Starknet Token Launch Is Here! ($STRK)

Transcript

bankless Nation the Stark token is here well just about actually we have the release details we've been waiting for this event for almost 6 years Stark net has been one of the earliest and most promising layer twos and they have just released the details of their token they are provisioning it to users of Stark net to stakers in the ethereum ecosystem and to open-source developers we get into who's getting the Stark token how much of the Stark token is getting distributed as a percentage when does claiming actually begin David I just used this term Provisions could you explain that for a minute uh that is what a stark net version of an airdrop is it is a provision uh users will probably hear Provisions but they'll think aird drops that would be correct

uh these are just the terms that they have elected to use on the show today we have Ellie Ben sassin and Diego Olivia Diego is the CEO of the Stark net Foundation Ellie of course is one of two Stark net dads uh these people have been with uh the econos system for years now especially Ellie who's been working on Starks since before ethereum was even a thing so we get into all the details that Ryan mentioned and more overall just a long time coming for Stark net as soon as we knew that Stark net was a thing we all kind of knew that a token was going to be a thing uh I went to the Stark Weare sessions a little over a year ago in Tel Aviv Israel in February of of last year and it was just very clear that this Stark net this network

was being built upon the shoulders of this community who just really loves to be there this very technical low-level devs Stark Maxis I like to call them uh and so this network is being born on the shoulders of this community that's very ready to receive it uh and the distribution of the star tokens STK is also something that's pretty notable and we get into all these details in the show uh if you are uh in the etherum ecosystem if you are an active participant I I think you'll be pretty happy uh let's go ahead and get into those details but first I want to talk about some of these fantastic sponsors that make this show possible especially Kraken our preferred place to buy sell trade crypto if you do not have an account with Kraken in the year 2024 what are you doing click the link in the

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join the conversation in the cell forums follow C on Twitter and visit c.org to shape the future of ethereum B Nation we got an exciting episode for you here today first on the podcast we got Diego Olivia CEO of the Stark net Foundation Diego welcome to the show thank you excited to be here yeah very exciting and of course longtime B listeners uh will remember Ellie Ellie Ben sazin one of the two fathers of Stark net co-founder of starkware overall mathematician genius Ellie welcome back to the show thanks thanks for having me here David Ryan always a pleasure so this show I think is going to be extremely exciting this has been a long time coming uh Stark wear Stark net and overall Starks has been a pillar of the crypto world even before ethereum

launched uh and it's been no secret that eventually Stark net will decentralize and create a token and give it to its community and today appears to be that day Ellie you have been around since the very beginning um why now why is today the right day to do this why is 2024 q1 the right time to do this uh what was some of the decisions and calculus into making this Choice why now it was the earliest possible in terms of uh the technical and decentralization road map uh we would have loved to do it uh much earlier but this is when the system is ripe enough for it we have now um fees enabled in the starkit token which is

the main utility for it um and we're making progress on other aspects of decentralization like uh staking for the purpose of uh generating Stark proofs and sequencing uh things so this is just the earliest possible and we would have loved to do it earlier if we could so Ellie what were some of the necessary criteria for provisioning a token you sort of alluded to a few this this being sort of the earliest necessary time like what needed to be in place exactly the main thing that just was turned on with version 13 of the protocol is that uh we now have uh the ability to submit transactions where the fee is denominated in the uh Stark token uh prior to this we just didn't have the

the the protocol was not mature enough to support U this capability so this took time to uh uh build and bake now the protocol is ready for it so this is the you know so we we are turning on the transferability of the token for the purpose of uh paying for uh transactions on Stark net and later on so that it flows to the operators um that will stake it in order to operate the system and maintain it secure and decentralized we we'll get into a lot of the kind of the economics of of the token itself but uh since since you just brought it up Ellie I want to drill into this so the decision to denominate fees in uh the Stark net token itself why did you go in that direction there are other

layer twos that have chosen to denominate fees in say ether uh you know some also have have chosen to denominate their native token that seems to be the direction that that you're taking why we need those who care about Stark net those who build it those who maintain it and secure it through their work and operations we need them to be the ones operating it um uh ensuring it and uh also to be able to to use it and um you see if fees were denominated in ether they would flow towards the operators and uh also parts of it through things like devonic would flow to developers but then all of those entities who care a lot about Stark net would have a

