StarkWare Launches Nonprofit Foundation to Fuel StarkNet Ecosystem

The foundation becomes official with a stash of StarkNet Tokens and a seven-member board.

AccessTimeIconNov 9, 2022 at 9:15 p.m. UTC
Updated May 9, 2023 at 4:02 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

StarkWare, creator of blockchain scalability solution StarkNet, confirmed plans for a long-rumored token in July and the launch of an independent, non-profit foundation to promote the ecosystem’s growth. The StarkNet Foundation made its official debut on Wednesday with a token allocation and a seven-person board.

The StarkNet Foundation aims to help the network reach its decentralization goal through the development of governance mechanisms and the institution of decentralization technology called sequencing and proving, according to a draft blog post provided to CoinDesk.

  • Decentralization in Focus
    Decentralization in Focus
  • Lido Gearing Up For Ethereum's Upcoming Shanghai Upgrade
    Lido Gearing Up For Ethereum's Upcoming Shanghai Upgrade
  • Rebuilding Trust in Crypto After FTX Collapse
    Rebuilding Trust in Crypto After FTX Collapse
  • The Case for DeFi Amid FTX Fallout
    The Case for DeFi Amid FTX Fallout
  • StarkNet is a layer 2 zero-knowledge (zk) rollup that seek to address Ethereum's dual scalability issues of slow transaction speeds and high transaction fees, while maintaining the security and decentralization of the main blockchain. Parent StarkWare reached an $8 billion valuation during a $100 million funding round in May.

    The StarkNet Foundation will launch with 5.01 billion StarkNet Tokens, which amounts to 50.1% of the initial token supply of 10 billion tokens. The funds will go toward the maintenance and security of StarkNet as a public good, continued development and expansion of the network, and developer support.

    The foundation’s board includes StarkWare co-founders Uri Kolodny (CEO) and Eli Ben-Sasson (president), and Shubhangi Saraf, a mathematician and computer scientist who serves as a StarkWare adviser. Other board members include lawyer and OSS Capital partner Heather Meeker, Ethereum core developer and startup founder Tomasz Stańczak, former U.S. Deputy Chief Technology Officer Andrew McLaughlin, and Eric Wall, a prominent crypto personality and investor.

    "For the same reasons I’ve gone to considerable lengths to galvanize the Ethereum community to do whatever it takes to preserve neutrality at the base layer, I intend to do so at the layers above as well,” Wall told CoinDesk in a message. “That’s really what this board role means to me – a chance to affect a potentially material player in the layer 2 ecosystem from its early stages and help it grow.”


    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Brandy Betz

    Brandy covered crypto-related venture capital deals for CoinDesk.

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.