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Starknet Foundation Rewards Early Contributors with STRK Tokens before Trading Unlock

Hongji Feng
Last updated: | 1 min read
Source: Starknet

The Starknet Foundation has taken a step to acknowledge the early contributors to its network by allocating 50 million STRK tokens. This gesture comes even though these tokens are locked and not yet tradable until April 2024.

Starknet, a Layer-2 blockchain network built atop Ethereum, aims to enhance scalability and reduce costs without compromising on security. The Starknet Foundation was established in November 2022, after the initial developer, StarkWare, minted 10 billion STRK tokens. The foundation aims to support the continued growth and development of the Starknet ecosystem.

To reward the early contributors who have significantly shaped the ecosystem, the Starknet Foundation launched the Early Community Member Program (ECMP). The initiative seeks to recognize and compensate individuals who have fueled discussions, organized events, or created Starknet-centric content, shedding light on the diverse ways community members have driven the network’s development. A Starknet’s blog post specified the eligible contributors as follows:

“Significantly contributed to technical discourse in the community;”
“Listed by key projects of the ecosystem;”
“Organized events around the world (meetups, conferences, workshops);”
“Regularly published Starknet branded content.”

The Starknet Foundation was allocated 50.1% of the 10 billion minted STRK tokens, with 32.9% allocated to contributors and 17% to investors. Through the ECMP, the Foundation aims to distribute the tokens to maintain and grow the network’s community.

Starknet's Total Value Locked
Starknet’s Total Value Locked / Source: L2Beat

Starknet currently ranks sixth among Layer-2 blockchain networks on Ethereum with $137 million of deposits (total value) locked.

Starknet (STRK) token was initially scheduled to release on November 29, 2023, yet its developer StarkWare has postponed its release and rescheduled it to April 15, 2024.