Podcast Summary
StarkNet's Long-Awaited Token, Stark Token (STRK), is Being Distributed: StarkNet's long-awaited token, STRK, is being distributed to users, ecosystem participants, and open source developers as part of a significant milestone for this promising layer 2.
The StarkNet community is finally getting its long-awaited token, Stark Token (STRK), which is being distributed to users of StarkNet, Ethereum ecosystem participants, and open source developers. This event, six years in the making, marks a significant milestone for StarkNet, one of the earliest and most promising layer twos. StarkNet CEO Diego Oliva and co-founder Eli Ben-Sassin join the show to discuss the details of the token distribution, including who's eligible, the percentage of tokens being distributed, and the claiming process. The term "provisions" is used to describe this StarkNet version of an airdrop. The Stark community, made up of dedicated low-level devs, has been eagerly anticipating the arrival of this network, and the distribution of STRK tokens adds to the excitement. If you're an active participant in the Ethereum ecosystem, this development is worth noting. Sponsors Kraken, Crypto Tax Calculator, and Celo are also discussed in the episode. Kraken is a trusted exchange for buying, selling, and trading crypto, Crypto Tax Calculator simplifies complex crypto tax obligations, and Celo is a mobile-first, carbon-negative blockchain.
Celo and StarkNet Explore Decentralized Layer 2 Solutions on Ethereum: Celo and StarkNet, two blockchain projects, are moving towards decentralized layer 2 solutions on Ethereum, enabling lower gas fees, faster finality, and the use of ERC-20 tokens for payment.
Celo, a community-governed blockchain protocol focused on real-world use cases like mobile payments and mobile DeFi, is experiencing significant growth with over 300 million transactions and 1.5 million monthly active addresses. Celo is now exploring the possibility of becoming a layer 2 solution on Ethereum, which could bring advantages like decentralized sequencing, off-chain data availability, and 1 block finality. This means lower gas fees and the ability to pay for gas using ERC-20 tokens. StarkNet, another significant player in the crypto world, is also making strides towards decentralization by introducing its token, which will be used to pay for transactions on its layer 2 network. Both Celo and StarkNet are taking this step to ensure their decentralized layer 2 solutions are controlled by those who are passionate about and care for their respective networks.
StarkNet Introduces Its Own Token STARK as Gas Token: StarkNet's new fee mechanism uses its own token STARK for gas fees, promoting inclusivity and rewarding network contributors. A portion of fees goes to Ethereum, while the rest benefits operators and stakers.
StarkNet, a layer 2 scaling solution on Ethereum, is introducing its own token, STARK, as the gas token for its network. This fee mechanism ensures inclusivity and encourages those providing value to the network to receive power and security. A portion of the gas fees is paid to Ethereum for security and maintenance, while the rest goes to the operators and stakers of StarkNet. StarkNet's alignment with Ethereum is a technical differentiator, not a sign of misalignment, as the ecosystem prioritizes the scaling of Stark technology. The StarkNet Foundation, led by Diego, is now facilitating the decentralization of the network, with the goal of helping the community lead its path towards self-governance. The timing of StarkNet's launch was driven by both the technical readiness and the community's readiness for decentralization.
Facilitating StarkNet's ecosystem growth and alignment: The StarkNet Foundation fosters growth by bringing teams on board, nurturing the community, and establishing decision-making processes, all while maintaining independence from the core team.
The StarkNet Foundation's main objectives are centered around growth, community and culture, and governance and delivery. The foundation aims to bring teams on board through education, partnerships, and workshops to nurture the ecosystem's growth. It also focuses on fostering a strong community and culture, facilitating collaboration and alignment towards a common mission. Lastly, the foundation will help establish processes for decision-making and delivery to ensure the community executes effectively and inclusively. Unlike some other foundation-company structures, the StarkNet Foundation is unique in its independence from the core founding team, with StarkWare continuing to play a significant role in the ecosystem. The foundation's primary focus is on facilitating the community's growth and ensuring its alignment with the values and goals of the StarkNet ecosystem.
StarkNet's Provision Program: Including More in the Journey: StarkNet distributes 700M Star tokens to 1.3M addresses, with 50% for users, 9% for community, 2% for StarClip devs, and 17% for Ethereum stakers, aiming to expand and increase transaction speeds
StarkNet, a new integrity web, is working towards independence and global expansion with a focus on technological advancements. They aim to reach higher transaction speeds to become the rails for the global economy. StarkNet's provision program, announced today, will distribute 700 million Star tokens to around 1.3 million addresses, with over 50% going to StarkNet users, nearly 9% to the StarkNet community, around 2% to StarClip developers, and 17% to Ethereum stakers. The goal is to include as many people as possible in the StarkNet and Ethereum journey.
StarkNet Token Distribution Incentivizes Various Groups: 40% for StarkNet users, 15% for Ethereum stakers, 5% for solo stakers, 2.1% for top 5,000 GitHub projects, and provisions for protocol guild and EIP authors. Total supply: 10B. Ethereum stakers encouraged to join StarkNet ecosystem.
