Successful and Controversial: Starknet Distributes Tokens Via Airdrop

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Bittime -  Starknet's user baseexperienced a sharp decline following the announcement of the Starknet Conditions Program airdrop criteria, raising concerns and sparking debate within the community.

According to Starkscan data, active users on the Ethereum layer-2 blockchain surged from under 20,000 on February 9 to a three-month high of over 220,500 on February 14, likely driven by airdrop hunters. However, this surge quickly reversed after airdrop details were published on February 20, with active users dropping to around 84,000.

The main source of dissatisfaction lay in the airdrop's exclusion criteria, which banned users who held less than 0.005 ETH (roughly $10 at the time) on November 15, 2023, regardless of their subsequent involvement with the network. Many users and community members across platforms voiced their frustration, claiming they missed out on potential rewards despite actively participating in transactions and providing liquidity, sometimes amounting to thousands of dollars.

In response to the backlash, Starknet acknowledged the feedback in an official post on February 19 and expressed their commitment to addressing the issue. However, they stressed the need for "time to research, design and test" potential solutions.

Another point of contention is the token unlock schedule, which allocates the bulk (1.3 billion STRK, representing 13% of the total supply) to early investors and contributors on April 15, just two months after launch. This is in contrast to the 700 million STRK (10% of total supply) distributed on February 20.

Although active users have declined, Starknet's total value locked (TVL) remains at $54.18 million, although down slightly from its all-time high of $57.5 million on February 14. However, the recent controversy surrounding airdrop distribution has undoubtedly overshadowed the project's launch and raised questions about its inclusivity and fairness.

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Also Read:

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

Starknet Begins to Respond to STRK Token Airdrop Issues

STRK Airdrop: 1.3 Million Wallets Get Free Airdrop of $STRK Tokens

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