Starknet to Distribute 1.8 Billion STRK Tokens for Airdrop and Transaction Fee Reduction
On the evening of December 8th, 2023, Starknet Foundation, the organization behind the Ethereum layer-2 solution Starknet, officially announced plans to allocate 1.8 billion STRK tokens as rewards for an airdrop to its user community and for reducing transaction fees on the network.
The token allocation process will be overseen by a committee named the "Provisions Committee," tasked with monitoring and ensuring the tokens are distributed for their intended purposes.
Specifically, the total of 1.8 billion STRK tokens will be distributed across two initiatives:
- 900 million STRK tokens will be allocated to Starknet community members, including both past contributors and new users phased in over time.
- The remaining 900 million STRK tokens will be used to support fee reductions and transaction refunds for users of the network.
Notably, this initiative will be entirely separate from the 50 million STRK allocated for the Early Community Member Program (ECMP), which will be distributed by a committee known as the "DeFi Committee" – a program rewarding individuals active in organizing Starknet-related events and creating content to promote Starknet, as previously announced.
Now that the news is out, we might as well tell you more!
— Starknet Foundation (@StarknetFndn) December 8, 2023
Starknet is about each of you. Every user, builder and member of our community – existing and future – is a critical piece to building our network into the future of decentralisation for generations to come. The success…
This plan follows the recent confirmation of the snapshot time for the STRK token airdrop a week ago, with screenshots listing criteria for eligibility. At that time, the organization emphasized that the criteria outlined in the draft were still under development and review.
However, specific details regarding the deployment timeline for the STRK airdrop event have not been clarified by Starknet Foundation in the announcement. Moving forward, the organization behind Starknet will announce a new creative incentive mechanism for developers and dApps.
In a statement in 2022, Starknet Foundation announced the issuance of 10 billion STARK tokens, with 50% reserved by the organization and the remainder allocated to developers, ecosystem contributors, and the community.
Read more: StarkWare announces token launch for Layer-2 solution StarkNet
Starknet is a Layer-2 scaling solution for Ethereum utilizing Zero-Knowledge technology. Developed by StarkWare and currently operated by Starknet Foundation.
Against the backdrop of a bullish market as Bitcoin surpasses $44,000, several projects have seized the opportunity to announce token airdrops for the community, including DEX platform Jupiter, Jito (a staking platform on Solana), BLUR's second airdrop, and Pyth Network.