little bit of ether um not enough to make a dent into uh who controls starkit and this does not make sense uh you need the decentralized layer to to be controlled by an answer to those who care about it are passionate about it through their actions and operations so you really need um um the token of the L2 to dictate uh things like like operations taking and a fee mechanism is just a very good way to ensure that there's inclusivity that tokens and hence power and security is Flowing toward towards those who are uh providing value to the network um and of course of of course a um you know a

portion of the gas fees actually needs to in some way be converted uh to Ether in order to purchase the block space from the ethereum main net am I right about that and how does that work in this mechanism yeah well a portion is indeed uh paid to ethereum for the security and for basically putting the proofs and the state uh differences on layer one but all of What's called the L2 costs um are going to be flowing to the operators in the stakers and uh some of those are related to the capital costs for staking and also to the um you know Cloud costs and other costs of operating the system and those are going to be flowing uh

rightly to the entities who you know develop maintain secure uh care about starkit and by the way I wouldn't be surprised if other l2s like uh happened in other cases um you know we are sometimes we're claim to be unaligned but we are truly aligned with uh you know futureproof technology and security and I wouldn't be surprised if we will also be Trail blazing uh blazing a path here and I wouldn't be surprised if you'll see other l2s also picking on this queue and uh turning on fees in their own tokens I wouldn't be surprised Ellie I think you might be alluding to uh a tweet that I kind of fired off from the hip maybe about a month ago about

like this exact subject Stark using its own currency as its gas token uh and I just wanted to like uh just bring that up for a second because I called it like the most unaligned layer to once again just firing from the hip and really what I just meant by that uh was just like like the the strong technical differences uh between Stark net and ethereum uh like ethereum alignment is kind of a meme but I've always thought of it as like a technical conversation first and foremost where you have like optimism and arbitrum going for evm equivalents trying to be onetoone compatible and Stark net has always been um do not that's not its direction at all Stark net I've kind of expressed is a stark Maxi they believe in Starks the whole ecosystem believes in Starks and

scaling out the power of starks uh and so like alignment was meant to be just like a technical differentiator not any sort of statement about uh being like uh misaligned with ethereum and and spirit and so I just wanted to to clear that up with there I'm actually having a conversation with abdell from from Stark uh starkware Stark net on the on this very same subject that'll be out that'll be out soon um and I just always thought it was like a curiosity is was like what happens when Stark net leverages his own token for gas I think the the I just want to say that I think the Stark net ecosystem is eternally grateful to you David for you know raising up this Meme and just giving us so much good creative power you know we just really leaned

into this uh unaligned you know we're proudly unaligned uh it's a great uh so so you know uh thank you for uh the giving you labing us yeah exactly labeling us as on the line that really helps us a lot I I'll I'll Rebrand it as uh technically differentiated perhaps maybe maybe that's a better way to to say it Diego I want to I want to get you in here as well CEO of the Stark net Foundation maybe you kind of can illuminate your role and the Stark net Foundation itself and also maybe give your perspective on the choice of timing like why why is Stark net ready to be born if you will because there's like the incubatory period of Stark net where all it's being like spun up but now this

is like now it's going out into the wild it's you know it's kids getting dropped off at College parents are saying goodbye Stark net dads are are are waving goodbye like you're on your own now uh Diego give us a little bit your perspective about the the Readiness of Stark net yeah so I think uh well Ellie alluded uh the Readiness from a technical standpoint so I think he covered that but I I also think that it has taken some time for us for our community and ecosystem to get to a point where it was also ready to start this journey uh towards the centralization and and hence the creation of the foundation as well and uh and now uh as a foundation we're trying to sort of uh help the community

lead its path towards the centralization and what that means so what does the uh what are the goals of the foundation I can summarize them um in three main points one of them is about growth and decentralization and growth means just getting uh on board as many developers teams um applications infrastructure tooling uh Builders uh to build on top of of of startet to make us more uh resilient and um and also to be more decentralized as we grow in terms of number of teams and Builders uh so that's one thing that we're going to be doing at the foundation focusing on bringing teams on board through uh education obviously awareness uh all types of workshops hackathon hacker

