StarkWare Launches StarkNet Crypto Token on Ethereum Blockchain

The Objective of StarkNet Crypto Token
StarkWare Disclosed Additional Tokens

StarkWare, the company behind a layer 2 scalability solution, has launched its new StarkNet Token (STRK) on the Ethereum mainnet. The charity StarkNet Foundation, which controls the development of the ecosystem, is figuring out the optimal method for dispersing the tokens at this time. Thus, it is vital to note that they are not currently accessible for purchase to avoid fraud.

The Objective of StarkNet Crypto Token

The StarkNet Token was created to assist StarkNet in achieving decentralization through voting, staking, and fee payments. The network's vibrant developer community and StarkWare $8 billion value given during a fundraising round earlier this year all contribute to the high visibility of the token launch.

The Ethereum blockchain has scalability issues that reduce transit and elevate gas, or processing fees, as the volume of transactions rises. the solution of Starkware solves these issues. To lessen the computational load, the company's backup and restore technologies combine several transactions from the primary blockchain.

StarkWare Disclosed Additional Tokens

Recently, StarkWare disclosed that 5.01 billion additional tokens, or 50.1% of the total supply, will be donated to the StarkNet Foundation.

For four years, the tokens owned by StarkWare investors, workers, and autonomous associate developers remain locked up. After that, they will begin to release gradually. Although they cannot be sold or exchanged, the frozen tokens can be used for voting and staking.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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StarkWare Launches StarkNet Crypto Token on Ethereum Blockchain

Gungun Bhatia

Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.