STRK Price Surges 23% as Starknet Kickstarts with Massive Airdrop, Over 140 Million Tokens Claimed

Ethereum layer-2 scaling protocol Starknet launched an airdrop of its native network token STRK today.

According to an X post, over 140 million tokens have been claimed so far by around 128,000 users at the time of writing.

Today is only the beginning! @Starknet is about to blast off!

1. @Starknet provisions are claimable NOW
2. @influenceth's Early Access starts TOMORROW
3. #StarkCityDenver on the 28th
4. EIP-4844 SOON

The FUD shall be destroyed.

— Eetherway (@Web3zy) February 20, 2024

The Starknet Airdrop

More than 45 million STRK tokens were claimed within the first 90 minutes of the airdrop launch.

STRK began trading on several exchanges as well. The token briefly reached $7 on Binance and surpassed $5 on KuCoin within hours of its initial launch.

The STRK price is currently at $2.01, according to data from CoinMarketCap, with the token’s market capitalization valued at over $1.4 billion.

The token is available for claim by over 1.3 million eligible wallets, with Ethereum solo and liquid stakers, Starknet developers and users, and projects and developers from the Web3 ecosystem all eligible to claim STRK.

The Starknet Foundation has released a detailed token provision framework alongside its dedicated portal, which allows individuals to verify their eligibility and receive STRK tokens.

More than 700 million STRK tokens will be distributed across nine categories, reserved for governance and transaction fees. Starknet also plans to introduce staking for STRK tokens in the future.

50.1% of STRK’s supply will be allocated to the Starknet Foundation for community airdrops, grants, and donations. Additionally, 24.68% of the token’s total supply will be distributed to early contributors and investors, with the remaining 32% being assigned to StarkWare employees, consultants, and developer partners.

The tokens will be unlocked every month for 31 months from April onwards, Starknet said.

Starknet Responds to Feedback

One of the most controversial eligibility criteria for Starknet airdrop was the need to hold 0.005 ETH. Many users voiced their discontent after getting disqualified due to this specific requirement.

what's about 0.005 ETH?

am on starknet since Mach 01,2023

+working on testnet
+Active on NFTs
+Domain name owner
+more than 500$ on volume
+losing more than 100$ in fees.

and Unfortunately, You're Not eligible. https://t.co/iGYiXnSoiU pic.twitter.com/tZgqJLyc4p

— LargoRoyal (@largoroyal2) February 14, 2024

Following the launch of its provisions portal, Starknet acknowledged feedback from community members and network users who felt “overlooked due to certain Provisions criteria.” The Starknet Foundation stated that it is actively working on finding a resolution for users who were not considered eligible.

Since its initial launch in November 2021, Starknet has achieved a total value locked of nearly $55 million, according to DefiLlama. Starknet is one of Ethereum’s most well-known Layer 2 solutions and has played a significant role in the development and implementation of zero-knowledge rollup technology.