Starknet Plans to Distribute Tokens 'Widely' by the End of February 2024

Bittime - There is the latest news from Starnket which has openly stated that they will distribute tokens on a 'massive' basis at the end of this month. Read the latest news here.

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Staknet Shares Tokens

Starknet's native token, a blockchain developed by zero-knowledge proof innovator StarkWare, will begin distribution on February 20.

STRK tokens will be distributed to nearly 1.3 million eligible wallets, in what the Starknet Foundation on Wednesday called “the most extensive distribution of its kind” to date.

According to a Starknet Foundation blog post, a single stakeholder on Ethereum who owns up to 12 validators will receive a large number of tokens as rewards, with thousands of tokens allocated per validator. 

The tokens will also be awarded directly to Ethereum developers, however, initially, they will also be awarded to non-Web3 open source software developers, based on their GitHub contributions .

Diego Oliva, CEO of the Starknet Foundation (SNF), stated that the goal of this move is to set a precedent of inclusivity.

“This is a new technology that has the potential to impact a variety of industries, and many leaders in technology-related sectors deserve to be involved in the future,” said Oliva.

SNF distributed STRK as part of its efforts to promote Starknet adoption. 

However, unlike many community incentive campaigns, these tokens have value in the network beyond their role in governance.

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STRK holders have the ability to vote on major changes to the protocol, but they can also pay network fees (or gas) in STRK as an alternative to ether (ETH). 

Additionally, the token is expected to play a role in Starknet's future security through staking, similar to ether's current role on the Ethereum mainnet.

SNF describes this token distribution as a “condition” rather than an airdrop, and has released a detailed explanation of the eligibility criteria along with an address checker tool via the “Condition Portal.”

Source: https://blockworks.co/

A variety of Starknet users, contributors, and developers will be able to earn a portion of the 900 million STRK tokens on offer — 9% of the 10 billion total supply.

Most STRK tokens are awarded to Starknet users, with the amount depending on the activity and volume performed. 

A small amount was given to early adopters of StarkWare technology as a reward.

Eli Ben-Sasson, co-founder of StarkWare, stated, "Community members have been hard at work testing STARK-based technologies since StarkEx launched in 2020. We're pleased to see that many of them are using StarkEx-powered dapps such as dYdX, ImmutableX, Rhinofi, and Sorare got recognition."

A total of approximately 2,000 people who qualified under Starknet's Initial Community Member Program (ECMP) received the largest allocation, with some receiving up to 180,000 tokens.

While the dollar value of the token has not been determined because it is not traded, layer-2 networks such as Arbitrum (ARB), Optimism (OP), and Polygon (MATIC) have valuations between $8 billion to $20 billion.

Starknet is attempting to adjust token eligibility criteria to mitigate Sybil attacks on airdrops. 

The user contribution criteria specifically avoids repetitive operations that are common with Sybil and bots, according to the SNF.

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Collaboration between Starknet and Trust Labs is being used to screen users starting November 15, 2023 and receive usage snapshots from the StarkWare team for StarkEx users before June 1, 2022.

"To increase network decentralization, real users who have a genuine interest in guiding and governing Starknet must be empowered," the SNF blog wrote.

Approximately 5 billion STRK tokens (49.9% of total supply) are allocated to “core contributors” and “investors” on a one-year basis ending April 15, 2024, with a linear release over four years thereafter.

Although most of the reserves have not yet been allocated, SNF promises to distribute more tokens in the future. 

StarkWare's Ben-Sasson emphasized that their team is continuing to work hard coding and building the project as it reaches important milestones.

"This provision is recognition of our community's hard work in showing how we can and should scale Ethereum for broader adoption," Oliva said.

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