StarkWare announced that StarkNet, an Ethereum Layer2 scaling solution, will launch its native token and launch StarkNet Foundation. StarkNet token will go on Ethereum as an ERC-20 token in September 2022, and will be used for governance, payment of transaction fees on StarkNet, and participation in StarkNet's consensus mechanism. The initial supply is 10 billion, 17% of which will be distributed to StarkWare investors, 32.9% to StarkWare core contributors, and 50.1% will be granted to the StarkNet Foundation.
