Ethereum L2 Starknet Earmarks 1.8B STRK for its Mega Airdrop

Starknet, a top Ethereum-based Layer-2 scaling solution hinted at plans to distribute more than 1.8 billion STRK tokens via airdrop to its users as rewards and network rebates.

STRK Airdrop Soon to Come

According to the announcement from the Starknet Foundation, the first distribution will commence “soon”, as it confirmed that the details are still under development. Starknet admitted the fact that much work and resources have been put into making the first phase of the distribution a reality. 

The first STRK distribution event is likely to commence by Q1 2024.

Ultimately, the airdrop is targeted towards driving the adoption and growth of the Starknet protocol. The L2 network intends to carve out committees that will oversee the distribution of the tokens to users, developers and members of the Starknet ecosystem. Noteworthy, eligibility to receive the STRK tokens is subject to terms and conditions.

To begin with, about 900 million STRK has already been allocated to the Provisions Committee to ensure reward past and future contributions made by users and community members. The committee’s objective will be carried out in a fair, decentralized and transparent manner over multiple programs and phases. Another 900 million STRK has been dedicated to user rebates.

Starknet Airdrop is One in Many

Markedly, the Starknet Foundation perceives this potential network rebates exercise as a milestone, especially towards valuing and empowering its user base. Additionally, 50 million STRK were earmarked to pursue “direct, indirect and retroactive incentivization of activity on DeFi protocols by boosting liquidity, volume traded and general growth of the DeFi landscape on Starknet.”

The DeFi initiative is nearing the end of its research phase and is looking to move into execution and deployment towards the end of 2024. Starknet Foundation still has more events up its sleeve which it plans to unveil by next week. This includes an innovative new incentive mechanism for developers and dapps operating on the network. 

Markedly, many other protocols have adopted the culture to reward their loyal users. The Solana-based DeFi platform Jito Network introduced its governance token, JTO which was distributed as an airdrop to empower users. 

In like manner, TRON founder Justin Sun also announced an airdrop for users of HTX and Poloniex following the recent cybersecurity breaches reported on both platforms.