StarkNet Announces 1.8 Billion STRK Tokens Airdrop For Network Growth
The Starknet Foundation, the governing body that supports the Ethereum scaling product StarkWare technology, has revealed its plan to distribute 1.8 billion STRK tokens to spur network growth and user engagement. The Foundation announced its plan on social media platform X (formerly Twitter) on Dec. 8, after completing the snapshot for its upcoming STRK token airdrop.
Source: Twitter
STRK Tokens Allocation
The Foundation stated that it has allocated 900 million STRK tokens to the Provisions Committee, which is responsible for rewarding both past and future users and community members for their contributions to the network. The committee’s objective is to distribute ownership of the network’s native token and to acknowledge the efforts of the users and community members.
The Foundation said that it has been working on the first phase of distributions for a while and that it is close to finalizing it. It added that it will provide more formal communications on this soon.
Rebates for Transaction Fees
Another 900 million STRK tokens have been earmarked for user rebates, which are meant to empower users by providing them with rebates on their transaction fees within the network. The Foundation said that this initiative is currently in the planning phase and that it is forming a new committee to oversee the distribution of tokens that would serve as rewards for vital transactions conducted on the network.
Incentives for DeFi Protocols
The Foundation also announced that the DeFi Committee will allocate an initial 50 million STRK tokens to stimulate activity within decentralized finance (DeFi) protocols on the network. This allocation aims to enhance liquidity within the network’s DeFi ecosystem, and the Committee is expected to move into execution and deployment within the first quarter of next year.
About Starknet
Starknet is an Ethereum-based Layer 2 network that employs a zero-knowledge roll-up approach. The scaling solution has been operating since February last year and ranks among the top ten layer-2 networks by total value locked, according to L2beat’s data. Starknet leverages StarkWare technology, which addresses the main Ethereum blockchain’s slow throughput and transaction fees by bundling hundreds of transactions off the main blockchain to reduce computational stress.
The Foundation said that its STRK token airdrop plan is part of its vision to create a decentralized, scalable, and secure network that supports a vibrant ecosystem of users, developers, and protocols. It added that it will share more details and updates on its plan in the coming weeks.
