The Starknet Foundation has unveiled its native token distribution plan, with nearly 1.3 million wallets eligible for a reward — including early adopters of the ecosystem's decentralized applications, network contributors, and others. The Enterprise Allocations Unit will publish its official STRK allocation scheme today and allow users to check whether they are eligible for allocation.
Starknet is an Ethereum Layer-2 network that leverages the ZK-Rollup solution to scale decentralized applications. The token will help decentralize and control the network, according to the statement.
“The STRK token was created so that STARK-based expansion can happen in a more decentralized way. The design of the token helps the community run and manage Starknet, and Provisions is a powerful way to achieve that,” said Diego Oliva, CEO of the Starknet Foundation.
On February 20, the distribution will allow approximately 1.297 million wallets to claim the STRK token. They will have four months – until June 20 – to claim. The total distribution includes more than 700 million STRK tokens – or 7% of the total supply of 10 billion tokens.
“Community members have been battle testing STARK-based technology since StarkEx launched in 2020, and we are thrilled that many of those who have interacted with StarkEx-powered dapps like dYdX, ImmutableX, Rhinofi, and Sorare have been recognized today,” said core contributor Ben Sasson, Scientist Cryptocurrency who co-invented the technology behind Starknet.
Who is eligible?
Besides early adopters of Starknet and StarkEx, Ethereum contributors — including Protocol Guild members, EIP authors, and individual investors — and open source developers outside of web3 are eligible to claim the token.
Overall, more than half a million Starknet wallets and more than 600,000 StarkEx wallets are eligible. Additionally, 137,000 open source developers and 19,000 ETH stakeholders also made the cut, according to eligibility data shared with The Block.
User eligibility criteria for the distribution were based on the November snapshot that looked at the volume of transactions and the number of times users interacted with the network. The criteria included $100 of cumulative value of transactions, more than six transactions, and activity in separate time periods, although these are separate terms.
The provisions that oversaw the token distribution plan are one of many community initiatives undertaken by Starknet contributors. Other programs include a dephonomics program launched in December and upcoming rebates and subsidies to stimulate ecosystem activity.
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