The Starknet Foundation has unveiled its primary token distribution plan, with nearly 1.3 million wallets eligible to receive rewards, including early users of ecosystem dapps, network contributors, and more. The Foundation’s Supply Department will today release a formal overview of STRK allocations and allow users to determine if they are eligible for distribution.
Starknet is an Ethereum Layer-2 network that leverages the ZK-Rollup solution for decentralized application scaling. According to the statement, the token will help decentralize and govern the network.
“The STRK token was created to allow STARK-based scaling to occur in a more decentralized manner. The token design helps the community operate and govern Starknet, and Provisions is a powerful means to achieve this,” said Diego Oliva, CEO of the Starknet Foundation.
With the February 20th distribution, approximately 1.297 million wallets will be able to claim STRK tokens. The billing period is 4 months, until June 20th. The total distribution includes over 700 million STRK tokens. This is 7% of the total 10 billion token supply.
“Community members have been battle-testing STARK-based technologies since the launch of StarkEx in 2020, and we are thrilled that many of those who have interacted with StarkEx-based dApps, such as dYdX, ImmutableX, Rhinofi, and Sorare, are being recognized today. said Eli Ben-Sasson, a cryptographer who co-invented Starknet’s technology.
Who is eligible?
In addition to early users of Starknet and StarkEx, tokens can be claimed by Protocol Guild members, Ethereum contributors including EIP creators and sole stakers, and open source developers outside of web3.
In total, more than 500,000 Starknet wallets and 600,000 StarkEx wallets are eligible. Additionally, 137,000 open source developers and 19,000 ETH stakers were also cut, according to eligibility data shared with The Block.
User eligibility criteria for deployment were based on a November snapshot that examined transaction volume and how frequently users interacted with the network. Criteria included a cumulative value traded of $100, five or more transactions, and activity in separate time intervals, but these are separate conditions.
The provision to oversee the token distribution plan is one of many community initiatives provided by Starknet contributors. Others include a devonomics program launched in December and future rebates and subsidies to encourage ecosystem activity.
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