Network for scaling Ethereum on layer 2 Starknet has finally revealed the long-awaited information regarding its token airdrop, which is scheduled to commence on February 20.
Approximately 1.3 million wallets are set to receive free tokens during the airdrop, as stated by the Starknet Foundation, which is calling it a “provisions program.” A wide range of individuals benefit from Starknet, including users and developers of Starknet, users of decentralized apps (dapps) connected to the network, and even Ethereum stakers who may not have had any previous experience with Starknet.
Users are probably excited to get their hands on bundles of STRK, the network’s new native token. However, the people behind the airdrop want to emphasize that the token’s value on secondary markets is not the main focus. Instead, they want to highlight how important STRK tokens are for supporting a new governance structure for Starknet, where they will serve as voting power.
This is a crucial aspect of our value-driven approach to decentralization,” stated Eli Ben-Sasson, co-founder and CEO of StarkWare, in an interview with Decrypt. “The evolution of the network is characterized by a democratic nature and a remarkable level of stability.”
During the first phase of the Starknet airdrop, which will take place between February 20 and June 20, users across Ethereum will receive over 700 million STRK tokens. As previously reported by Decrypt, a total of 1.8 billion STRK tokens will be distributed to users and community members.
People who utilized or contributed to Starknet before November 15 have the opportunity to receive a varying amount of STRK, ranging from 500 to 180,000, based on their level of engagement with the network.
The largest allocations in this category are set aside for over 2,000 individuals who have been accepted into the “Starknet Early Community Members Program” due to their significant contributions to the network during its early stages. Users can utilize a calculator on the Starknet website to determine their specific allocations.
Users who have utilized dapps powered by Starknet’s predecessor, StarkEx, have the opportunity to receive 111.1 STRK, provided that they have used those dapps before June 1, 2022. Some of the dapps available are the borrowing and lending platform dYdX, the gaming-centric layer-2 network Immutable X, the layer-2 bridge Rhinofi, and the on-chain fantasy soccer game Sorare.
Ethereum developers, contributors, and stakers, on the other hand, have the opportunity to receive STRK tokens, even if they have no prior experience with Starknet or a StarkEx-powered app.
Ethereum stakers who started running nodes before the network’s 2022 merge event will have the opportunity to receive 1,800 STRK per validator, with a maximum of 12 validators. Individuals who participated in staking before the launch of Ethereum’s Beacon Chain in December 2020 have the opportunity to receive 3,600 STRK per validator, with a maximum of 12 validators.
Members of the Ethereum core development team within the network’s Protocol Guild will have the opportunity to receive 10,000 STRK each, while authors of Ethereum Improvement Proposals (EIPs) can receive 2,000 STRK. Developers working on Ethereum can receive a reward of 1,800 STRK, while individuals who stake ETH in pools or on centralized exchanges will be eligible for 360 STRK per validator.
Starknet has experienced significant growth this year, starting with less than $1 million worth of crypto assets on its network at the beginning of 2023. At the moment, the total value locked (TVL) on the network stands at over $56 million, as reported by Defi Llama.
Since December, when Starknet first announced its upcoming airdrop, the figure has experienced a significant increase of over 75%, reaching a value of just over $32 million at the time.
