What is Starknet?

StarkNet is a decentralized Layer 2 validity rollup designed to enhance Ethereum's scalability through the use of cryptographic protocols known as STARKs. This protocol emphasizes key principles such as decentralization, transparency, inclusivity, and security while operating on the Ethereum network.

The StarkNet Token serves various functions within the ecosystem including governance, transaction fee payments, and participation in the consensus mechanism. It is essential for maintaining the network and guiding its strategic direction. The governance model is structured to involve participants in decision-making processes related to the platform's evolution.