Markets News Report
February 14, 2024

Starknet Foundation to Distribute 700M STRK Tokens to 1.3M Eligible Wallets

In Brief

Starknet Foundation will distribute 700M STRK tokens as part of provisions program allocation to eligible user wallets on February 20th.

Starknet Foundation to Distribute 700M STRK Tokens to 1.3M Eligible Wallets

Nonprofit organization Starknet Foundation (STRK), focused on the development of an Ethereum Layer 2 network that leverages ZK-rollup technology for scaling decentralized applications (dApps), is set to distribute its tokens on February 20. 

As outlined in the official provisions program, around 1.297 million wallets meet the eligibility criteria for claiming the tokens. The claiming window will last until June, totalling four months, and the overall distribution encompasses over 700 million STRK tokens, equivalent to 7% of the total token supply of 10 billion.

“The STRK Token was born so that STARK-based scaling can happen in a more decentralized way. The token design helps Starknet to be run and managed by the community, and Provisions are a powerful means to achieve this,” said Diego Oliva, CEO of Starknet Foundation.

The provisions portal will soon be accessible for individuals to verify their eligibility for an allocation. To claim the tokens, users will be required to utilize a Starknet Wallet, such as Braavos and Argent.

According to the program, users eligible for the provisions allocation include Starknet users, ecosystem contributors and developers, as well as Ethereum builders and pledgers, along with non-Web3 open-source developers.

User eligibility criteria for the distribution are based on a November snapshot that examined the volume of transactions and the frequency of user interactions with the network and include reaching a cumulative transaction value of $100, spanning at least six transactions, with activity occurring in distinct time intervals. Notably, each of these conditions represents separate requirements.

Starknet Foundation further highlighted that provisions form part of a series of initiatives aimed at supporting the Starknet ecosystem, with additional provisions scheduled for future announcement. However, the organization noted that existing and forthcoming provisions will not include wallets engaged in gamifying the network or distributing tokens.

Starknet Foundation’s Strategic Vision

Starknet Foundation’s objective, in accordance with its roadmap, includes evolving into a fully decentralized, proof-of-stake (PoS) Layer 2 scaling solution, requiring native token distribution directed towards users intending to engage in governance processes, staking, and covering network fees. Starknet Foundation believes that  provisions are expected to infuse heightened dynamism into the burgeoning Starknet ecosystem, fostering a new phase of development and engagement that will ultimately benefit all stakeholders presently and in the future.

Established in 2022, the Starknet Foundation is dedicated to research, funding, and the development of governance mechanisms for Starknet. Originally created by StarkWare, Starknet functions as a decentralized Layer 2 network on the Ethereum blockchain, utilizing a Zero-Knowledge (ZK) rollup solution.

Starknet Foundation’s commitment to a decentralized ecosystem, exemplified through its upcoming token distribution and strategic provisions, sets the stage for fostering a dynamic and community-driven future in Layer 2 scaling on Ethereum.

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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