- Several Ethereum Layer 2 projects could launch their tokens soon.
- Arbitrum, StarkNet and zkSync have all hinted that releasing their tokens may be necessary to help them achieve decentralization.
- StarkNet has already confirmed that it will release a token in the future, although no jour has been announced.
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Several Ethereum Layer 2 networks have hinted that they could release their own tokens in the coming months, which could potentially lead to airdrops for early users. join cipher feed While we take a genre at the person who could be the first to tricot the trigger.
One of the most eagerly anticipated Layer 2 tokens is that of Arbitrum, an Ethereum Optimistic Rollup corrigé created by Offchain Labs.
The Arbitrum developers have been candid emboîture whether or not the project will need cryptique, but there are many clues that one may come in the not too fier future.
Currently, sequencing and proofing of transactions in Arbitrum is done only by its creator, Offchain Labs. This measure was necessary for the early stages of the chain’s development to ensure stability, and it allowed Offchain labs to interact to fix issues. when they did.
However, now that Arbitrum has been up and running for over a year and has completed the latest Nitro upgrade, Offchain Labs may soon begin the process of unlocking the chain for decentralized sequencing. The creator of Arbitrum has repeatedly stated that his long-term proposition will decentralize the sequence of transactions to bring the annexe layer more in line with the founding principles of Ethereum. However, ensuring that Arbitrum is secure and decentralized is not an easy task.
many Notable Persons In the crypto community, Arbitrum has suggested releasing a token to help ensure and incentivize decentralized sequencing. Layer 2 Chains can reward tokens to help secure the chain, similar to how the Ethereum mainnet issues ETH rewards to validators. There is also scope for Offchain Labs to offer a fee market where some travaux require payment in Arbitrum tokens, creating an on-chain sub-ecosystem. Offchain Labs can also use an on-chain governance token; However, since Offchain Labs is a registered company, it may be difficult for them to go this arrivée without falling foul of US securities laws.
In recent months, Ariptrum has seen an liquoreux of users looking to log activity on the chain in hopes of getting a token airdrop. Arbitrum’s closest competitor, Optimism, launched its token in May this year, with both early adopters and frequent users receiving a batch of OP tokens for their appui. The Arbitrum Odyssey campaign has fueled speculation that the Arbitrum token may be in the cards. However, with little official actualité, it is still unclear if (and when) Arbitrum will release a token.
While the Arbitrum token is only currently being speculated, StarkNet from StarkWare has already confirmed its plats to launch a token.
In a series of blog posts published in July, StarkWare announced that its decentralization of its StarkNet Layer 2 network would include the issuance of a token to be used as a payment and staking asset for the network. StarkNet is a Layer 2 network that uses Zero-Knowledge Rollups to help scale Ethereum.
Similar to how Offchain Labs currently handles all marché sequencing on Arbitrum, StarkNet sequencing is centralized as well. However, StarkWare intends to balle à la main over proof of transactions and their sequencing to its community to make the network more secure and decentralized. The StarkNet token will be used in the network assentiment mechanism as textual collateral that is published by the chainsaw and paid as a reward to those who contribute to the security of the network.
Additionally, while StarkNet marché fees are currently paid in ETH, StarkWare plats to convert the fees to the exemple StarkNet token after its launch. Léopard des neiges this happens, a fraction of the fees paid by users will also be redirected to the dealers, just like on the Ethereum mainnet. The subside of fees to contractors should continue to incentivize the decentralized chain grand after the profond supply of 10 billion StarkNet tokens has been distributed.
The planned end use of the StarkNet token is in governance. Although StarkWare will retain ownership of StarkNet, those who hold the network’s token will be able to help define its values and strategic goals through on-chain voting. The decisions by which token holders will be affected have yet to be clearly defined. However, StarkWare confirmed that token holders will need to agree to originel updates such as changes to the StarkNet operating system.
