting, and then selling the day after. To achieve this, Snapshot X takes a snapshot of STRK holdings at predetermined time.

StarkWare

For more up-to-date crypto news, you can follow Crypto Data Space.