Starknet Foundation and OpenBlock launch DeFi Spring, with 40 million STRK to be distributed on February 22nd
Posted: Feb 19, 2024 10:11 AM Updated: Feb 19, 2024 10:12 AM
Correction and fact check date: February 19, 2024, 10:11 AM
briefly
The Starknet Foundation is collaborating with OpenBlock to launch the DeFi Spring initiative, allocating 40 million STRK tokens to participants in Starknet’s DeFi protocols.
non-profit organization starknet foundation (STRK) announced a collaboration with data-driven quantitative research platform OpenBlock Labs to introduce the Starknet DeFi Spring initiative. The new initiative, which will take place over six to eight months, aims to allocate 40 million STRK tokens to participants in Starknet’s decentralized finance (DeFi) protocol.
Each protocol participating in the initiative using the distribution will formulate, communicate, and implement an incentive program to reward users who actively participate in the platform with their allocated STRKs. The participation protocol must allocate the entire STRK received to the user.
According to the notice, rewards for the program will be determined and paid every two weeks.
The initial round of participation protocols is scheduled to begin implementation of the program on February 22, 2024. Users will have the opportunity to request their reward distribution from the protocol before March 7, 2024. Protocols participating in the program include Haiko, Nostra. , mySwap and Ekubo, among others.
Additionally, the Starknet Foundation is collaborating with Web3 Quest platform Intract to launch the Quests campaign, on-chain operations available to users, aimed at easily onboarding new users to Starknet’s expanding DeFi ecosystem.
There are 15 quests, and each quest will be released every two days until March 22, 2024, allowing users to accumulate experience points (XP). The Starknet Foundation will award participating users an NFT creation created by IMCMPLX as proof of completion. Users can also earn STRK through individual programs managed by participating in DeFi protocols.
The Starknet Foundation’s DeFi Committee noted that there could be other potential new initiatives in late Q2 or Q3 2024. Currently, programs such as DeFi hackathons, new project grant programs, and short-term incentive programs are being considered.
Starknet’s DeFi Committee leads the development of the platform.
Established in 2023, the Starknet Foundation’s DeFi Committee was established to foster DeFi development on Starknet. The DeFi Council aims to solidify Starknet as the preferred platform for DeFi developers and users alike.
The Starknet Foundation is committed to expanding the user base within the ecosystem. Recently, the organization introduced a provisioning program, announcing its intention to allocate 700 million tokens to approximately 1.297 million eligible wallets. It was also emphasized that the provisions are part of a broader plan designed to strengthen the Starknet ecosystem, with additional provisions to be announced in the future.
The new initiative within DeFi Spring introduced by the Starknet Foundation is set to position Starknet as the preferred platform for developers and users, reflecting the organization’s efforts to foster a vibrant DeFi ecosystem.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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