Community decides on STRK token usage for transaction fees, moving towards decentralized governance.
Starknet, the Ethereum Layer 2 scaling solution, has recently taken a significant step towards upgrading its network by initiating a community vote. The vote aims to move the latest upgrades from the testnet to the mainnet, with a particular focus on the v0.13.0 upgrades. This upgrade is notable for introducing the option to pay transaction fees using Starknet's native token, STRK, in addition to the existing option of using ether (ETH).
The voting process began at 7:00 a.m. ET on January 4 and is scheduled to conclude at the same time on January 8. Unlike traditional token-based governance systems, Starknet's vote is delegated. This means that the decision-making is in the hands of a group of independent delegates rather than direct token holders. The reason for this approach is that the STRK token has not yet been released to the public, so a direct token holder vote is not possible at this time.
The proposed upgrade to Starknet v0.13.0 is a significant development for the network. It would allow users to pay transaction fees with the $STRK token, which is expected to be airdropped in the future. This move is seen as a way to increase the utility of the native token and potentially decentralize the fee structure of the network. The addition of $STRK as a fee payment option alongside $ETH could also provide users with more flexibility and potentially lower transaction costs.
Starknet has made it possible for community members to participate in the governance of the network through the Starknet Governance Hub. This platform is where the vote is taking place, and it allows the delegates to represent the community's interests and make decisions about the network's future. The delegated voting system is a temporary measure until the STRK token is distributed to the community, at which point a more traditional form of token-based governance could be implemented.
The current vote is a critical moment for Starknet as it transitions major upgrades to its mainnet. The community's involvement, even through a delegated system, is a testament to Starknet's commitment to decentralized governance. Users and stakeholders in the Starknet ecosystem should pay close attention to the outcome of the vote as it will have a direct impact on the network's operations and the future role of the STRK token. Moreover, the successful implementation of the v0.13.0 upgrades could pave the way for further innovations and improvements within the Starknet ecosystem.
