Ethereum scaling protocol StarkWare has confirmed information about a token release. It will be called StarkNet Token and will be released in September.
#StarkNet Alpha was launched on Ethereum Mainnet in November 2021.
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Now it’s time to advance its decentralization as demanded of an L2 on Ethereum.
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Here’s our decentralization proposal, introducing the StarkNet Token, and the StarkNet Foundationhttps://t.co/zk33gANsin pic.twitter.com/YTd0Uj5NbW— StarkWare (@StarkWareLtd) July 13, 2022
StarkNet Token will be a governance token for the StarkNet Foundation. That is, the protocol moves to decentralization and devolves governance to the community.
So, StarkNet Token will be used for several purposes:
- Maintaining network stability (consensus mechanism);
- Governance;
- Stacking;
- Paying for transactions.
The company has minted 10 billion of these tokens and has already made the first allocation.
The developers and investors will receive the initial distribution, with tokens locked in for 4 years. Part of the coins will go to the StarkNet Foundation, a foundation that will develop the ecosystem.
The community will receive its first airdrop next year. StarkWare will select recipients based on snaps prior to the announcement date. In addition, a special mechanism will filter out “airdrop hunters” so they won’t allow speculation.
