StarkNet Launches Governance Body StarkNet Foundation

StarkNet Foundation will focus on grants, funding, and protocol research while decentralizing the network.

StarkNet, the Ethereum scaling protocol, has announced the launch of its new governance entity, the StarkNet Foundation. This organization will handle grants and funding for new StarkNet protocols, aligning with Ethereum’s decentralized and open-source principles.

The foundation will receive 50.1% of the total StarkNet token supply for these purposes. Additionally, StarkNet Foundation is free to assume any roles related to StarkNet as needed.

The StarkNet Foundation starts with a board of seven elected members who will play crucial leadership roles in shaping the long-term direction of the fund. Notably, the board includes Andrew McLaughlin, former Deputy CTO of the United States under Obama, and Eric Wall, a well-known blockchain critic. The board operates on a majority voting structure.

StarkWare is one of the most anticipated Layer-2 solutions of 2022. The project features two main chains: StarkEx, used by decentralized exchanges like dYdX (until its own platform is built) and DeversiFi, and the upcoming decentralized Layer-2 solution StarkNet, which is poised to launch its token.

Read More: Why You Should Keep an Eye on StarkNet/StarkEx – The Counterpart to Arbitrum and Optimism?

The announcement comes amidst a widespread crisis involving FTX and Alameda Research.