houses um uh and also developer Partnerships for those building tuning infrastructure here so really orchestrating the growth of our ecosystem so uh nurturing that growth on our own so that's number one objective number two is around helping nourish our community and culture and and here this uh uh we believe is very very important uh because technology itself making it work where uh we're now at a point where we're scaling it in terms of uh speed and reduction of cost and that will continue but actually I think the bigger more long-term challenge is how do we scale a team of teams and I think it's going to be very important to get uh

like you know tens of thousands hopefully of developers and thousands of teams to work towards one Mission uh all even if you have uh you know defi protocols or gaming companies or whatever it may be and even competing ones that we are all aligned by one goal of what we're trying to achieve uh uh with stet and hence we need to figure out a way to work together to collaborate to bring startet uh forward and I think that's again as a foundation we need to uh facilitate those processes um and uh and make sure that we are align on the values that we have uh and starting as a community and and uh uh and the foundation is sort of kind of leading from behind just trying to see

how we help the community find its own uh feat in in this growth and last uh but related last goal would be around uh governance and delivery so once we build that community that culture then what does does that mean in terms of how we execute together so how do we figure out processes in terms of uh the Committees the necessary committees or councils how we make decisions around uh the product road map uh where what features should come first what vertical should we try to tackle how differentiate the differentiate our sales what type of research should we be engaging in uh and so forth but also being sure like trying to help on the delivery so not because of governance and trying to of course

include as many teams and the voices of many people that we lack speed because we need to be able to be inclusive in terms of decision making uh but at the same time we need to deliver at pace so we need to be as effective as I think a centralized organization and and that's going to be like a Paramount like a really big Challenge and I think if we manag as a foundation to help the community solve these three goals I think we're we're going to be going along long way so so it's a lot of work in the years ahead so this this design where we have um Ellie with the the co-founder of of starkware which is a company and uh Diego you are the CEO of the Stark net Foundation we've seen sort of company plus Foundation types of uh

setups in other ecosystems uh other layer 2s have adopted this sort of uh setup uh D5 protocols have you know with Unis swap you have Unis swap the company and there's Unis swap the foundation so I think a lot of uh Bank list listeners will understand uh the basics of this model that there's two kind of entities and and wondering if it's it's sort of it works the same or like you know uh Ellie what what what is starkware going to be doing moving forward versus what is the the foundation going to be doing I mean is is is starware done is the work finished is it now passed to the foundation or there still more work to do just talk to us about this maybe related it to other Foundation plus company designs we've seen in crypto one thing that's important to note that I think in which um the

starnet foundation is unique is that in most cases you have sort of a Lab abs and then undergoing a mitosis right this uh process in biology where a cell splits evenly into two parts and then one part is called the labs and the other part is called the foundation um the starkman foundation is uniquely uh different in this respect it is truly independent and you don't see uh anyone from the sort of core founding team and certainly not an even split um it's not that the labs has done mitosis and I

think um the main thing about this and again it goes back to you know um things about like vision and values um we take uh decentralization very seriously and the long-term viability of Stark net as an Integrity web as something that can be trusted by the public um all around the world world uh really calls for this sort of uh Independence um now regarding star it has so much to do to do and it's also having s so much fun doing it that uh no we're not going to go off to the Bahamas to drink cocktails and bathe in the sun um we

are as will be evident in the coming weeks um we're all about like uh trailblazing technology so we have some very exciting technological breakthroughs to share with the world further on our vision is or our passion and our focus is on improving the technology even more and the reason is that um if you want to become the rails for the global economy then you know as amazing as a stark knet performance is right now um it's not yet ready for you know the 1 million TPS and

more that you probably need uh for that now we'll get there there's nothing theoretically barring uh the technology from reaching it but to to to answer your question what will starkware do so alongside many other uh teams in the Stark net ecosystem will be uh advancing um that mission and that vision of uh taking it really Global I mean from from the Foundation when I can say is what I would uh hope and expect is for starkware to uh ship more and more as years go by but their share going down down uh because of all the other builders so I think starkware we definitely work very closely and they they are really important contributor

