Starknet's New Token Paradigm: Simplifying Token Contract Functions

Author: Haotian, Crypto Observer Source: X (formerly Twitter) @tmel0211

It seems that Starknet of the ZK-Rollup camp is about to launch the $STRK token. The listing time is expected to be 2024.1.22, when the STRK token will be applied to the mainnet operation process as TX fee. Looking forward to it.

In this brief sharing, Starknet’s new Token paradigm:

1. The function of the token contract will be simpler, only responsible for the basic functions of Transaction, while the functions of Exclusive authorization, Allowance allocation and other functions are stripped away and completely controlled by the user’s personal AA account, which can avoid security incidents in the token system contract, and a large number of user assets that have been Applied will be transferred away inexplicably. This is not only a functional feature of the AA account, which gives users more control over their assets, but also weakens the scope of losses that may be caused by security vulnerabilities in the token contract.

2. Users can approve and transfer gas in batches, thereby greatly reducing gas consumption, and at the same time, it is also allowed to set Gas Token as STRK with Paymaster, which can not only greatly reduce the cost of L2 use, but also enhance the practical value of Token. This may change the current situation where layer2 Tokenomics are very weak.

3. You can monitor whether Starknet has a newly deployed Claim contract to judge the airdrop situation, because there is a lack of a management contract between the simple token contract and the user’s AA contract account that defines whether the user is Ligible, the amount of the allocation amount or the validity period. The official can also directly distribute STRK to various accounts, but it is difficult to have transparent application criteria and logic, so it is likely to be completed by applying for additional airdrop contracts.

4. Added the Transfer Hook function, which gives users more programmable features, and can control and manage their account assets more intelligently and conveniently. For example, a certain percentage can be withdrawn to a certain charging address when transferring money to achieve a transaction fee mechanism; Different risk control logic can also be executed according to the size of the transfer to achieve whitelist or blacklist access control.

In general, Starknet’s new Token paradigm not only releases the rich features of AA accounts, but also brings some inspiration to Tokenomics, for example, Starknet can officially distribute restricted airdrops to project parties, and then dynamically release airdrop application permissions in stages according to users’ contributions.