StarkNet publishes its STRK token on the Ethereum (ETH) mainnet

StarkNet, a Layer-2 Ethereum scaling solution based on zero-knowledge pools, has deployed its native STRK token on the Ethereum mainnet, the team announce Wednesday.

The STRK token, which was first announced in July, will be mainly used as a governance token. It will also be used to pay transaction and store fees to ensure the security of randomly selected sequencers. This will depend on the number of STRK tokens for that contract stake.

The STRK token, with a total supply of 10 billion, will be allocated to StarkWare, the parent company of StarkNet, investors (17%), core shareholders (32.9%), and the StarkNet Foundation (50.1%). Tokens intended for contributors, employees, and independent developers will have a lock-up period of four years. However, it will be available for use in voting and participation.

All token holders, including those with locked tokens, will be able to vote using their tokens directly and by delegation through the authorization module of Compound. Voting on voting systems based on the StarkNet chain will also be available, which will lower gas fees.

StarkNet, which is valued at about $8 billion, said it had not yet decided on a mechanism for token distribution. I have warned users not to fall for scams.

This news comes on the same day that StarkWare’s main competitor, Matter Labs, announced a new $200 million funding round. Both companies are building zero-knowledge backlog technologies that help significantly reduce gas fees on the Ethereum mainnet. They do this by taking several transactions off-chain and sending them to the mainnet for verification in packets.

Last month, Matter Labs released what it calls the first zkEVM on the Ethereum mainnet. zkEVM stands for Zero-Knowledge Ethereum Virtual Machine, something that is widely seen as the holy grail for Ethereum scaling.

Both companies are also working on Layer-3scaling solutions, with Matter Labs planning to release its version, called Chancein the first quarter of next year.

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