and we expect them to increase uh what they ship but actually reduce their uh their share significantly as we grow the rest of the ecosystem which is uh what's uh really exciting maybe the differences and roles between these two organizations is actually uh contained in the name starkware as in software I'm pretty sure that's the the right playoff of words software except for Starks uh and this is the model that I think we've seen um other organizations take where the original Labs company becomes like the software service provider towards the actual Network Stark net net being everything else that it takes to Foster and maintain and develop a network okay so dieo today is the date where we're getting lot of the information uh and

well there there will be a link in the show notes on the YouTube uh for people to be able to just go read this blog um themselves but maybe you can kind of just rattle off some of the the big specific dates uh when will this provision be uh accessible towards the people that have been provisioned uh and then we'll also get into some of the details behind who got what yes so uh today we're announcing uh the provisions and now you can go uh to uh our website to check eligibilities so you can go there today and then uh the actual claim of the tokens will happen on February 20th next week so let's go ahead and get right into some of the details on the the provisions here and Diego I I'll continue with you here what are the

things that just really stand out uh as the big details about what about these this provision program like what uh populations of people what contributors uh what do you want to highlight first before we get into some of the granular details yeah so we're going to be distri buting 700 million star tokens uh to around 1.3 million addresses which is the largest distribution ever made which we're very very proud of uh and I think that's very very exciting to try to include as many people to come on board the Stark net and also ethereum Journey so we're very excited about that 1.3 million addresses uh can you uh start to like unpack who are these people what are the different um uh communities or

just collections of of people are receiving Provisions here yes so uh over 50% uh of the tokens are going to be going to startet users so those that help us really get uh we're trying the applications getting it ready uh uh improving the usage giving feedback to the builders and so forth uh we have also uh close to 9% going to the startet community which includes everyone uh from developers uh to also those uh organizing meetups uh uh helping other developers to learn um helping everyone get acquainted with what Starin is about um all the efforts about building our community that are uh going to be

receiving tokens there we also have around 2% of the uh of the distribution going for starnet developers so people that have really contributed to uh uh to the tooling and infrastructure uh that makes darket uh possible um and we're also having a uh a good portion of uh tokens distributed to those contributing to ethereum and that is from um uh e stakers so uh we we think that is very important that they have helped secure the network so we want them to be uh uh compensated as well so we have those that are doing it via pools and that's around uh 177% of the distribution and we have also uh around 5% of the

distribution going to solo stakers that also take uh a bit more risk on that but that are again supporting uh the network uh we have also an allocation to the protocol Guild of ethereum so those that have helped um uh uh maintain and secure ethereum as well uh those are also are been doing uh uh uh the EIP authors as well have an allocation as well and then we have 2.1% uh going to uh the top 5,000 GitHub projects as well um uh which we're very happy again we're trying to welcome as many developers uh to come to uh start it and contribute to ethereum broadly speaking so I encourage all of you to go

uh to uh the to our website to check for eligibility and Please be aware of scams there is no uh token available yet uh the claim of the tokens will be next week on on the 20th but go check eligibility uh as soon as possible I got to say with um all of the solo stakers and ethereum developers and the protocol Guild there it sounds like David a pretty aligned move here I I don't know I don't know what you tweet about this but uh I I do think like a um token distribution token provisioning type of event sort of uh shows you a little bit where the Network's values are and like what they're trying to incent moving forward and um I just want to applaud um you know some some rewards for some of

the groups that that uh you guys have decided to include there but just before I know David's going to do a recap in detail so we make sure we capture all that detail but before we get there when you were talking about the percentage that are going to all these various groups Diego you were talking about a percentage of the 700 million uh Stark token distribution it was relative to that that that's 700 million amount is that correct that's correct yes okay and then the wider context of this uh this is a new token so uh what is the total supply of this new token so we can take even the 700 million into context here yes the total supply of St token uh is of 10 billion Stark tokens uh we still are working on the overall uh tokenomics

