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Starknet DAO Heads Toward First Governance Vote
The vote, opening on March 21, will let members approve a new upgrade for the scaling system’s mainnet.
By Brandy Betz
Updated May 9, 2023, 4:10 a.m. Published Mar 15, 2023, 8:57 p.m.
The decentralized autonomous organization (DAO) arm of Ethereum scaling system Starkware is preparing for its first governance vote on a potential protocol upgrade called Starknet Alpha v0.11.0, according to a community post. The planned vote comes roughly a month after parent company Starkware, which was valued at $8 billion during its last funding round, announced plans to make open source its core cryptographic software in the future, and several months after the Starknet token was announced.
Starknet DAO community members will be able to vote on each new protocol update, and a successful vote will lead to a mainnet launch. The vote will begin on March 21, opening a six-day voting window via Snapshot. If successful, the Starknet mainnet would be upgraded at the end of the vote.
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The independent, nonprofit Starknet Foundation will delegate 33% of its overall voting power in the first vote to the first-phase Builders Council (getting 23% of the voting power) and a group of delegates selected from a delegate pool, who get 10%. The foundation, which aims to help the network achieve its decentralization goal, launched in November and was allocated 5.01 billion Starknet Tokens, or about 50.1% of the initial token supply of 10 billion tokens.
Starknet tokens were deployed on Ethereum in November, but are not yet available for public sale.
Read more: StarkWare Partnering With Chainlink for StarkNet Growth
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