Recently, Starknet, an Ethereum-based layer-2 that was first created by StarkWare, began its airdrop program for “Provisions.” In order to pay transaction fees, Starknet is moving away from ether and toward the new STRK token, which will also be used for staking and governance on the network.
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The approximate anticipated token distribution is described in the Starknet documentation as follows:
- 20% to early contributors
- 18% to investors
- 11% to StarkWare
- 13% to grants
- 9% each for community provisions and community rebates
- 10% to Foundation Strategic Reserves
Although this is how the entire 10 billion tokens are supposed to be distributed, only 728 million were distributed in the first round. The Starknet Foundation “has allocated a total of 1.8 billion STRK to distribute to the community,” according to the announcement posted on Medium. The categories for community refunds and community provisions account for most likely 18% of the total.
This was the approximate expected distribution of the tokens airdropped:
- 2% to open-source developers
- 51% to Starknet users
- 0.2% to Ethereum Protocol Guild members
- 22% to ethereum stakers
- 10% to StarkEx users
- 3% to Ethereum developers
- 9% to Starknet ECMP members
- 2% to Starknet developers
- 0.2% to EIP authors
One address was counted twice by Starknet
Starknet received backlash for this airdrop, stating on X (formerly Twitter) that at least one address was recorded twice and will require correction.
Others have taken to X to draw attention to the fact that the available documentation indicates that many of the tokens belonging to the two largest groups of token holders—investors and early contributors—will be unlocked on April 15.
Odin Free, an X user who works for Starkware in the Ecosystem, stated, “We hear all of your feedback about our round 1.”
DeFillama reports that Starknet has just a Total Value Locked (TVL) of $57 million, significantly less than the roughly $3 billion TVL on Arbitrum and the $860 million on Optimism. Starknet has not seen much adoption.
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