of it so we are still going to be uh working on proposals that we have uh to uh uh decide also inflation uh which at the moment one of the proposals is around 4% but for the time being we do have uh 10 billion star tokens okay so I kind of want to rec recap the high level categories that I see I see four different categories here um the big one is Stark net users so just users of Stark net uh if you've it sounds like if you just have an address that has produced a footprint on Stark net you are getting a provision um and that's just that's just the biggest category that's probably where a lot of the addresses come from there's a the and then there's the second category

that I want to pull out ethereum stakers and C can we just uh talk about this category specifically really quick then there's the two other categories um these are both solo stakers and staking po tools correct Diego and can you talk about just like the parameters around I don't know if I've ever heard of a of a um provision going to staking pools can you talk about the logistics behind that uh and just any dates that are uh relevant here maybe I can I'd be happy to take this question um the first thing I want to point out is the rationale behind the allocating to to stakers and uh remember that um um starna decentralization calls for having as broad as possible um a set of uh

individuals and a public that is interested in the operation and securing of decentralized networks and if you ask yourself okay where can we find uh people who through their actions have demonstrated that they are passionate about this and want to help and one glaring answer is of course uh you know folks like Miners and stakers and operators so when you're uh jump starting um this uh broad footing or distribution or foundation for the decentralized operation it just makes a lot of sense to include this class and uh that's that's is it basically because you you want them to come stake in the

Stark net ecosystem we want a a broad set of independent operators so that you have a permissionless decentralized network and uh you ask yourself who's going to step up and and be willing to take the you know and has the technological and security understanding of the implications of things like staking and slashing and the you know responsibility uh that is entailed by it you know basically entrusting uh and securing funds uh for the public and a very natural class that is already presenting itself and saying hey we're into that sort of thing our ethereum stakers so we

want them to be part of this just like we want starnet developers to be sitting at the table and uh you know if they're passionate about building things on Stark net as a public good we want them to have tokens so they can um operate the system mantle formerly known as bit Dow is the first Dow Le web 3 ecosystem all built on top of Mantle's first core product the mantle Network a brand new high performance ethereum layer 2 built using the op stack but uses IG layer's data availability solu solution instead of the expensive ethereum layer 1 not only does this reduce mantle Network's gas fees by 80% but it also reduces gas fee volatility providing a more stable foundation for mantle applications the mantle treasury is one of the biggest

Dow owned treasuries which is seeding an ecosystem of projects from all around the web 3 space for mantle mantle already has sub communities from around web 3 onboarded like game s for web 3 gaming and bybit for tvl and liquidity and onramps so if you want to build on the mantle Network mantle is offering a grants program that provides miles based funding to promising projects that help expand secure and decentralize mantle if you want to get started working with the first Dow Le layer 2 ecosystem check out mantle at mantle. XYZ and follow them on Twitter at zerx manle you know Unis swap it's the world's largest decentralized exchange with over $1.4 trillion in trading volume you know this because we talk about it endlessly on b list it's Unis swap but Unis swap is becoming so

much more uniswap Labs just released the Unis swap Mobile Wallet for iOS the newest easiest way to to trade tokens on the go with Unis swap wallet you can easily create or import a new wallet buy crypto on any available exchange with your debit card with extremely low Fiat onramp fees and you can seamlessly swap on Main net polygon arbitrum and optimism on the Unis swap mobile wall you can store and display your beautiful nfts and you can also explore web 3 with the inapp search features Market leaderboards and price charts or use wallet connect to connect to any web 3 application so you can now go directly to D5 with a unisat Mobile Wallet safe simple custody from the most trusted team in def5 download the Unis swap wallet today on iOS there's a link in the show notes are you launching a token

is it already live how are you managing the legal and tax obligations for providing token grants to your team it's no secret that token management gets complicated between learning all the legal language and tax obligations in every country that your team is in token Grant Management can feel like an obstacle course but it doesn't have to that's where toku steps in toku provides practical tools to handle token grants allowing for Effective oversight of token distributions and payroll tax compliance for employees contractors advisers and investors they also handle tax withholdings through their real-time tax calculations that can be done by toku or integrated into any payroll e providers in any jurisdiction toku is a trusted provider of protocol Labs dydx foundation mean and protocol and many more get started for free and make token

