Starknet Foundation Announces Distribution Plan for 1.8 Billion STRK Tokens
The Starknet Foundation has revealed its plan to distribute over 1.8 billion STRK tokens as part of its network growth and user engagement programs. This distribution program is much larger than the previous promise made in October, which only included 50 million tokens for early adopters.
Provisions Committee to Manage Fair and Transparent Distribution
The Provisions Committee, an important group within Starknet, will oversee the distribution of 900 million STRK tokens. The committee aims to ensure fairness, decentralization, and transparency by rewarding the network’s users and community members for their contributions. While details of the first distribution phase are forthcoming, formal communications will be released soon.
Network Rebates for User Transactions
An additional 900 million STRK tokens will be reserved for network rebates, rewarding users for their transactions on Starknet. A new committee will be formed to oversee the distribution process for this initiative, which is currently under development.
Incentives for DeFi Protocols and Developers
The DeFi Committee will receive 50 million STRK tokens to incentivize activity on DeFi protocols on Starknet. This committee has concluded its research phase and will soon implement strategies to boost liquidity and trading volume.
Furthermore, Starknet plans to announce a new incentive mechanism targeting developers and decentralized applications (dapps) on the network in the coming week.
About Starknet and STRK Tokens
Starknet is a permissionless layer-2 solution for Ethereum (ETH) that utilizes zk-STARKs technology to enhance security and privacy. The STRK tokens are expected to enter the market by April 2024.
Hot Take: Starknet Foundation to Distribute 1.8 Billion STRK Tokens for Network Growth and User Engagement
The Starknet Foundation has unveiled its distribution plan for over 1.8 billion STRK tokens, aiming to foster network growth and engage users. The Provisions Committee will manage the fair and transparent distribution of 900 million tokens, rewarding the network’s contributors. An additional 900 million tokens will be allocated for network rebates, while the DeFi Committee will receive 50 million tokens to incentivize activity on DeFi protocols. Furthermore, Starknet has hinted at an upcoming announcement for a new incentive mechanism targeting developers and decentralized applications on the network. Overall, this strategic distribution plan demonstrates Starknet’s commitment to building a strong and engaged community.
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