Starknet Mainnet Holds First Voting with Snapshot X

Bittime - On 10-13 September, Starknet will hold the first on-chain voting on the Starknet mainnet. All token owners STRK will be given the opportunity to participate in this voting process.

Starknet Mainnet Voting

Every token holder STRK has the right to participate in this voting. However, there are important conditions that must be met, namely that token holders must complete delegation of voting rights before September 10 at 11:00. This is to maintain the smoothness and integrity of the voting process.

For those who don't know, delegation of voting rights is an important step that allows token holders to place their trust in another party to vote on their behalf. These delegates help ensure that every vote is counted, even if the token owner cannot be directly involved.

Read Also: Starknet to Launch First Mainnet STRK Staking and Voting Features

Starknet Mainnet Voting Through Snapshot X 

Voting First Starknet it will use a new governance protocol known as Snapshot X, built on the Starknet network and equipped with Herodotus storage proof.

Technology storage proof from Herodotus allows verification of STRK token ownership on a specified snapshot date, thereby ensuring that only valid token holders can participate in voting.

Besides that, Snapshot X supports cross-chain voting so Token holders on various networks can remain involved in the governance process of Starknet. Plus, the gas fees for each vote on the platform are much cheaper compared to Ethereum, at just under 1K, 50-100 times cheaper.

Impact of Starknet Mainnet Voting  

This will have a direct impact on the staking reward distribution curve on Starknet. The decisions taken through this voting will determine how staking rewards will be distributed.

Starknet seeks to strengthen a fair and transparent staking system, and this decision regarding the reward distribution curve will be the first step in the development of a more mature staking mechanism. 

With a community-governed staking mechanism, Starknet moves closer towards full decentralization, where token holders have an active role in decision-making.

Read Also: ZKX Platform in Starknet Ecosystem Discontinued, ZKX and STRK Prices Drop

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