StarkNet will issue the token STRK next year. What impact will this have on the industry?

According to the proposal released by the well-known zk Layer2 project Starknet, as mentioned in this content, it is expected that its native token STRK will be used as gas to pay for network fees, and will have different token standards. The community speculates that STRK will have a different token economy and use cases compared to other Layer2 projects in the past.

Key Points of Starknet V0.13.0 Iteration

The mainnet update of Starknet V0.13.0 is expected to be completed in January next year. According to the roadmap released by the official team in April this year, the goal of the Starknet 0.13.0 update is to significantly reduce transaction costs.

The team will use solutions like Volition to reduce transaction costs by changing the transaction structure, providing developers with tools related to data availability layer DA, recording complete transaction information on Starknet instead of Ethereum, reducing the cost of recording transaction data to Ethereum by approximately 95%.

Furthermore, based on recent governance proposals, more details can be obtained. Starknet V0.13.0 will incorporate a new transaction type V3, allowing the setting of Paymaster in addition to ETH, using the STRK token to pay transaction fees, and updating support for the Rust programming language virtual machine Cairo, migrating from Goerli to Sepolia testnet.

V0.13.0 is expected to complete the Starknet mainnet update on 1/22/2024 and may be delayed by a week depending on the circumstances.

What is the Impact of Starknet V0.13.0 on Users?

Cryptocurrency researcher Haotian believes that this update will represent Starknet's issuance of the STRK token for network fee payments, so it is advisable to pay close attention to the latest information from the official team next year.

Haotian indicates that the specifications and standards for the STRK token in the future V0.13.0 update will set a new paradigm for the industry, including:

• Enabling users to approve and transfer in bulk while allowing the use of Paymaster to set fuel consumption tokens as STRK. This can significantly reduce user costs and enhance the value of the token, potentially changing the current situation where Layer2 token economic models are inadequate.
• Adding Transfer Hook functionality to give users more programmability, making it easier to manage account assets. For example, users can set a certain percentage of the transfer amount to be sent to a specific fee address to implement a fee mechanism; or execute different risk control logics based on the transfer amount to achieve whitelist or blacklist access control.
• Token contracts only handle the functionality of transactions, while authorization, distribution, and other functions are removed and completely controlled by the user's wallet account, avoiding security issues such as bugs in token contracts and providing more room for account abstraction technology.

STRK May Bring a New Era

The Starknet team's technical strength is solid, and they are currently developing and iterating as expected to further optimize network performance. On the other hand, STRK, in addition to being different from existing Layer2 tokens that can be used for network fuel fee payments for value capture, may spark new innovations in the industry due to its new token standards, and the community is highly anticipating the performance of the STRK token in the future.

For general users, the next step is to wait for news of whether the team will airdrop tokens, and this article is not investment advice.