Ethereum Layer 2 StarkWare Confirms The Launch Of StarkNet Tokens In September

StarkWare, a layer 2 Ethereum project is about to launch its own governance token. The project plans to launch the StarkNet token on-chain in September.

According to Wednesday’s blog post, Ethereum layer 2 developers StarkWare plans to introduce governance tokens to their StarkNet Network.

The new StarkNet token will be a way for this project to put the administration and development of the network into the hands of the community. Additionally, the token will be used to incentivize community operators who provide the network with computational resources that define transaction sequences and generate STARK proofs.

According to the new token announcement posts, gas fees on these layer 2 networks will be paid in StarkNet tokens and a portion of the fee is rewarded to the operator for transaction processing.

StarkWare is currently the sole operator of StarkNet responsible for transaction processing. In the future, the company plans to hand over operating tasks to the community. This is a decentralized initiative that the StarkNet token will have a pivotal role in achieving.

Following the announcement of the StarkNet token, Three Arrows Capital hedge fund co-founder Su Zhu alluded to the company’s decentralization plans in a post on Tuesday.

Emails between Zhu’s attorneys and liquidators for the company mention the “offer to buy StarkWare tokens” that Three Arrows Capital received after investing in a funding round earlier this year, leading to much speculation that StarkWare has a working token.

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