Staking on Starknet

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Sep 10th 2024

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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 2, 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:

Either A monetary committee created by the Starknet Foundation or 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 details SNIP 18: Stakingā€™s First Stage on Starknet

Please vote For, Against, or Abstain.


Discussion

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Final Results

98.94% For

1.4b STRK

0.61% Against

8.3m STRK

0.45% Abstain

6.1m STRK

0

% of total voting power

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4m votes

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