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Speaker A: Thankless nation. The stark token is here. Well, just about, actually. We have the release details. We've been waiting for this event for almost six years. Starknet 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 u... |
Speaker B: That is what a starknet version of an airdrop is. It is a provision. Users will probably hear provisions, but they'll think airdrops. That would be correct. These are just the terms that they have elected to use on the show. Today we have Ellie, Ben Sassen and Diego. Olivia, Diego is the CEO of the Starknet ... |
Speaker C: Thank you. Excited to be here. |
Speaker B: Yeah, very exciting. And of course, long time bankless listeners will remember Ellie. Ellie, Ben Sazen, one of the two fathers of Starknet, co founder of Starkware, overall, mathematician genius. Ellie, welcome back to the show. |
Speaker D: Thanks. Thanks for having me here. David Ryan, always a pleasure. |
Speaker B: So this show I think is going to be extremely exciting. This has been a long time coming. Starkware, Starknet and overall Starx has been a pillar of the crypto world even before Ethereum launched. And it's been no secret that eventually Starknet will decentralize and create a token and give it to its communi... |
Speaker D: It was the earliest possible in terms of the technical and decentralization roadmap. We would have loved to do it much earlier, but this is when the system is ripe enough for it. We have now fees enabled in the Starknet token, which is the main utility for it. And we're making progress on other aspects of de... |
Speaker A: So Elie, what were some of the necessary criteria for provisioning a token? You sort of alluded to a few of this being sort of the earliest necessary time, like what needed to be in place. Exactly. |
Speaker D: The main thing that just was turned on with version 13 of the protocol is that we now have the ability to submit transactions where the fee is denominated in the stark token. Prior to this, we just didn't have, the protocol was not mature enough to support this capability. So this took time to build and bake... |
Speaker A: We'll get into a lot of the kind of the economics of the token itself, but since you just brought it up, Elio, I want to drill into this. So the decision to denominate fees in the starknet token itself, why did you go in that direction? There are other layer twos that have chosen to denominate fees in, say, ... |
Speaker D: Why those who care about Starknet, 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, ensuring it, and also to be able to use it. And you see, if fees were denominated in ether, they would flow towards the operators and also pa... |
Speaker A: Of course, a portion of the gas fees actually needs to in some way be converted to ether in order to purchase the block space from the Ethereum mainnet. Am I right about that? And how does that work in this mechanism? |
Speaker D: Yeah, well, a portion is indeed paid to Ethereum for the security and for basically putting the proofs and the state differences on layer one. But all of what's called the l two costs are going to be flowing to the operators and the stakers. And some of those are related to the capital costs for staking and ... |
Speaker B: Ellie, I think you might be alluding to a tweet that I kind of fired off from the hip maybe about a month ago about this exact subject, Stark using its own currency as its gas token. And I just wanted to just bring that up for a second because I called it the most unaligned layer two. Once again, just firing... |
Speaker D: I just want to say that I think the Starknet ecosystem is eternally grateful to you, David, for raising up this meme and just giving us so much good creative power. We just really leaned into this unaligned. We're proudly unaligned. Great. So thank you for. |
Speaker B: Giving you the lighting. |
Speaker D: Yeah, exactly. Labeling us is on the line. That really helped us a lot. |
Speaker B: I'll rebrand it as technically differentiated. Perhaps maybe that's a better way to say it. Diego, I want to get you in here as well. CEO of the Starknet foundation. Maybe you kind of can illuminate your role and the Starknet foundation itself and also maybe give your perspective on the choice of timing. Lik... |
Speaker C: Yeah, so I think, well, Eli alluded the readiness from a technical standpoint, so I think he covered that. But 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 towards decentralization and hence the creation of th... |
Speaker A: So this design where we have Ellie with the co founder of Starkware, which is a company, and Diego, you are the CEO of the Starknet foundation. We've seen company plus foundation types of setups in other ecosystems, other layer twos have adopted this sort of setup, DeFi protocols have with Uniswap, you have ... |
Speaker D: One thing that's important to note that I think, in which the Starknet foundation is unique, is that in most cases you have sort of labs and then undergoing mitosis. This process in biology where a cell splits evenly into two parts, and then one part is called labs and the other part is called foundation. Th... |
