Starknet to Distribute STRK Tokens Starting Feb 20, Encourages Engagement and Contributions
Summary:
Starknet's Ethereum layer 2 scaling protocol is set to distribute its native network token, STRK, to Ethereum stakers and other participants from February 20. Around 1.3 million wallets are eligible, including those outside the Web3 ecosystem. Starknet utilizes zero-knowledge rollup technology for secure off-chain transactions. Over 700 million STRK tokens are to be allocated across nine categories, with the Starknet Foundation having released a portal for checking eligibility. Open-source developers based on GitHub project contributions and Ethereum community members are also set to benefit. The team has advised caution against airdrop scams. StarkWare and the Starknet Foundation plan to allocate 10% of network fees to developers as part of a "Devonomics" pilot program.
Launching on February 20, Starknet's protocol for Ethereum layer 2 scaling will distribute STRK, its native network token, to Ethereum stakers and others. Cointelegraph has gleaned that nearly 1.3 million wallets are poised to receive this native token; the wallet owners range from individual and liquid stakers to individuals and groups outside the Web3 ecosystem. As one of Ethereum's significant L2s, Starknet has advanced zero-knowledge rollup (ZK-rollups) technology, enabling off-chain transactions and smart contract operations with cryptographic proofs communicated to Ethereum for security purposes. The Starknet Foundation has released details of its token distribution and created a specialist portal for potential recipients to check their eligibility. Over 700 million STRK tokens will be divided across nine categories. Eli Ben-Sasson, StarkWare's co-founder and CEO, emphasized that the token distribution scheme prioritizes contributions from Starknet users, developers, and contributors. He observes the tokens as resources for anyone engaged with or new to Starknet. The tokens can be used for experimentation, application building, or transactions, ultimately extending to staking. The token distribution primarily encourages active engagement and contributions to the network. Eligibility is automatic for those who have engaged with prominent Dapps utilizing STARK-based technologies. "Several community members have been testing STARK-based technology since StarkEx's 2020 launch, and we're pleased that those who used StarkEx-powered dApps, such as dYdX, ImmutableX, Rhinofi, and Sorare, are being acknowledged today," noted Ben-Sasson. Protocol Guild contributors, developers, and authors of Ethereum Improvement Proposals, as well as Ethereum's solo stakers and liquid staking token users, are lined up for tokens, with eligibility extending to those who staked ETH before and after the Merge in 2022. Starknet is additionally issuing tokens to open-source developers outside the blockchain sphere, determined by their contributions to GitHub projects, aiming to foster inclusivity in wider development circles. The team advised those expecting tokens to be cautious of airdrop scams, following a December 2023 scam that exploited supposedly leaked details of the Starknet provisions portal on social media. StarkWare and the Starknet Foundation are planning to distribute 10% of network fees to developers as part of a "Devonomics" pilot program. Provisionally, 8% of network fees will go to DApp builders, with 2% allocated to core developers and infrastructure engineers via an open and transparent voting procedure.
Published At
2/14/2024 10:57:00 AM
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