StarkWare Token Delayed To October 2022

Eli Ben-Sasson, president of StarkWare, a company that develops Ethereum Layer 2, said in an interview with Decrypt that StarkWare’s native token was originally scheduled to be released in September but was delayed to October due to Solidity contract improvements.

In the StarkWare president’s recent interview with Decrypt it was revealed that it was originally scheduled to launch in late September, will be available on-chain in October and all tokens will be locked immediately after initial release.

But the project will not initially offer users free tokens, as all tokens will be locked immediately after release, “in preparation for the long-term development of the team.”

StarkNet is the name of the layer 2 scaling technology for Ethereum, and StarkWare is the development team that built it. The technology itself leverages rollup technology to improve the scalability of the network.

The launch of the StarkNet token will contribute to further perfecting the network’s decentralization. StarkNet token will serve 3 purposes. One is to pay transaction fees on StarkNet, the second is to act as a governance token, and the third is to support the technology’s consensus mechanism.

As shared by StarkWare in July, there will be 10 billion tokens initially created. Of which, 17% will be for contributors such as investors of the development team; 32.9% will go to development partners and employees and 50.1% to the platform.

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