The StarkNet token distribution is designed to incentivize and reward various groups that have contributed to the Ethereum and StarkNet ecosystems. The distribution includes 40% for StarkNet users, 15% for Ethereum stakers, 5% for solo stakers, and 2.1% for the top 5,000 GitHub projects. The total supply of Stark tokens is 10,000,000,000, and the allocation to Ethereum stakers is meant to encourage them to join the StarkNet ecosystem and help secure the decentralized network. The distribution also includes provisions for the protocol guild of Ethereum and EIP authors. The tokenomics, including inflation, are still being worked on. The token distribution event is a reflection of the network's values and incentives moving forward. The allocation to Ethereum stakers makes sense as they have demonstrated their passion and expertise in operating and securing decentralized networks. The distribution aims to create a broad and independent operator base for a permissionless decentralized network. The token claim will take place on the 20th of the month.
Mantle and Uniswap's Latest Developments in Web 3: Mantle, using OP stack and Eigenlayer, reduces gas fees by 80% and offers grants to projects. Uniswap releases a mobile wallet and is a key player in web 3. TOKU simplifies token grant management and StarkNet, a new technology, is brought to production through StarkX systems.
Mantle, a DAO-led web 3 ecosystem, is building on a new Ethereum layer 2 using the OP stack and Eigenlayer's data availability solution, reducing gas fees by 80% and providing a more stable foundation for its applications. Mantle's treasury is seeding an ecosystem of projects and offers grants to promising ones. Uniswap, the world's largest decentralized exchange, has released a mobile wallet, allowing users to trade tokens on the go and explore web 3. TOKU simplifies token grant management, handling legal and tax obligations. StarkNet, a new technology, was first tested and brought to production through StarkX systems, with StarkX users being early adopters of this novel L2 technology. Mantle and Uniswap are key players in the web 3 space, and their latest developments offer exciting opportunities for developers and users alike. If you're interested in building on these platforms or learning more, check out their websites and follow them on social media.
StarkNet Expands Reach to 1.3 Million Addresses: StarkNet invites 1.3 million addresses from diverse backgrounds to contribute to the platform and decentralize the protocol, starting with eligibility checks and provisions on February 20, 2023.
The StarkNet ecosystem, built on technology inherited from StarkX, is expanding its reach by providing provisions to over 1.3 million addresses from various backgrounds, including early users of StarkX-based projects like dYdX, Sorare, and Immutable, Ethereum builders, and StarkNet users themselves. This initiative marks a significant milestone in StarkNet's history and is the first step in decentralizing the protocol by involving these addresses in the community. The process for checking eligibility and claiming provisions began on the website and will start on February 20, 2023. This program is just the beginning, and StarkNet aims to continue inviting more builders and users to contribute to the platform and make StarkNet and Ethereum better through various programs, grants, and education.
StarkNet community reaches major milestone with token release: StarkNet token holders can explore live ecosystem, participate in governance, and look forward to staking proposals. The community encourages new builders and users to discover StarkNet's potential for scalable on-chain gaming and cost improvements.
The StarkNet community, which includes developers and visionaries who have dedicated significant time and effort to building this decentralized ecosystem, has reached a major milestone with the release of their tokens. This milestone marks a step closer to the independence and flourishing of StarkNet as an important layer 2 scaling solution for Ethereum and the wider Web 3 world. Token holders are encouraged to explore the live ecosystem, participate in governance, and look forward to upcoming staking proposals. The community is also seen as an opportunity to inspire new builders and users to discover the potential of StarkNet and its technology. One exciting aspect of StarkNet is the potential for on-chain gaming due to its scalability, as well as the significant performance and cost improvements it offers.
StarkNet: Faster, Cheaper Transactions and Unique Features on Ethereum: StarkNet offers faster, cheaper transactions with EAP 4844 support and unique features like 100% native account abstraction, bringing a web 2.0-like user experience. Long-term viability, on-chain gaming community, and upcoming events make it an exciting project.
StarkNet, a layer 2 scaling solution for Ethereum, is set to offer faster and cheaper transactions with EAP 4844 support, as well as unique features like 100% native account abstraction. This innovation, which is expected to bring a web 2.0-like user experience, is just the tip of the iceberg. StarkNet, which has been in development for over 6 years, is poised for significant technological breakthroughs in both product and engineering. The on-chain gaming community is already thriving in the StarkNet ecosystem, and account abstraction wallets are expected to gain popularity among major wallets and DeFi protocols. The StarkNet team is passionate about the long-term viability of the project and encourages the community to join in the excitement and support each other through the journey. Upcoming events like Stark City Denver on February 28th will provide opportunities to learn more about the project and connect with the community.
StarkNet Testnet Launch: Check Eligibility and Participate: The StarkNet testnet launch offers a chance to get involved in the development of a new Layer 2 scaling solution, with potential Stark token distribution coming soon. Be cautious of phishing scams and remember crypto investing carries risk.
The StarkNet testnet launch is an exciting opportunity for the crypto community to get involved in the development of a new Layer 2 scaling solution. The Bankless team has provided detailed information on how to check eligibility and participate in the distribution of Stark tokens. However, it's important to note that the actual token distribution will not occur until February 20th, and potential participants should be cautious of phishing scams. Additionally, crypto investing carries risk, but the potential rewards make it an attractive frontier for those willing to take the leap. Be sure to check the show notes for links to the blog post, eligibility criteria, and ETHDenver event details.
