Starknet Foundation, the organization behind the #StarkNet network, an Ethereum Layer2 scaling solution, has announced its plans to distribute over 1.8 billion STRK tokens through various initiatives. This move aims to incentivize the adoption and growth of the StarkNet blockchain.
According to the official announcement, 900 million STRK tokens have been allocated to the Governance Committee for the distribution of network token ownership and rewards for past and future contributions from users and community members.
The team has been working on the first phase of distribution for some time now and is nearing completion.
Now that the news is out, we might as well tell you more!
— Starknet Foundation (@StarknetFndn) December 8, 2023
Starknet is about each of you. Every user, builder and member of our community – existing and future – is a critical piece to building our network into the future of decentralisation for generations to come. The success…
Another 900 million STRK tokens are intended to reimburse users for transaction fees within the network. The foundation has stated that the planning for this program is still in development, and a recently formed committee will oversee the distribution of STRK tokens to confirm users' important transactions on the network.
A initial reserve of 500 million STRK tokens has been set aside for researching direct, indirect, and retroactive incentives for DeFi protocol activities, with the goal of increasing liquidity, trading volume, and overall development of the #DeFi ecosystem on the Starknet network. The DeFi committee is monitoring this initiative and they are approaching the completion of the research phase, planning to move towards implementation and deployment in the first quarter of 2024.
"StarkNet is about each and every one of you. Every user, builder, and member of our community - existing and future - is an important part of building our network for the future with decentralization for future generations. The success of StarkNet depends on it."
StarkNet Airdrop Earlier this month, the StarkNet Foundation responded to rumors of a potential airdrop after screenshots were circulated on social media. The foundation emphasized that the screenshots depicted plans that are still in the development stage.
It clarified that the deadline for eligibility to receive the airdrop has been set, and no additional user actions can affect it.
In October, Starknet announced plans to distribute approximately 50 million STRK tokens as part of its Early Community Member Program (ECMP).
Starknet operates as a decentralized Layer 2 network on top of the #Ethereum blockchain, utilizing #zero-knowledge rollup solutions. This strategy involves compressing multiple off-chain transactions before collectively publishing them on the Ethereum network.
