Starknet Recapitulates Token Release Plan, Ensuring Inclusion of Immutable X Users and Pooled Ether Stakers in April Airdrop
Summary:
Ethereum's layer-2 blockchain Starknet plans to include eligible Immutable X users and pooled Ether stakers in its next airdrop following a revision of its token release schedule. Initially faced with technical difficulties, the Starknet Foundation now assures that issues are resolved and that eligible participants can claim their STRK tokens in April. The move follows concerns over the original token unlock plan, prompting smaller, spaced-out distributions over three years. Despite facing criticism and price volatility, Starknet continues its dialogue about airdrops with the VeVe team and looks forward to a smoother token claim process for eligible users.
In a change to its token release schedule, Ethereum's layer-2 blockchain Starknet is set to include eligible users of Immutable X and pooled Ether (ETH) stakers in the next batch of its airdrop, scheduled for the upcoming month. This move has come about as the Starknet Foundation, the entity backing the network, faced criticism due to difficulties faced by certain pre-Merge ETH stakers and Immutable X users while trying to receive their STRK tokens as part of the airdrop in February. The foundation assures that these issues have been ironed out, allowing eligible participants to successfully claim their STRK come April.
Starknet encountered problems with an inaccurate list from Immutable. This list contained self-owned IMX addresses and wallets linked to users of VeVe, a nonfungible token (NFT) platform. The issue arose due to incorrect classification of several Immutable X users as VeVe users, despite the list's underlying purpose to distinguish between the two groups. As private keys of VeVe users are held by VeVe itself, eligible users from this platform lacked the information crucial for the claiming procedure, making it necessary for Starknet to enable the airdrop via the NFT platform. Improved accuracy sees Immutable X participants who have made eight or more transactions prior to June 1, 2022, now eligible to claim their airdrop.
Dialog about VeVe user airdrops with the VeVe team remains ongoing for Starknet. Delays were faced by pooled ETH stakers because of the inability of staking protocols to deliver the STRK airdrop to those eligible, an issue Starknet attributes to multiple sources. Some of these protocols have now provided Starknet with a list of qualified users who can begin claiming their airdrop as of April.
Starknet has made several changes to its unlock schedule, the most recent update being in response to fears that the initial plan permitted investors to flood retail users with their holdings. This led smaller STRK allocations being spread over a period of three years for early contributors and investors, as opposed to the larger planned drop in April.
STRK's airdrop faced criticism due to ineligibility complaints by Starknet users despite conducting transactions worth thousands of dollars. Eligibility criteria required these users to hold a minimum of 0.005 ETH, roughly equivalent to $10, during a snapshot on Nov. 15, 2023. Upon receiving considerable dumps from sizeable STRK holders after the Feb. 20 airdrop, the token's price experienced a 60% fall within two days, plummeting from its high of $4.40 to just $1.90. This price drop has been difficult for STRK to overcome, and it presently trades at $1.88 based on CoinGecko data.
Published At
3/20/2024 12:00:00 PM
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