The Starknet Foundation Plans to Airdrop Over 1.8 Billion STRK Tokens
The team behind Starknet, a layer-2 Ethereum scaling network, has announced that they will be allocating more than 1.8 billion STRK tokens to community members and stakeholders. The first phase of the airdrops will begin soon, although no specific timeline has been provided. Out of the total allocation, 900 million STRK tokens will be given as rewards for past and future contributions by users and community members.
Now that the news is out, we might as well tell you more!
Starknet is about each of you. Every user, builder and member of our community – existing and future – is a critical piece to building our network into the future of decentralisation for generations to come. The success…
— Starknet Foundation (@StarknetFndn) December 8, 2023
Another 900 million STRK tokens will be used for user rebates, which aims to cover some network transaction fees for Starknet users. Additionally, 50 million STRK tokens will be distributed to incentivize decentralized finance (DeFi) activity on Starknet.
$Stark is about the community, 1.8B tokens for the community, 50M token for Defi chads.. multipliers incoming..!
— BMS (@bloomstarbms) December 8, 2023
The Starknet community has expressed excitement about the airdrops, recognizing them as a significant benefit for the blockchain. Airdrops have become popular among crypto projects and DeFi projects as a way to attract more users and foster loyalty among existing community members.
Airdrops Boosting User Base and Loyalty
In recent weeks, several blockchain projects have conducted airdrops that have distributed millions of dollars worth of free tokens to users. For example, Solana-based DeFi platform Jito recently airdropped $225 million worth of JTO tokens, while Pyth’s airdrop gave away $77 million worth of PYTH tokens.
Starknet’s Growth and Use of Zero-Knowledge Rollups
Starknet has experienced significant growth this year. The network’s total value locked (TVL) has increased ten-fold from $1.45 million to over $10 million in a short period. Currently, Starknet’s TVL stands at $33.84 million. Starknet utilizes zero-knowledge rollups to enhance the speed and cost-effectiveness of on-chain Ethereum transactions.
Hot Take: Starknet Airdrops Set to Empower Community and Drive DeFi Activity
The Starknet Foundation’s decision to distribute over 1.8 billion STRK tokens through airdrops demonstrates its commitment to empowering the community and driving decentralized finance (DeFi) activity. By rewarding contributions, offering user rebates, and incentivizing DeFi participation, Starknet aims to attract more users and build a loyal community. This strategy aligns with the growing trend of airdrops in the crypto industry, which have proven successful in attracting new users and fostering engagement. As Starknet continues to leverage zero-knowledge rollups for faster and cheaper transactions, the airdrops will likely contribute to its ongoing growth and adoption.
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