Article Update: Feb. 20, 9:45 am UTC: After the announcement of the Starknet airdrop, the number of active users on the network has returned to normal levels.
Over the past seven days, there has been a significant decrease in the number of active users on Starknet, following discontentment with the Starknet Provisions Program airdrop. According to data from Starkscan, the active users on the Ethereum layer-2 blockchain increased from less than 20,000 on Feb. 9 to a high of over 220,500 on Feb. 14, the highest in nearly three months. Users and airdrop participants were eager to get a share in the allocation.
However, once Starknet released details about the airdrop scheduled for Feb. 20, the number of active users dropped back to levels seen before the announcement. On Feb. 19, there were just over 84,000 active accounts on the network.
A chart displaying the number of active Starknet accounts over a three-month period shows a spike before and after the network shared information about its token airdrop.
The Starknet community and its users have expressed dissatisfaction with the airdrop criteria, which excluded users who had less than 0.005 Ether (ETH) in their accounts on Nov. 15, 2023, an amount worth approximately $10 at that time, from receiving token distributions. Several users on X and the project’s Discord platform have claimed to have missed out on token distributions despite conducting thousands of dollars worth of transactions and providing liquidity to the network.
In a post on X on Feb. 19, Starknet acknowledged the feedback regarding users being excluded due to specific Provisions criteria and stated that they are working to address these concerns. However, they added that finding a resolution will require time for research, design, and testing.
Another contentious issue is the token unlock schedule, which rewards Starknet investors and early contributors with 1.3 billion STRK, approximately 13% of the total supply, on April 15, just two months after the launch. In comparison, around 700 million STRK, about 10% of the total supply, will be distributed on Feb. 20.
Prior to its launch, STRK is trading for up to $1.98 on pre-market perpetual exchanges Aevo and HyperliquidX, indicating a potential market capitalization of around $1.38 billion.
Despite the decrease in active users, Starknet’s total value locked is $54.18 million, which is a 5.7% drop from its all-time high of $57.5 million on Feb. 14, according to DefiLlama.
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