compensation simple at tok.com bankless Diego one of the uh Provisions here is to staking pools which I think might be uh logistically novel I don't know if we've ever seen that before can you talk about just uh if what that means if how if for receiving a provision via a staking pool like what what should people know uh well for all of of you that are staking via a pool then you need to contact your uh uh pool operator uh to get information on how you can get your star uh but for all of you doing uh solo staking then uh be sure to go to our website to check eligibility beautiful beautiful okay so that's the relatively large ethereum stakers category the next category of of the what the pattern that I've seeing

here is what I'll call kind of like the pre- Stark net ecosystem and this is Stark X users um and then the Stark net uh developers which we already went into pretty good detail and then the Stark net Community I want to hang on the Stark X users uh who are these people uh Stark x uh who are some of these products that have been out in the wild for the number last number of years that if um people have used these things they would be considered here who are Stark X users so Stark X users uh first of all the technology underlying Stark net is completely novel um it is uh you know the first usage of Stark proofs alongside a a novel Virtual Machine uh Cairo and a programming language that is

ergonomic and safe that uses it and all of this in production now the first setting in which this novel L2 was tested and brought to production was through the starx systems and the chairo language which now supports starnet um was honed and finessed on that platform so the foundations of Stark net and its security and its uh um you know ux and a lot of other good properties about it are inherited uh from Stark X and have been tested and vetted by the users of

Dy X sare immutable uh Rhino and a bunch of others and um just like the users of Stark net have offered uh a terrific service to Stark net and uh they are natural candidates to be provisioned so that they can participate in the journey that is starnet the same thing uh applies to the early users of the technology on starx um along the way way this will be another class that hopefully brings many novel uh uh web 2 people to uh the web 3 setting because some of the users for instance of uh sare and other of these

systems are not necessarily native web3 and this will be a good way to introduce them to uh web 3 technology Yeah we actually often talk about um trying to build products for mainstream and S rare has already done that uh and so these be like a large supply of addresses that uh don't know that they are getting a tok a very important uh token um and then I think like you just called out dydx uh the first implementation of dydx uh was a stark X chain which uh I believe I will be getting a provision from my early degeneracy in 2019 and and 2020 when I was using dydx and then immutable for anyone who

is using Gods Unchained or some of the early uh gaming platforms a pretty wide Set uh users here because the history of Stark x uh chains go goes back really really far uh and so I and you also called out uh Rhino previously known as a diversify I believe uh a very early um uh exchange using um starx as well so uh that it's probably a pretty broad set of people who have been inside of the ethereum and crypto Community for a very long time uh so that that's what I call the PRI starnet ecosystem and then there's the ethereum builders 1% to the protocol Guild uh 3.3% of all ethereum developers who contributed at least three commits before November in 2023

EIP authors and then of course that last category the Stark net users uh okay uh 1.3 million addresses uh by far the largest uh distribution in address ter one more time I know we've talked about some of the the logistics and details here uh but there's been a lot of fishers in this world but uh Diego just give us the dates and what people need to do uh there's a link in the show notes for all of this information just give us the dates one more time about uh when um people can go access their provision yes so today you should go to our website uh to check for eligibility so uh uh you should go there as soon as possible uh but the claim itself starts

on the 20th of February uh so nothing before that uh is real so be be careful with scams and emails and things that people are already unfortunately sending uh nothing will be happening on February 20th and be sure to check the official handles of the foundation and and just always double check that you're going to the right place but again I repeat today go check eligibility on our website and the claim starts on February 20th and the story actually is not over this is the Stark net Provisions program and this is the first provision of more uh can you talk about the future what does the future of this program look

like how will future Provisions be determined and decided so for us actually this is a a a very important milestone for our community because it has taken a lot of work of a lot of people believing in Stark net uh users Builders all together to get to this point and it is a very important point in our in our history but it's really the beginning so uh this is just a way a first step in terms of decentralization to get all these 1.3 million addresses sort of a a stake in our protocol and for them to participate uh but ultimately this is going to be a marathon so what we would like is uh uh for more people to come and build and you know build great infrastructure

