Starknet's STRK Token Rises 10% After Developer Agrees to Delay Release

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Bittime  -  The price of Starknet's STRK tokensoared 10% to $2 on Thursday after development company StarkWare agreed to change the token release schedule following criticism from the community.

This increase was triggered by a drastic reduction in the number of tokens allocated to the developer team and investors which is planned to be released next April. Previously, the initial plan stated that 13.4% (1.34 billion tokens ) would be unlocked, but this was changed to only 0.64% of the total 10 billion tokens minted.

This decision was taken after the Ethereum layer-2 project airdropped more than 700 million tokens to early users, contributors and other target groups earlier this week. However, further revelations about the potential for developers and investors to sell their allocations in the next month sparked disapproval from the community.

Starkware stated that after listening to feedback from users and collaborators, they decided to change the lockup schedule for early contributors and StarkWare investors to a more gradual one.

When will the next STRK token be released?

Based on the new schedule, the release of tokens will be gradual at 0.64% (64 million tokens) per month until March 2025. After that, the release will increase to 1.27% (127 million tokens) per month for the next 24 months until March 2027 .

In this way, the new release plan will see 580 million tokens held by early contributors and investors open at the end of 2024, compared to 2 billion tokens in the previous schedule. StarkWare further explained that there will be 1.4 billion additional tokens to be unlocked gradually by the end of 2025, another 1.5 billion by the end of 2026, and 380 million by March 2027.

Starknet, developed by StarkWare, is a layer-2 network that uses zero-knowledge cryptography to enable decentralized applications (dApps) operating on it to scale the Ethereum blockchain. The network works by aggregating off-chain transactions into proof that is then submitted to Ethereum, which is then supposed to process transactions more quickly and with lower computational costs.

The schedule for releasing STRK tokens to the developer team and initial investors has drawn criticism from market observers. STRK started trading at $5 earlier this week, then quickly fell. When this article was written, the token was trading at $2.

Also read How to Buy Crypto:

About the Release of STRK Tokens

StarkWare, the developer behind the Starknet layer-2 blockchain, recently airdropped STRK tokens to early contributors, investors and early adopters.

The number of tokens released is more than 700 million STRK tokens have been distributed with 10 billion STRK tokens having been minted in total.

The token release schedule is:

• Previously : 13.4% (1.34 billion tokens) will be released in April 2024.
• Now : 0.64% (64 million tokens) will be released in April 2024.
• Phased release : 0.64% (64 million tokens) per month until March 2025.
• Increase : 1.27% (127 million tokens) per month from March 2025 to March 2027.

The reasons for changing the release schedule are due to several things, such as:

• Community criticism: The initial release schedule is considered too much and has the potential to burden the market.
• Taking feedback into account: StarkWare wants to ensure more stable and sustainable token releases.

How to Buy STRK on Bittime

After knowing what STRK is and how it works, are you interested in buying and investing in this crypto asset? You can do it at Bittime. STRK tokens are available on Bittime in  STRK IDR pairings. 

 Below is a guide on how to buy STRK tokens on Bittime. 

1. Register an account at Bittime using an active email. 
2. Complete the identity verification process.  
3. Once the account is verified, open the Bittime application.
4. Select the Market menu or click the graphic icon. 
5. Select IDR pairing to buy STRK with Rupiah.
6. Click 'Buy'.
7. Select the order type to use. Limit orders, market orders and stop orders are available.
8. Enter the nominal rupiah to buy STRK.
9. Click the 'Buy STRK' button. 
10. A notification pop up will appear. Read it carefully and click 'Confirm'. 
11. Enter the six digit Transaction PIN.
12. The application will display a successful order notification. 

For a complete guide on how to buy STRK, click  here .

Apart from buying STRK tokens, you can also buy various crypto assets such as BTC, ETH, SOL, ADA, AVAX, DOGE, and many others. Don't forget, keep monitoring ORDI, BTC, ETH, SOL price chart movements today to find out crypto market trends  on Bittime. 

Crypto asset buying and selling transactions on Bittime are easy, safe and instant. Bittime is officially registered and supervised by Bappebti and Kominfo.

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DISCLAIMER : This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.