Embracing Community Choices: Status to Develop SNT Staking and Status L2
Following our recent community vote, we're thrilled to announce that Status will be moving forward with the development of both the SNT staking mechanism and Status Network, our upcoming layer-2 rollup solution. These two initiatives, which received the highest number of votes, are not just critical for the future of Status – they're deeply intertwined and complementary projects that will significantly enhance our ecosystem.
The results of our first SNT hodler vote were clear:
- 1SNT Staking Mechanism: 68% of votes
- 2Status Network (Layer-2 Rollup): 31% of votes
While the SNT staking mechanism was the clear favourite, the strong support for Status Network highlighted its importance to our community. After careful consideration, we've decided to pursue both projects simultaneously, recognising their potential to create synergies and accelerate our progress towards a more decentralised Status ecosystem.
The SNT staking mechanism is set to kickstart onchain community engagement within Status. We will be working towards giving stakers the power to vote on development priorities and public funding allocation through a native public funding pool on Status Network. Stay tuned for more details in a forthcoming blog post.
Status Network, our layer-2 rollup solution, is designed to be the backbone of our ecosystem with a focus on decentralisation.
We aim that Status Network will:
- Provide low-cost, high-speed transactions.
- Support SocialFi and GameFi apps as well as governance experiments.
- Integrate seamlessly with Status apps and progressively with the wider Status ecosystem.
- Support the voting system and native public funding pool.
By launching Status Network, we're aiming to create the infrastructure needed to support a thriving, decentralised ecosystem of apps and services.
We are excited about the potential opportunities that the combination of SNT staking and Status Network might bring. It could pave the way to enabling the creation of a robust native public funding pool with capital allocation determined by the community.
Here are some ideas we are exploring:
- Funding sources: Status Network operations will generate revenue through transaction fees and other mechanisms. We are exploring the idea of allocating a portion of this revenue to the public funding pool.
- XP programme: Our new Experience Points (XP) will act as multipliers for the voting power of staked SNT, ensuring that the most engaged community members have a stronger voice in funding decisions. Community members engaging onchain through SNT staking, voting, and making transactions on Status Network will earn XP. More will be revealed about XP soon.
- Staking influence: SNT stakers will have voting power proportional to their staked amount multiplied by their XP, allowing them to directly influence how the funds in the pool are allocated.
- Transparent allocation: The long-term objective is to have all funding decisions and allocations done onchain on Status Network, ensuring full transparency and accountability.
- Ecosystem growth: Funds can be used to support a wide range of initiatives, including app development, community projects, liquidity provision, and ecosystem expansion — all decided by the community.
- Self-sustaining cycle: As funded projects contribute to the growth of the Status ecosystem, they will, in turn, increase the utility and usage of the Status Network, potentially growing the funding pool and creating a self-sustaining cycle of development and expansion.
By pursuing both SNT staking and Status Network, we're laying the groundwork for a more decentralised, community-driven Status. The aim is for these projects to work in tandem to create a robust ecosystem where users have a real role in designing the platform's future.
In the coming weeks, we'll be sharing more detailed roadmaps for both projects, including development milestones and opportunities for community involvement. We're excited to embark on this journey with you, our dedicated community, as we build the next generation of decentralised communication and collaboration tools.
Stay tuned for more updates, and thank you for your continued support and engagement. Together, we're shaping the future of Status!
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