Starknet Foundation’s STRK Token Distribution Plan Commences

The Starknet Foundation has shared its plan to give out STRK tokens to its community. This is a big step in making Starknet more decentralized. Starknet works as a Layer-2 network on Ethereum, using ZK-Rollup tech. This cool tech helps make decentralized apps (dApps) work better on Ethereum.

With ZK-Rollup, Starknet deals with the problem of not being able to handle lots of transactions. This means transactions become smoother and cheaper. Starknet’s main job is to make dApps work better. By using its Layer-2 solution, Starknet makes dApps work faster and easier for users. This is super important for getting more people to use decentralized apps across different areas.

Starknet Foundation’s STRK Token Distribution Plan Unveiled

The distribution plan for the STRK token rollout by the Starknet Foundation is set to commence, with nearly 1.3 million eligible wallets poised to receive rewards. This distribution initiative spans a timeline from February 20th to June 20th, affording eligible users four months to claim their STRK tokens.

In total, over 700 million STRK tokens will be distributed, constituting 7% of the total token supply of 10 billion. This allocation underscores the foundation’s commitment to decentralization and community governance within the Starknet ecosystem.

Eligibility for claiming STRK tokens extends to various segments of the community, including early users of Starknet, Ethereum contributors, and open-source developers. Notably, these groups have played integral roles in the advancement and testing of Stark-based technology. A detailed breakdown reveals that more than half a million Starknet users and 600,000 StarkEx users are eligible to claim STRK tokens.

Additionally, 137,000 open-source developers and 19,000 ETH stakers have met the criteria for participation. The eligibility criteria were determined based on transaction volume and frequency of interaction with the network, requiring a minimum of $100 in cumulative value transacted and more than six transactions.

Read Also: Ethereum L2 Starknet Earmarks 1.8B STRK for its Mega Airdrop

Community Initiatives Foster Growth within Starknet Ecosystem

In addition to the STRK token distribution plan, the Starknet Foundation has spearheaded various community initiatives aimed at bolstering participation and decentralization within the ecosystem. These initiatives include the devonomics program launched in December and forthcoming endeavors such as rebates and subsidies to incentivize ecosystem activity.

The Starknet ecosystem thrives on community involvement, underscoring the importance of active participation in driving growth and decentralization. Through collaborative efforts and engagement from users, developers, and contributors, Starknet continues to evolve and expand its capabilities, ensuring a vibrant and resilient network for decentralized applications.