StarkWare confirms the launch of the StarkNet governance token

StarkWare, the project specialising in layer-2 scaling solutions, confirmed the launch of the StarkNet governance token.

The token is designed to decentralise the network and to perform three principal roles:

• participation in governance via staking;
• payment of transaction fees on StarkNet;
• use in the consensus mechanism.

Total ERC-20 token supply will be 10 billion coins. More than half of the supply will go to the non-profit StarkNet Foundation, responsible for developing the ecosystem. The remainder will be allocated to investors and key participants in the project.

“STARK technology is mature and secure, but StarkNet has not yet reached the status of a public good like Ethereum or the Internet. For the network to reach that goal, its governance, operation and development must continue to decentralise. Two mechanisms will aid this: the StarkNet Foundation and the token,” the statement said.

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

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