Starknet, an Ethereum layer-2 scaling protocol, is preparing to distribute its native network token, STRK, starting on February 20. This distribution will include Ethereum stakers, among others, with around 1.3 million eligible wallets. These wallets belong to Ethereum solo and liquid stakers, Starknet developers and users, as well as projects and developers from outside the Web3 ecosystem.
Starknet is one of Ethereum’s major layer-2 solutions that introduced zero-knowledge rollup (ZK-rollup) technology. The protocol enables off-chain processing of transactions and smart contract functions, with cryptographic proofs submitted to Ethereum for security purposes.
The Starknet Foundation has outlined the token provision and launched a dedicated portal for individuals to check their eligibility to receive STRK tokens. A total of 700 million STRK tokens will be allocated across nine categories.
Eli Ben-Sasson, co-founder and CEO of StarkWare, stated that the token provision will prioritize Starknet users, contributors, and developers. The tokens will be used for governance and fee payment, with plans for staking in the future. Ben-Sasson emphasized that the distribution aims to support users in engaging with and contributing to the network.
Starknet builders and users are automatically eligible based on their verifiable past activity, including users of popular decentralized applications (DApps) running on Stark-based technology. Ethereum community members, such as Protocol Guild contributors, Ethereum Improvement Proposal authors, and developers, will also benefit. Ethereum solo stakers and liquid staking token users, including those who locked up Ether tokens before and after the Merge in 2022, can also claim STRK tokens.
Starknet will also allocate tokens to open-source developers outside the blockchain ecosystem based on their contributions to GitHub projects. Diego Oliva, CEO of the Starknet Foundation, expressed the importance of promoting inclusivity within the broader development space.
The team behind Starknet has warned potential token recipients to be cautious of airdrop scams. In December 2023, scammers attempted to take advantage of a supposed leak of details about the Starknet provisions portal on social media.
In addition to the token distribution, StarkWare and the Starknet Foundation will allocate a 10% cut of network fees to developers through a pilot program called “Devonomics.” DApp builders will provisionally receive 8% of network fees, while infrastructure engineers and core developers will receive 2% through a transparent and open voting process.
Overall, Starknet’s token distribution aims to support and incentivize users, contributors, and developers within the network, as well as promote inclusivity and development in the wider ecosystem.