StarkWare modifies STRK token unlocking timetable in response to public dispute

StarkWare has made adjustments to the unlock schedule for its Starknet (STRK) token after receiving concerns about the potential negative impact on retail users. The new plan involves a more gradual release of tokens over a period of three years, with smaller drops occurring periodically. The initial drop of 64 million STRK tokens, valued at almost $125.5 million, will take place on April 15. Subsequently, there will be monthly unlocks of 64 million STRK until March 15 of the following year, followed by an increase to 127 million STRK per month for the next two years until March 15, 2027. The original plan had set the unlock date for April 15, allowing for the release of over 1.3 billion STRK, which accounted for 13% of the total supply. This change means that only 580 million tokens will be unlocked by the end of 2024. The initial schedule had drawn criticism from Starknet users and market commentators who believed it would enable investors to take advantage of retail users. Following the announcement of the revised unlock plan, STRK experienced a brief spike in price. The token’s value dropped by nearly 60% within two days of its launch on February 20 but has since shown a 5% increase. The airdrop on February 20 made 700 million STRK available to over 1.3 million wallets, with 45 million tokens being secured within the first hour and a half. Of the eligible recipients, over 436 million STRK have been claimed, which represents approximately 94% of the total tokens currently available for distribution. Additionally, Starknet’s total value locked has reached $118 million, a significant increase in the past 24 hours, according to DefiLlama.