Ethereum Layer 2 Developer StarkWare Delays First Unlocks of StarkNet Token
Ethereum Layer 2 developer StarkWare has announced a delay in the first unlocks of its native StarkNet (STRK) token. The unlock date has been pushed back from November 29, 2023, to April 15, 2024. The delay was confirmed through a transaction in one of the StarkWare token locking mechanism contracts on Sunday.
The reason for the delay, according to a spokesperson for StarkWare, is that the team is focused on building the technology and updating the roadmap as needed. It is unclear how many tokens are affected by the delay, but it’s worth noting that STRK tokens are currently not tradable.
Impact on Token Holders and Future Unlocks
The tokens subject to the delay belong to core contributors, early supporters, and employees of StarkWare rather than the general public. However, the delay of the first unlocks does not necessarily mean that future unlocks will also be delayed. According to a source familiar with the matter, each token unlock is independent.
About StarkNet Token and StarkWare
StarkWare deployed the STRK token on Ethereum in November 2022. These tokens were initially locked for four years, with a gradual release schedule starting after one year. The STRK token is used for transaction fees, governance, and staking on the StarkNet network. StarkWare, founded in 2017, offers two key products: StarkEx and StarkNet. These products aim to scale Ethereum and increase transaction throughput while reducing gas fees. Notable investors in StarkWare include Greenoaks Capital, Coatue, and Three Arrows Capital.
Hot Take: Delayed Unlock Raises Questions about Asset Recovery
The delay in unlocking the STRK token may have implications for Teneo, the liquidator of bankrupt crypto hedge fund Three Arrows Capital. Teneo took control of 3AC’s StarkWare tokens as part of the bankruptcy process. The delay could potentially affect Teneo’s asset recovery process, as it purchased the tokens on the original deal terms.
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