Starknet Foundation Allocates 50 Million STRK Tokens to Early Ecosystem Contributors
The Starknet Foundation has announced that it will distribute 50 million STRK tokens to individuals who made early contributions to the ecosystem. These tokens, part of a total of 10 billion minted by the foundation, are currently locked and will not be tradable until April of next year.
Rewarding Contributions through the Early Community Member Program
The Starknet Foundation has introduced the Early Community Member Program (ECMP) to recognize and support the individuals who have played a crucial role in shaping the Starknet ecosystem. The program aims to reward technical discussions, events related to Starknet, and the publication of Starknet-related content.
“The ECMP program is a deliberate effort to shine a spotlight on the unsung heroes who put their heart, skills, and time into shaping Starknet’s journey. This program isn’t just about lines of code; it’s about every individual who plays a part in pushing our ecosystem forward.”
Interested individuals and projects can apply for the grant by providing details about their contributions. Applications will be accepted until November 19th, with final decisions made by December 29th. The foundation also mentioned that it will retain some tokens in case any deserving contributors are missed out.
Token Unlocks and Distribution
The STRK tokens are not currently tradable, making it difficult to estimate their value. However, they are expected to become available on April 15th, 2024. The majority of tokens were allocated to the Starknet Foundation, while core contributors received 32.9% and investors received 17%. The Early Community Member Program is part of the foundation’s plan to distribute its initial token allocation, but it is not considered an airdrop.
Importance of Community Growth in the Crypto Winter
The distribution of tokens through the Early Community Member Program is crucial for Starknet to retain and expand its community, especially during the challenging crypto winter. This move also helps Starknet compete with rivals like Arbitrum, which has its own incentive programs to attract users. Currently, Starknet is the sixth-largest layer-2 blockchain with $143 million in total value locked.
Starknet Foundation’s Role and Mandates
Initially developed by StarkWare, Starknet is now supported by the Starknet Foundation. The foundation, overseen by a seven-member board that includes Eli Ben-Sasson, co-founder and president of StarkWare, focuses on fostering the community, overseeing network development, and advancing research.
Hot Take: The Importance of Acknowledging Early Contributors
The Starknet Foundation’s decision to allocate 50 million STRK tokens to early ecosystem contributors through the Early Community Member Program is a significant step towards recognizing and appreciating those who have played a vital role in shaping the network. By rewarding technical discussions, events, and content creation related to Starknet, the foundation aims to empower and support its community. This initiative not only highlights the importance of individual contributions but also strengthens the network’s growth potential in a competitive landscape. As the crypto winter persists, such programs become even more crucial in attracting and retaining community members.
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