Starknet

StarkNet is a decentralized Layer 2 (L2) validity rollup designed to enhance Ethereum's scalability without sacrificing its fundamental principles of decentralization, transparency, inclusivity, and security. It operates using cryptographic protocols known as STARKs.

The StarkNet Token serves multiple roles within this ecosystem. It is essential for the operation, maintenance, and security of the system. Furthermore, it plays a crucial role in determining the values and strategic goals of the network and guiding its evolution.

Functions of the StarkNet Token

The token has three primary functions: governance, transaction fee payment on StarkNet, and participation in StarkNet’s consensus mechanism. In terms of governance, token holders can influence the direction of the ecosystem by voting on proposals. Transaction fees on StarkNet are also paid with these tokens, ensuring smooth operations within the network. Lastly, token holders can participate in StarkNet's consensus mechanism—a critical element that strengthens network security and functionality.

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