StarkWare Sets Timeline for StarkNet Network Token Launch

President of StarkWare Eli Ben-Sasson, in an interview with Decrypt, explained the postponement of the StarkNet network governance token launch from September to October 2022.

The company’s corresponding initiative was first disclosed in July. At that time StarkWare announced an airdrop of coins among community members in 2023.

In October, Ben-Sasson explained that users would not receive free tokens. All of them would be locked immediately after launch for teams “that are embarking on a long journey”.

“The main thing we want to achieve with the token is that developers who do the majority of the work and ensure the network’s resilience are rewarded,” said the president of StarkWare.

The issuance of ERC-20 tokens will total 10 billion. The asset will contribute to decentralisation of the network and be used in the consensus mechanism for governance through staking and for paying transaction fees on StarkNet.

Among other things, Ben-Sasson announced an upgrade of the project’s native smart-contract language Cairo 1.0. In his words, increased security and performance are expected by the end of 2022.

In May StarkWare raised $100 million in a Series D funding round. The startup was valued at $8 billion.

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