According to The Block, Starknet has approved a governance proposal called “SNIP 18” to implement staking within its network.

The proposal was submitted by StarkWare and approved by the majority of STRK token holders.

Ethereum second-layer solution Starknet has approved a governance vote to implement staking within its network, which will pay rewards to stakers based on the number of total staked tokens.

Earlier today, the proposal submitted by core developer StarkWare — called “SNIP 18” — was approved by a majority of STRK token holders.

Once the proposal is approved, Starknet token staking may be launched on the testnet soon, followed by the mainnet in the fourth quarter of this year.

Starknet will allow token holders with at least 20,000 STRK to become stakers, to whom others can delegate their tokens. Also approved in the vote is a minting mechanism designed to balance rewarding stakers with setting inflation expectations.

There will also be a 21-day time lock period before funds can be withdrawn.

According to StarkWare, this staking governance vote is a step towards further infrastructure decentralization. "This is a historic milestone for Starknet on its journey towards full decentralization. As one of the first second-layer solutions to offer this opportunity to token holders, we are moving towards a network that is fully operated and governed by the community," said Eli Ben-Sasson, CEO of StarkWare.

Looking ahead, the network plans to introduce more governance features and responsibilities for stakers in phases, including their potential roles as sequencer and attestor of the decentralized network.