Speaker C: I mean, from the foundation, what I can say is what I would hope and expect is for Starkware to ship more and more as years go by, but their share going down because of all the other builders. So I think Starquare, we definitely work very closely, and they are really important contributors, and we expect the... |
Speaker B: Maybe the differences in roles between these two organizations is actually contained in the name Starkware, as in software. I'm pretty sure that's the right playoff of words, software, except for starks. And this is the model that I think we've seen other organizations take, where the original labs company b... |
Speaker C: Yes, today we're announcing the provisions, and now you can go to our website to check eligibility. So you can go there today, and then the actual claim of the tokens will happen on February 20 next week. |
Speaker B: So let's go ahead and get right into some of the details on the provisions here. And Diego, I'll continue with you here. What are the things that just really stand out as the big details about what about this provision program? Like what populations of people, what contributors? What do you want to highlight... |
Speaker C: Yeah, so we're going to be distributing 700 million star tokens to around 1.3 million addresses, which is the largest distribution ever made, which we're very, very proud of. And I think that's very, very exciting to try to include as many people to come on board and also Ethereum journey. |
Speaker B: So we're very excited about that 1.3 million addresses. Can you start to unpack who are these people, what are the different communities or just collections of people are receiving provisions here? |
Speaker C: Yes. So over 50% of the tokens are going to be going to start net users. So those that help us really get, we're trying the applications getting that's ready, improving the usage, giving feedback to the builders and so forth. We have also close to 9% going to the Startnip community, which includes everyone f... |
Speaker A: I got to say, with all of the solo stakers and Ethereum developers and the protocol guild out there, it sounds like David, a pretty aligned move here. I don't know what you tweet about this, but I do think a token distribution, token provisioning type of event sort of shows you a little bit where the network... |
Speaker C: That's correct, yes. |
Speaker A: Okay. And then the wider context of this, this is a new token. So what is the total supply of this new token? So we can take even the 700 million into context here? |
Speaker D: Yes. |
Speaker C: The total supply of stark token is of 10 billion stark tokens. We still are working on the overall tokenomics of it. So we are still going to be working on proposals that we have to decide. Also inflation, which at the moment one of the proposals is around 4%. But for the time being we do have 10 billion sto... |
Speaker B: Okay, so I kind of want to recap the high level categories that I see. I see four different categories here. The big one is starknet users. So just users of Starknet. It sounds like if you just have an address that has produced a footprint on Starknet, you are getting a provision. And that's just the biggest... |
Speaker D: Maybe I can. I'd be happy to take this question. The first thing I want to point out is the rationale behind allocating to stakers. And remember that Starknet decentralization calls for having as broad as possible a set of individuals and a public that is interested in the operation and securing of decentral... |
Speaker A: Is it basically because you want them to come stake in this darknet ecosystem. |
Speaker D: We want a broad set of independent operators so that you have a permissionless decentralized network and you ask yourself who's going to step up and be willing to take the, you know, and has the technological and security understanding of the implications of things like, like staking and slashing and the res... |
Speaker B: Diego, one of the provisions here is to staking pools, which I think might be logistically novel. I don't know if we've ever seen that before. Can you talk about just what that means for receiving a provision via a staking pool? What should people know? |
Speaker C: Well, for all of you that are staking via a pool then you need to contact your pool operator to get information on how you can get your start. But for all of you doing solo staking, then be sure to go to our website to check eligibility. |
Speaker B: Beautiful. Okay, so that's the relatively large Ethereum stakers category. The next category of the pattern that I'm seeing here is what I'll call kind of like the pre stark. Net ecosystem. And this is Starkx users and then the Starknet developers, which we already went into pretty good detail. And then the ... |
Speaker D: So Stark X users, first of all, the technology underlying Starknet is completely novel. It is, you know, the first usage of Stark proofs alongside a novel virtual machine, 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 t... |