great tooling great uh dabs on stocket uh and actually be part of the community and what we want to do is to continue to nourish that through the foundation with all the programs we will have and and just invite them to participate in this journey of just basically uh making making starken it on ethereum uh better so so this is just the first step that's why it's the first step in Provisions but there will be more more things to come and we have already other programs and you know all types of Grants and education we provide uh for Builders uh and and users as well if I may I I just want to say it's a it's really a day of uh big celebration for the Stark net Community uh first and foremost uh for

the amazing ecosystem of developers um and Visionaries who've gone um through so much um and really devoted their past few months or years to making this uh such a success and it is a milestone in the road to decentralization and to uh Independence and flourishing of of Stark net as an important layer to scaling ethereum and bringing uh web 3 to Global usage I appreciate you guys uh releasing all these details and and this episode goes

live on Valentine's Day too so you know it's the the 14th of February so uh maybe maybe there's some love in the air uh to to the Stark net community and so the 14th this is U being announced the 20th um people can actually access their tokens for the first time and so they should go see if they're eligible then they should go access them but my question is then what so I got some tokens cool maybe David's got some tokens from his dydx stuff uh back a few years ago then the question in my mind is now what what do I do with these tokens so can I stake them should I just wait and hold on are there governance proposals to uh get involved with because of course uh you know provisioning a token like this with with

a great token comes great responsibility tell us what some of the responsibilities are for token holders so I can answer this first of all governance has been already live for quite some time and uh you could you are urged to participate in governance or uh you know if you want to be a delegate for others to delegate their governance uh rights to you please consider doing so um there are a number of um staking related related proposals in the works by various teams um there will be uh um you know there will be a number of staking proposals I know for a fact because store is again working on uh one

such proposal um and but but you know it's not this is not yet live um I would say that uh you are urged to explore all of the cool things that are now live on um on Stark net there are very interesting gaming sustainability D5 and other products and protocols um I I don't want to mention anyone in particular just because uh there's so many of them and I will probably do a disservice to the others uh but explore the ecosystem see what you believe in um and see what brings uh value to you uh I think there's a large number of uh very

interesting things to participate in there one one one cool thing about these uh tokens of course is that they are gas tokens so of course you know all of the things that that Ellie was just talking about now you can pay for those things if you're a recipient of the the Stark net token you can actually uh use them within the system uh da Diego were you going to say something too well I I think also um um I think we we see it as well as an opportunity to uh Inspire other builders Inspire users to come and experience not only the the the daps that are already here but what's possible with with this technology so hopefully uh this distribution brings BRS many more people uh uh or makes many more people aware of

starnet and what you can do with uh the starnet uh Network and uh and hopefully the token is part of that uh Discovery uh but uh it's not really the goal it's just part of the mechanism we use to build some amazing things so I I do hope that people are encouraged to then sort of come and visit the stet World Experience already what's out there and be inspired to to build and participate in in in the ecosystem well as we end this episode let's talk about that for a moment so when a token is provisioned of course you know the full Spotlight of everything in crypto is on that particular project and so I imagine for the next uh few weeks the full Spotlight will be on on Stark net and so I'm

wondering if this is maybe for for people who are not as familiar with the Stark net Community what are the most uh exciting things going on in the community and Ellie you don't have to name particular projects unless of course you want to but you can talk about maybe categories you can talk about maybe the future road map of of Stark net what to you is most exciting about traction and some of the the real world use cases and things going on that people should come explore one huge theme that is already exploding on Stark net is onchain gaming right um it's very hard to put the onchain the logic of a game onchain because uh um that's a lot of compute well on stet with its scale uh this is

possible um so there's a lot of very interesting onchain gaming projects out there please explore them that's one thing that I'm very enthusiastic about another thing is just um the sheer performance and cost improvements that are in line we hope to be ready with EAP 4844 support pretty much from the minute it's uh turned on uh there is a lot of work going on on uh regarding further enhancements to the performance in terms of number of compute steps and simultaneously reduction of the cost uh to users which will make um Stark net uh much faster

