Starknet Foundation unveils STRK token distribution plan to nearly 1.3 million eligible wallets

By Sunil Gavhane

Published on:

Starknet Foundation unveils STRK token
  • The Starknet Foundation announced a plan to give out its own digital currency, with about 1.3 million wallets set to receive rewards.
  • This includes people who started using apps in the ecosystem early on, those who help run the network, developers building on Ethereum, and developers who work on free software and come from outside the web3 space.

The Starknet Foundation has announced its plan for giving out its own tokens. Almost 1.3 million wallet owners can get a reward, including people who used the apps early, helped build the network, and more. The foundation will share the details of how the STRK tokens will be given out today, and people can see if they can get some of the tokens.

Starknet is a network that works with Ethereum to make apps work faster and more efficiently using a special method called ZK-Rollup. According to an announcement, the token will be used to help manage and control the network.

“Diego Oliva, the CEO of Starknet Foundation, said that the STRK Token was created to make scaling on STARK more decentralized. The way the token is designed allows the Starknet community to run and manage it themselves. Using Provisions is a strong way to do this.”

On February 20, about 1.297 million wallet holders can start getting their STRK tokens. They have until June 20, which is four months, to get them. In total, over 700 million STRK tokens will be given away. This is 7% of all the STRK tokens, which add up to 10 billion.

Since StarkEx started in 2020, people in the community have been using and testing STARK technology. Eli Ben-Sasson, the inventor of the technology behind Starknet, is happy that users of StarkEx apps like dYdX, ImmutableX, Rhinofi, and Sorare are getting recognition now.

Who is eligible?

People who used Starknet and StarkEx early on, those who helped build Ethereum (like Protocol Guild members, EIP writers, and individual stakers), and developers who work on open-source projects outside of web3 can also get the token.

More than 500,000 Starknet wallets and over 600,000 StarkEx wallets qualify. Also, 137,000 people who develop open-source software and 19,000 who have staked ETH are eligible, as reported by The Block.

To qualify for the distribution, users needed to meet certain conditions based on their activity up until November. These conditions were: they must have made transactions worth at least $100 in total, completed more than five transactions, and been active at different times. Each of these are separate requirements.

Rules for handing out tokens are just one of many projects from Starknet contributors. They also started a program for developers in December and plan to offer discounts and support to encourage more activity in the ecosystem.

Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.

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