Starknet Approves Staking Proposal with Overwhelming Majority

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Community Approves Proposal
  2. Details of the Minting Curve Mechanism
  3. Authority to Adjust Minting Parameters


    4. The popular altcoin project Starknet has approved governance proposal 'SNIP 18', paving the way for staking on its network.

    Community Approves Proposal

    The Starknet community voted overwhelmingly to implement a new staking mechanism for STRK tokens, including a dynamic minting curve. Nearly 98.94% of voters supported the proposal, which aims to balance the token supply in the network. This approval represents a significant step in Starknet’s long-term efforts to incentivize staking.

    The approval positions Starknet as the first major Ethereum L2 to initiate staking.James Strudwick, Executive Director of the Starknet Foundation

    Details of the Minting Curve Mechanism

    The minting curve feature is at the heart of the approved proposal, which builds on Professor Noam Nisan’s earlier 'Proposal 2'. This feature adjusts the STRK token supply based on staking participation levels, aiming to control inflation by minting tokens in proportion to staking activity. The minting rate (M) will be determined using a formula that scales with the staking rate (S) and a constant (C), initially set at 1.6%.

    Authority to Adjust Minting Parameters

    The Starknet Foundation or a designated committee will be able to adjust the minting constant (C) within a range of 1.0% to 4.0%. This allows them to reduce C if staking levels are too high or increase it if participation is low to encourage more staking. These adjustments will follow a strict process to maintain transparency, with any changes being publicly announced two weeks prior in the community forum.

    Feedback from the Starknet community has mainly been positive, with many supporting the balanced approach. Despite the 98.94% approval, a small minority, representing 0.61% of the votes, opposed the proposal. The decision didn’t reflect all the holders’ voting power, as only 79.65% of the total voting power (1.4 billion STRK tokens) contributed to it.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

OpenAI Launches GPT56 Sol Ultrafast, Boosting AI Speed and Efficiency

chest

OpenAI has launched a limited preview of GPT56 Sol Ultrafast, a new service tier that significantly increases the speed of its AI model.

user avatarMiguel Rodriguez

Google Unveils Gemini 37 Flash, Its Most Intelligent AI Model Yet

chest

Google has launched Gemini 37 Flash, an AI model optimized for coding and business workflows, offering significant speed and efficiency improvements.

user avatarRajesh Kumar

UBS Considers Cryptocurrency Trading for Private Banking Clients

chest

UBS is evaluating cryptocurrency trading options for private banking clients in Switzerland, with potential expansion to Asia-Pacific and US markets.

user avatarArif Mukhtar

UBS Significantly Boosts Bitcoin ETF Holdings

chest

UBS has significantly increased its Bitcoin ETF holdings, tripling its stake in BlackRock's iShares Bitcoin Trust to approximately 90 million shares.

user avatarLuis Flores

Alphabet Diversifies Stock Portfolio in Q2 2026

chest

Alphabet has updated its stock portfolio, now owning 28 stocks across various sectors to ensure long-term growth.

user avatarMaria Gutierrez

SpaceX Drops AMD in Favor of Nvidia for AI Projects

chest

SpaceX announced it will exclusively use Nvidia chips for AI projects, dropping AMD, during a quarterly earnings call on August 4, 2023.

user avatarDavid Robinson

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.