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Starknet Opens Community Vote on Potential Shift to Layer-1 Blockchain

BullishMedium impact
STRKUSD$0.0866 12.58%

Starknet (COINBASE:STRKUSD), an Ethereum layer-2 network, has opened a seven-day community ballot for token holders to decide whether to research a potential transition into an independent layer-1 blockchain. The asset traded up 13.27% to $0.08708 following the news. Developer StarkWare emphasized that this vote only determines whether to fund further research and is not a binding approval to execute a network migration.

A standalone layer-1 network would allow Starknet to deploy custom quantum-resistance upgrades without waiting for updates to the broader Ethereum ecosystem. StarkWare Chief Executive Officer Eli Ben-Sasson noted that establishing quantum protection for digital assets is an urgent priority, pointing out that major cryptocurrencies like Bitcoin and Ethereum have moved slowly on quantum preparation.

Voting will remain open for seven days, with final community results set to be published after polling closes on October 22. Participants can vote to support further study, reject the move, or withhold judgment until more details emerge. If the community chooses to proceed with research, any future decision to transition the blockchain will require a separate governance proposal and formal vote.

Key points

  • Starknet launched a seven-day vote for token holders to gauge support for studying a transition to a layer-1 blockchain.
  • Voting options include supporting research, opposing the transition, or withholding judgment until more details are available.
  • Developer StarkWare stated the vote is not a final approval for a transition and any real move would require another governance vote.
  • Moving to a layer-1 structure would let Starknet implement its own quantum-resistance features independently of Ethereum.
  • Starknet Token (COINBASE:STRKUSD) gained 13.27% to reach $0.08708 following the vote announcement.

Written by our AI from expert market sources across the web. It can contain mistakes: check the facts before acting on them. Write-ups powered by the free AI API at FreeTheAI.org

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Questions and answers

Why is Starknet considering a shift to a layer-1 blockchain?

Starknet developer StarkWare stated that moving to a layer-1 network would allow the blockchain to pursue its own quantum-resistance upgrades without relying on Ethereum's development timetable.

Is the current Starknet vote a final decision to leave Ethereum?

No. The vote is only designed to measure community support for further research. Any actual transition to a layer-1 blockchain would require a separate proposal and governance vote.

When will the results of the Starknet voting be announced?

Voting closes after seven days, with the final results set to be released after polling ends on October 22.