March 28, 2023

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StarkWare, a blockchain startup, has announced the introduction of the StarkNet Foundation and token. StarkWare develops solutions for scaling ETH. The program aims to decentralize the ecosystem and also promote growth.

StarkWare, the ETH layer two scalability solution provider, has confirmed the launch of the StarkNet token. This token will assist develop the ecosystem.

In addition, the token will be used to support decentralization, run the ecosystem, and secure and maintain Starkware’s expanding ecosystem. November 2021 was when StarkNet Alpha was first introduced.

Since then, several teams have worked on it and grown the company’s ecosystem. According to StarkWare, the group hopes to alter the ecosystem using the latest token.

The StarkNet Token Will Be Available In September

Even if StarkWare no longer exists, the network could function dependably as an L2 on Ethereum. This is due to its permissionless PoS leader election system. 

Also, its on-chain transaction fee payment system is another advantage. Meanwhile, StarkWare will no longer make decisions for StarkNet’s continuing maintenance.

However, the community will take charge of such decisions. Key components of this endeavor will be a StarkNet Foundation and Token.

Besides, only the first 10 billion StarkNet tokens will be released in September 2022. StarkWare will give the tokens to end users, consultants, employees, employees, and contributors. 

Investors will get 17% of the tokens, and core contributors will get 32.97%. Also, the StarkNet Foundation will receive 50.17%.

The StarkNet Foundation is not a profit organization. It seeks to keep the system as a public good. This Foundation would receive a one-time grant to promote the creation of bottom-up processes.

StarkWare Succeeds As Layer 2 Solutions Continue To Grow

Currently, the demand for layer two solution is growing. This growth has helped StarkWare to accomplish new milestones. In May 2022, the firm secured over $100 million in investment.

As a result, its valuation increased to about $8 billion. Additionally, the use of layer two solutions has gained great popularity.

According to Ethereum’s co-founder, Vitalik Buterin, this is the best method for scaling ETH. Furthermore, StarkWare has also introduced a layer three scaling option for Ethereum, Hyper scaling.

Although experts claim this scaling can save expenses by a factor of a million, it works best for only particular applications. As for more innovations, in 2021, StarkWare and the Loopring exchange announced a cross-layer 2 AMM.

Meanwhile, the scaling solutions can significantly impact the viability of the DeFi platform. It can solve the problem of high gas costs. Also, a smoother encounter can draw in a wider range of investors using low expenses and quicker confirmation times.

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