StarkNetโs STRK Token Surges 11% Following Adjusted Unlocking Process
StarkNetโs native cryptocurrency, STRK, has experienced an 11% price surge in the past 24 hours, reaching $2.10. This comes as a relief for StarkNet after facing significant selling pressure following the STRK token airdrop.
StarkWare Responds to User Concerns
In response to user concerns, StarkWare, the company behind the Layer 2 scalability protocol StarkNet, has adjusted the unlocking process for its STRK tokens. The initial token release has been reduced from 13.4% to 0.64% to address feedback suggesting that releasing a large portion of tokens at launch could be seen as โpredatory.โ
- Early contributors and investorsโ tokens are under a lockup period.
- About one-third of these tokens, totaling around 1.3 billion, were scheduled to unlock on April 15th.
- The token launch was initially set for November 29, 2023, but was postponed to April 15, 2024.
Revised Token Unlocking Plan
Under the revised plan:
- Only 64 million tokens (0.64% of the total) will be unlocked on April 15.
- An additional 64 million tokens will be released each month.
- Starting from March 15, 2025, the monthly release will escalate to 1.27% (127 million tokens) and continue for two years.
The updated schedule unlocks a total of:
- 580 million tokens by the end of 2024 (compared to the initial plan of unlocking 2 billion).
- 1.4 billion tokens by the end of 2025.
- 1.5 billion tokens by the end of 2026.
- 380 million tokens by March 15, 2027.
StarkNet Price Recovery
With todayโs price rally, StarkNet has managed to recover some lost ground, but it still trades 11% lower on the weekly chart.
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