The Starknet Foundation has made a significant move to recognize the early contributors to its network by allocating 50 million STRK tokens, even though these tokens remain locked and are not tradable until April 2024.
Starknet, operating as a Layer-2 blockchain network built on top of Ethereum, has the primary objective of improving scalability and cost-effectiveness while maintaining high levels of security. The Starknet Foundation was established in November 2022, following the initial issuance of 10 billion STRK tokens by StarkWare, the original developer. The foundation’s mission is to provide ongoing support for the expansion and advancement of the Starknet ecosystem.
The Starknet Foundation has introduced the Early Community Member Program (ECMP) to reward and acknowledge early contributors who have played a pivotal role in shaping the ecosystem. This initiative is designed to honor and compensate individuals who have actively engaged in discussions, organized events, or created content centered around Starknet, illuminating the various ways in which community members have propelled the network’s development. The Starknet blog post outlines the eligible contributors as follows:
- Those who have made significant contributions to technical discussions within the community.
- Individuals recognized by key projects within the ecosystem.
- Event organizers who have hosted gatherings worldwide, including meetups, conferences, and workshops.
- Contributors who have consistently produced Starknet-branded content.
Out of the total 10 billion STRK tokens minted, the Starknet Foundation received the largest share at 50.1%, with 32.9% allocated to contributors and 17% to investors. The ECMP has been established by the Foundation to facilitate the distribution of tokens, with the overarching goal of sustaining and expanding the network’s community.
As of now, Starknet is ranked sixth among Layer-2 blockchain networks operating on Ethereum, with approximately $137 million in total value locked as deposits.
Originally, the Starknet (STRK) token was scheduled for release on November 29, 2023. However, StarkWare, the developer, has decided to postpone its release and reschedule it for April 15, 2024.