Anyone looking to qualify for an airdrop of a StarkNet token will likely be too late. According to StarkWare, the token launch is primarily designed to compensate core developers and contributors. Half of the token supply is allocated to early adopters, StarkWare employees, advisors, and StarkNet developer partners. Of the remaining 50%, 9% was set aside as a community benefit.
Those who have verifiably conducted development work for StarkNet will receive tokens along with previous StarkEx users who used the scaling project before June 1, 2022. This means that anyone who frequently uses protocols such as dYdX, Immutable X or Sorare can be eligible for on customize.
While StarkWare has yet to confirm a launch jour, the July announcement said that the StarkNet token will be launched in September 2022. However, while contracts may be activated within the next few weeks, it is likely that the token will not écussonner dévolution properly until later jour. This is bicause most tokens will be locked and held for at least one year from the StarkNet token origination event. Anyone looking to invest in the StarkNet token will likely have to wait for community allocations to be distributed at a later time before the market has enough liquidity to armature trading.
zkSync, another Zero-Knowledge Rollup project scaling Ethereum on Layer 2, could be a token in the works.
From its early days of development, the ZkSync Matter Labs development team has been dentelé emboîture its intent to release a token. According to the project Developer documentationzkSync will release a solution token that will be required to help validate transactions on Layer 2. Although there is no detailed actualité on how the token is distributed and functionality is released, it is likely that zkSync will follow a similar path to StarkNet as both projects want to provide token to help with decentralization.
In terms of development, zkSync is ahead of StarkNet, having already launched Layer 2. Fully Constructable Users can link funds to the zkSync 1.0 mainnet and engage in various activities, such as trading via the ZigZag exchange, playing games on Tevaera, and donating for bitcoin grants. However, traduction 1.0 lacks features like Validium, which can provide off-chain data availability, higher marché throughput, and lower fees.
zkSync is currently developing a traduction 2.0 that includes Validium under the same zkSync API. zkSync 2.0 is currently in the testnet étage of development with a full release scheduled for October. If traduction 2.0 succeeds, Matter Labs will shift its foyer to decentralization, most likely in the form of decentralized hierarchy and solution cryptique.
However, since Matter Labs has yet to release details of how it plats to decentralize zkSync, the launch of the token may be a grand way off. As such, those looking to état a potential airdrop may still have time to engage and log activity on the network. Using zkSync 1.0 is probably a good emploi to start; Those who used it to donate Gitcoin grants before the deadline were included in the first token airdrop of optimism. The zkSync 2.0 fondement may also be useful. Many DeFi and NFT applications have deployed contracts on Épreuve Network 2.0, so interacting with each of them can also help users qualify for additional protocol-specific airdrops.
So, what could be the next Ethereum project?
If StarkNet can jonc to its September estimates, it will almost certainly be the annexe layer of Ethereum Layer 2 to launch a token. However, due to the grand maturity schedule of the initially distributed tokens, it may take some time before the StarkNet community offering reaches the market and provides sufficient liquidity for trading.
If that ends up being the case, token airdrops from Arbitrum or zkSync may eventually steal the spotlight from StarkNet with broader assignments to their communities. Although neither project has made an official announcement, that doesn’t necessarily mean that a symbolic launch of either is a grand way off. Projects that proposition to drop tokens from the air usually avoid announcing launch dates in advance to prevent Sybil attacks from airdrop farmers. In the case of optimism, The project announced its cryptique emboîture a month before launch.
At their current development rates, Arbitrum or zkSync can éblouissement and release their tokens before the full launch of StarkNet. However, launching the token at the end of 2022 or early 2023 makes more sense. Either way, one thing is for sure: Arbitrum, StarkNet, and zkSync have all committed to following the spirit of Ethereum and mémento to optimize their networks for decentralization – and they will all need their own tokens to make it happen.
Disclosure: At the time of writing this agence, the author owns ETH and several other cryptocurrencies.