The Starknet Foundation will distribute 1.8 billion STRK tokens as user rewards and rebates.
Posted: December 8, 2023 9:35 AM Updated: December 8, 2023 9:35 AM
Correction and fact check date: December 8, 2023, 9:35 a.m.
briefly
The Starknet Foundation plans to distribute 1.8 billion STRK tokens as user rewards and rebates, with 900 million tokens already allocated.
Founder of Ethereum Layer 2 network Starknet — The Starknet Foundation revealed plans to distribute over 1.8 billion Stark (STRK) tokens as user rewards and rebates. The platform said approximately 900 million STRK tokens have already been allocated to reward users and community members for past and future contributions.
To manage the broad distribution of STRK tokens, the Foundation will establish various committees.
The “Provisioning Committee” will focus on providing rewards to users, including community members. In addition to rewards, the foundation aims to provide “user rebates” to offset or refund transaction costs. Additionally, the “DeFi Committee” will serve to improve liquidity within the network’s DeFi ecosystem.
The initial distribution phase is almost complete with 900 million tokens earmarked for user rebates to return transaction fees on the network. An additional 50 million STRK tokens have been allocated for incentives in DeFi chains.
Starknet operates as a decentralized layer 2 network on Ethereum, leveraging a zero-knowledge rollup scaling solution. This solution compresses multiple transactions at an off-chain layer before posting them in batches to the Ethereum network.
Starknet Foundation confirms airdrop
The rough plan is consistent with confirmation of the foundation’s recent token airdrop snapshot, which was revealed after draft eligibility criteria briefly appeared on its website and circulated on social media.
Previously, the Starknet Foundation detailed that a total of 10 billion STRK tokens will be issued. Half of these tokens will be held by the organization and the other half will be allocated to core developers, ecosystem contributors, and the community.
As the Starknet Foundation’s strategic distribution plan progresses, the company’s move allocates over 1.8 billion STRK tokens in line with the Foundation’s broader goals.
disclaimer
In accordance with the Trust Project Guidelines, the information provided on these pages is not intended and should not be construed as legal, tax, investment, financial or any other form of advice. It is important to invest only what you can afford to lose and, when in doubt, seek independent financial advice. We recommend that you refer to the Terms of Use and help and support pages provided by the publisher or advertiser for more information. Although MetaversePost is committed to accurate and unbiased reporting, market conditions may change without notice.
About the author
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 writing about VCs, notable cryptocurrency projects, and participating in science writing.
more articles
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 writing about VCs, notable cryptocurrency projects, and participating in science writing.
more articles