Markets News Report
February 19, 2024

Starknet Foundation and OpenBlock to Launch DeFi Spring, 40M STRK Distribution Planned for Feb 22

In Brief

Starknet Foundation will launch DeFi Spring plan with OpenBlock to allocate 40 million STRK tokens to DeFi protocol participants from Feb 22.

Starknet Foundation and OpenBlock to Launch DeFi Spring, 40M STRK Distribution Planned

Nonprofit organization Starknet Foundation (STRK) announced its collaboration with the data-driven quantitative research platform OpenBlock Labs to introduce the Starknet DeFi Spring plan. The new initiative, set to span six to eight months, aims to allocate 40 million STRK tokens to participants in the decentralized finance (DeFi) protocol on Starknet. 

Using distributions, each protocol engaged in the initiative will formulate, communicate, and implement an incentive program to reward users actively involved on their platform with their allocated STRK. Participating protocols are expected to allocate the entire received STRK to their users. 

According to the announcement, rewards for the program will be determined and distributed every two weeks.

The initial round of participating protocols is set to commence the implementation of their respective programs on February 22, 2024. Users will have the opportunity to claim their reward distributions from the protocol before March 7, 2024. Protocols participating in the program include Haiko, Nostra, mySwap, and Ekubo, among others.

Furthermore, the Starknet Foundation is initiating a Quests campaign–an on-chain task offered to users in collaboration with Web3 questing platform Intract, aiming to facilitate the onboarding of new users into the expanding DeFi ecosystem of Starknet.

There will be 15 quests, each of which will be unveiled every second day leading up to March 22, 2024, allowing users to accumulate experience points (XP). Starknet Foundation will award participating users with NFT artworks created by IMCMPLX as proof of completion. Users will also be able to earn STRK via the individual programs administered by participating DeFi protocols.

Starknet Foundation’s DeFi Committee noted that there might be other potential new initiatives in the latter part of Q2 or Q3 of 2024. Currently under consideration are programs such as DeFi hackathons, new project grant programs, and short-term incentive programs.

Starknet’s DeFi Committee Spearheads Platform Development 

Founded in 2023, the Starknet Foundation’s DeFi Committee was established to nurture the development of DeFi on Starknet. The DeFi Committee aims to solidify Starknet as the preferred platform for both DeFi developers and users. 

The Starknet Foundation is committed to expanding its user base within its ecosystem. Recently, the organization introduced a provisions program, disclosing its intention to allocate 700 million tokens to around 1.297 million eligible wallets. It further emphasized that the provisions are part of a broader set of initiatives designed to bolster the Starknet ecosystem, with additional provisions scheduled for future announcements.

The new initiatives within DeFi Spring, introduced by Starknet Foundation, are set to position Starknet as a preferred platform for developers and users, reflecting the organization’s commitment to fostering a vibrant DeFi ecosystem.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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