Starkware launches token on Ethereum, but it’s not yet tradable

Starkware deployed its native token STRK on the Ethereum network.

The STRK token is currently in a “no-trade status” and it “will remain in place until further notice by the StarkNet Foundation,” Starkware wrote in a Nov. 16 blog post. A date for when trading will start has not been released.

Starkware, an Ethereum scaling protocol that obtained an $8 billion valuation earlier this year, confirmed in July it would release its own token.

The countdown for vesting, or locked tokens to Starkware investors and core contributors has not started even though the token has been deployed, Starkware spokesperson Nathan Jeffay told The Block.

The locked tokens from team members and investors can be used for staking while they are locked, which would yield locked token holders tradable, unlocked STRK tokens.

The other 50.1% are held by the Starknet Foundation and are not locked. The Starknet Foundation announced its launch with a select group of board members last week, but has not published a specific plan on how it will use these tokens. Board members have equally weighted votes on proposals put forth by the Foundation. 

The organization will most likely use them for the development and funding of new protocols, among other initiatives, board member Eric Wall told The Block.

The STRK token will be used for paying transaction fees, governance, and staking on its network.

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