1. Key Details of the Vote
2. Agenda of the Vote
3. Role of Snapshot X in Fostering Decentralization

Starknet has announced that its first community governance vote on the mainnet will be held from September 10 to 13, 2024. The vote aims to introduce a token-minting curve essential for enabling staking rewards as Starknet transitions to a proof-of-stake (PoS) protocol.

Key Details of the Vote

According to a recent blog post from the team, the vote will be based on Starknet Improvement Proposal (SNIP) 18, which aims to balance rewards and control inflation by reducing staking rewards as more tokens are staked. STRK token holders can participate in this governance process via the Governance Hub, but they must delegate their voting power to their wallet address by 12 pm on September 10 to be eligible to vote.

Agenda of the Vote

This vote is a key step in Starknet’s broader strategy for full decentralization. Starting with this vote, all governance votes will take place entirely on-chain. According to the team, this ensures the integrity of the voting process while making it cost-effective and represents an important step toward full decentralization on the network. The voting process will be powered by Snapshot X, a new on-chain governance protocol built on Starknet’s infrastructure, enabling cross-chain voting based on STRK holdings across different chains, including Ethereum.

Role of Snapshot X in Fostering Decentralization

In August, the Starknet team announced that the first mainnet vote would be on a proposal introduced by StarkWare Co-founder Eli Ben-Sasson to determine the specifics of its staking mechanism. The proposed implementation plan includes a phased approach to staking integration, with a testnet set for September and a full launch in October 2024. Snapshot X facilitates cross-chain voting, allowing users to vote based on STRK holdings across different chains, boosting participation and decentralization.

Holding the first mainnet community vote marks a significant step toward full decentralization of the Starknet network, opening up new opportunities for STRK token holders to participate in the project's governance.