Ethereum Layer-2 Scaling Protocol Starknet to Distribute Native Network Token on Feb. 20
Ethereum’s layer-2 scaling solution, Starknet, will be distributing its native network token, STRK, starting on February 20. This will include eligible recipients such as Ethereum stakers, developers, users, and projects within and outside the Web3 ecosystem.
Starknet is a leading L2 solution that utilizes zero-knowledge rollup technology. This allows for off-chain processing of transactions and smart contract functions, with cryptographic proofs submitted to Ethereum for added security.
The Starknet Foundation has released details of the token distribution, along with a dedicated portal for individuals to check their eligibility. Over 700 million STRK tokens will be allocated across nine categories.
Some of the top keywords associated with this announcement include “crypto airdrop”, “cosmos crypto today”, and “compound crypto today”. These keywords highlight the growing interest and adoption of cryptocurrency solutions like Starknet.
StarkWare Prioritizes Token Provision for Starknet Users, Contributors, and Developers
The CEO of StarkWare, Eli Ben-Sasson, reveals that their token provision will prioritize the needs of Starknet users, contributors, and developers. This includes using the tokens for governance and paying fees, with plans for staking in the future.
According to Ben-Sasson, these tokens act as resources for individuals who are either already involved with Starknet or looking to get started. This can include activities such as experimenting on the network, building applications, and making transactions. Staking will also be an option for token holders in the future.
The distribution of tokens is primarily aimed at supporting users and encouraging them to contribute to the network. This includes Starknet builders and users, as well as those who have used popular decentralized applications (DApps) powered by Stark-based technology in the past.
StarkEx Technology Recognized in Ethereum Community Through Airdrop Program
The StarkEx technology, which went live in 2020, has been tested extensively by members of the community. As a result, many users of StarkEx-powered DApps such as dYdX, ImmutableX, Rhinofi, and Sorare are being recognized today, according to Starknet co-founder Eli Ben-Sasson.
The airdrop program will also benefit members of the Ethereum community, including contributors to the Protocol Guild, authors of Ethereum Improvement Proposals, and developers. This includes both solo stakers and users of liquid staking tokens, such as Ether (ETH) stakers who locked up their tokens before and after the Merge in 2022.
In addition, tokens will be distributed to open-source developers outside the blockchain ecosystem, with a focus on those who have made contributions to projects on GitHub. According to Starknet Foundation CEO Diego Oliva, this is aimed at promoting inclusivity within the wider development space.
However, the team behind the airdrop has warned potential recipients to be cautious of scams. In December 2023, scammers attempted to take advantage of a purported leak of details about the Starknet airdrop program on social media.
Today in the world of cryptocurrency, StarkWare and the Starknet Foundation are implementing a revolutionary program called “Devonomics” where 10% of network fees will be allocated to developers. As part of this program, DApp builders will receive 8% of network fees while the remaining 2% will be distributed to infrastructure engineers and core developers through a transparent voting process. This move is set to benefit projects such as BTT, Cosmos, Celsius, Cronos, Brise, Coti, Compound, Bitrise, and many others by providing them with a steady stream of income and helping them combat scams in the industry.
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