Speaker B: Yeah, we actually often talk about trying to build products for mainstream and Sorare has already done that. And so these might be like a large supply of addresses that don't know that they are getting a token, a very important token. And then I think like you just called out DyDx. The first implementation o... |
Speaker C: Yes. So today you should go to our website to check for eligibility. So you should go there as soon as possible. But the claim itself starts on the 20 February, so nothing before that is real. So be careful with scams and emails and things that people are already, unfortunately sending. Nothing will be happe... |
Speaker B: The story actually is not over. This is the Starknet provisions program and this is the first provision of more can you talk about the future? What does the future of this program look like? How will future provisions be determined and decided for us? |
Speaker C: Actually this is a very important milestone for our community because it has taken a lot of work of a lot of people believing in startling users, builders all together to get to this point. And it is a very important point in our history, but it's really the beginning. So this is just a way, a first step in ... |
Speaker D: I just want to say it's really a day of big celebration for the starknet community, first and foremost for the amazing ecosystem of developers and visionaries who've gone through so much and really devoted the past few months or years to making this such a success. And it is a milestone in the road to decent... |
Speaker A: I appreciate you guys releasing all these details. And this episode goes live on Valentine's Day too. So it's the 14 February, so maybe there's some love in the air to the Starknet community. And so the 14th, this is being announced, the 20th, people can actually access their tokens for the first time and so... |
Speaker D: First of all, governance has been already live for quite some time and you are urged to participate in governance. Or if you want to be a delegate for others to delegate their governance rights to you, please consider doing so. There are a number of staking related proposals in the works by various teams. Th... |
Speaker A: One cool thing about these tokens, of course, is that they are gas tokens. So of course all of the things that Elie was just talking about, now you can pay for those things. If you're a recipient of the Starknet token, you can actually use them within the system. Diego, were you going to say something too? |
Speaker C: Well, I think we see it as well as an opportunity to inspire other builders, inspire users to come and experience not only the Dapps that are already here, but what's possible with this technology. So hopefully this distribution brings many more people or makes many more people aware of starknet and what you... |
Speaker A: Well, as we end this episode, let's talk about that for a moment. So when a token is provisioned, of course the full spotlight of, of everything in crypto is on that particular project. And so I imagine for the next few weeks the full spotlight will be on Starknet. And so I'm wondering if this is maybe for p... |
Speaker D: One huge theme that is already exploding on Starknet is on chain gaming. It's very hard to put the logic of a game on chain because that's a lot of compute. Well, on Starknet, with its scale, this is possible. So there's a lot of very interesting on chain gaming projects out there. Please explore them. That'... |
Speaker A: Well, when I hear you say technological breakthroughs, I get very excited because Starkware has always been pushing the frontier of crypto and certainly has on l two s from the very beginning, and Stark's math and technology and cryptography so far. So one thing I'll plus one is the on chain gaming community... |
Speaker C: For me, if I can say something, I think you're absolutely right, and Eli summarized it well. We have incredible math, cryptography, technology. It's really mind blowing, but I can tell you that many people come for the tech, but stay for the community. One thing that is, I feel like, really, really encouragi... |
Speaker A: All right, Eli, anything, any last comments from you? |
Speaker D: Yeah, so a lot of the excitement, including next steps and things that will be unfolding, some of that will be already revealed at Stark City, Denver, which will take place as part of East Denver on February 28. So please join us. Diego, myself, a lot of the Starknet foundation and Starkware and Starknet eco... |
Speaker A: Amazing. Ellie, Diego, thank you so much for joining us. Big news. Congrats. It's been a long journey, a six year journey. You guys have done this very methodically, and we certainly appreciate you spending time to educate the bankless nation on what's going on. We appreciate you. |
Speaker D: Thank you so much. |
Speaker C: Thank you. |
Speaker A: Thank you, bankless listeners. There will be links in the show notes, of course, one to the blog posts, which you've 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 thro... |
Speaker B: Careful about other links. |
Speaker A: Yes. At the time of release of this episode, that is February 14. 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... |
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