The Starknet Foundation has revealed its strategy for distributing its native token, STRK ($STRK), with nearly 1.3 million wallets meeting the criteria for rewards.
Those eligible include early adopters of ecosystem decentralized applications (dApps), contributors to the network, and EIP developers, all which are outlined here.
Are you eligible for STRK?
With nearly 1.3M eligible addresses, you too might be eligible for STRK.
Pay attention to the categories:
✨Starknet users, ECMP recipients, and devs
✨@Sorare, @dYdX, @Immutable and @rhinofi users
✨Ethereum stakers, EIP authors, devs, and Protocol… pic.twitter.com/3UQf0KVDSY— Starknet 🦇🔊 (@Starknet) February 14, 2024
Starknet operates as an Ethereum Layer-2 network, utilizing a ZK-Rollup solution to scale decentralized applications (dApps). According to the foundation, the token will play a crucial role in decentralizing and governing the network.
“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 is a powerful means to achieve this,” said Diego Oliva, CEO of Starknet Foundation.
Beginning on February 20 2024, approximately 1.297 million wallets will have the opportunity to claim the $STRK token, with a claim period extending until June 20 2024, spanning four months. The total distribution encompasses over 700 million $STRK tokens, which represents 7% of the total token supply of 10 billion.
“Members of the community have been battle testing STARK-based technology since StarkEx went live in 2020, and we’re glad that many of those who interacted with StarkEx-powered dApps like dYdX, ImmutableX, RhinoFi, and Sorare are being recognized today,” said core contributor Eli Ben-Sasson, the cryptographer who co-invented the tech behind Starknet.
In addition to early users of Starknet and StarkEx, individuals eligible to claim the token include Ethereum contributors such as members of the Protocol Guild, authors of Ethereum Improvement Proposals (EIPs), and solo stakers. Furthermore, open-source developers from outside the Web3 ecosystem are also eligible to participate in the token distribution.
Here is the token distribution:
- 1.3 million addresses
- 50% of the token distributed to Starknet users
- Ethereum stakers until the Merge
- EIP authors
- Protocol guild members
NB: All fees for claiming STRK via the Provisions portal will be covered by the Starknet Foundation to ensure maximum ease for those eligible for STRK.
User eligibility for the distribution was determined based on a November 2023 snapshot, which considered the volume of transactions and the frequency of user interactions with the network. The criteria included:
- A cumulative value transacted of at least $100
- Involvement in over five transactions
- Activity occurring in distinct time intervals
In total, the distribution includes more than half a million Starknet wallets and over 600,000 StarkEx wallets eligible to claim the token. Moreover, approximately 137,000 open-source developers and 19,000 ETH stakers have also qualified for participation in the distribution.
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