Starknet Community Overwhelmingly Supports Upgrade for Native Crypto as Gas Token
The Starknet community has shown strong support for an upgrade that aims to introduce the native cryptocurrency as a gas token. In a vote, 99.8% of participating delegates voted in favor of implementing Alpha version 0.13.0 on the mainnet, with no opposition from the Starknet Governance Committee. This update will enable a dual token system, allowing users of the Ethereum Layer-2 (L2) network to settle gas fees using either Ether (ETH) or STRK.
While the activation of v.13 is set for January 10, users will not be able to immediately pay for transactions using STRK as the native token has not been released yet. The update not only introduces the dual fee structure but also reduces gas fees by up to 50% and improves network performance through technological enhancements.
Scaling Ethereum’s Blockchain with Zero Knowledge Rollup Solutions
Starknet utilizes rollup solutions based on zero knowledge to scale Ethereum’s blockchain, providing lower fees and faster transactions. With STRK’s decentralized network, it currently costs less than $1 to send ETH and perform token swaps for ERC-20 tokens.
To achieve this, the protocol bundles transactions off-chain before broadcasting them on Ethereum’s main chain.
About Starknet and Potential Airdrop Speculation
Launched in February 2022 by StarkWare Industries, an Israel-based blockchain firm, Starknet aims to distribute 1.8 billion STRK tokens as user rewards, with a portion allocated for early adopters. There are also rumors of a potential general community airdrop for participants and users of the network.
Hot Take: Starknet Gains Overwhelming Support for Native Crypto Upgrade
Starknet’s recent vote to implement an upgrade introducing the native crypto as a gas token reflects the strong backing from its community. With the activation of v.13, users on the Ethereum Layer-2 network will have the option to settle gas fees using either ETH or STRK. This dual token system, combined with reduced gas fees and improved network performance, showcases Starknet’s commitment to enhancing scalability and usability. As the release of the native token approaches, excitement grows among users who anticipate lower transaction costs and faster transactions on Starknet’s decentralized network.
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