and cheaper um um now another thing that is unique to Stark net and goes again to our technological um Innovation and sort of uh Independence and uh you know courage I would say technological courage is that um Stark net is the only L2 with 100% native account abstraction which means amazing web tool like ux for both the onboarding and the usage so I think users coming already to claim the token uh are expected to see a very novel uh well novel for web 3 but uh kind of expected in web 2 and uh I think we'll

see a lot more usage of things like uh smart wallets you know AKA account abstraction uh by a lot of the major wallets and defi protocols um and then further down the line one thing to keep an eye on is that so let's take a very Broad View so Stark net now with its token is something that has been you know being baked in the oven for roughly six years uh starcore started working on it uh in 2018 and prior to this uh there was like 20 years of uh research at least um I myself devoted probably a decade of research to that um we are very enthusiastic about some big

technological breakthroughs on both the product and the engineering and the math side that are going to be unveiled in the coming weeks and it will take some time you know months to years for them to reach uh uh production and for everyone to enjoy them but um that's that's where our passion lies and that's where we're focusing on on the horizon on long-term viability um that's where we're heading well when I hear you say technological breakthroughs I get very excited because starkware has always been uh pushing the frontier of crypto and certainly has on l2s from the very beginning and uh you know Starks uh math and technology and and cryptography so far so but one thing

I I'll plus one is the onchain gaming community and the Stark net ecosystem is absolutely popping off um that's where I see a ton of the the energy and potential and uh also account abstraction wallets so bankless listener you've heard David and I talk about these before this is an experience that's similar to fintech revolute it's similar to uh venmo if you use something like that it's not kind of the the clunky um eoa type of account that we're used to in most layer tws and on ethereum is certainly the future and one benefit is that Stark net has that baked in uh from the ground up there there's a wallet that um I've been a big fan of for a while called Argent that actually completely migrated and deployed to

Stark net I believe in large part for account abstraction type of support so this is definitely a frontier and has some differentiators from other l2s that you should absolutely look into uh Diego anything else you want to say in conclusion what's uh you know how do we wrap up this episode in this monumentous event for me if I can say something I think uh uh you're absolutely right and Ellie summarize it well like we have incredible math uh cryptography technology uh it's really mind-blowing but I can tell you that many people for come for the tech but stay for the community one thing that is I feel like really really uh encouraging and uh what makes startet great is actually the

community of Builders we have how everyone helps each other and also just the broader community of users as well I think everyone is very very passionate about what we're doing here together and also uh and passionate to the extent that we always take the more difficult road with Cairo as a language and and uh uh and and just the differences we have in the way we we build different uh but the support you get from the community uh in gaming when any other field is is very unique so I I would just say that uh please do come enjoy the tech come for the tech but I'm pretty certain you'll stay for our community all right Ellie anything any uh last comments from you yeah so a lot of the excitement

including uh next steps and things that will be unfolding some of that will be already revealed uh at Stark City Denver uh which will take place uh as part of uh eth Denver on February 28th so please join Jo us Diego uh myself a lot of the Stark net foundation and starkware and Stark net ecosystem folks are going to be there we'd love to tell you what's on our minds what we're working on and just celebrate uh starkit amazing uh Ellie Diego Thank you so much for joining us cly big news congrats it's been a long journey a six-year Journey you guys have done this very methodically and uh we certainly

appreciate you spending time to educate the bank list on what's going on we appreciate you thank you so much thank you thank you bankless listeners there will be there will be links in the show notes of course one to the blog post which you got to check out has all the distribution details anything we didn't cover in this episode will be there there will also be a link to the eligibility criteria that Diego kept mentioning throughout this episode uh that is the official place to check whether you are eligible careful about other links yes at the time of release for this episode that is February 14th to be clear you will not be able to actually claim any Stark tokens okay that happens later that happens on the 20th but you can check your eligibility so make sure you don't get fish you

don't get scammed also we'll include a link to details on the eth Denver event that Ellie was talking about got to end with this of course crypto is risky you could lose what you put in but we are headed west this is the frontier it's not for everyone but we're glad you're with us on the bankless journey thanks a lot [Music]