Ethereum Layer-2 scaling network Starknet has released official details about its highly anticipated token airdrop, which is set to take place on the 20th of February.
The airdrop will benefit users across the Ethereum ecosystem, with roughly 1.3 million wallets eligible for the airdrop.
Airdrop Details Announced
According to the Starknet Foundation, nearly 1.3 million wallets can receive free tokens during the airdrop, calling it a “provisions program.” The update also stated that several types of users are eligible for the airdrop, with beneficiaries ranging from Starknet users and developers of decentralized applications associated with the network to Ethereum stakers who have had no prior association or exposure to Starknet.
Users are eager to receive Starknet’s new native token, STRK, primarily due to their potential value on secondary markets. The Starknet Foundation has also emphasized the STRK token’s importance in backing a new governance structure for Starknet. Eligible users have until the 20th of June to claim the STRK tokens.
Unusual Eligibility
The scope of those qualifying for the airdrop is rather unusual, given that groups outside the Starknet ecosystem are eligible, such as Ethereum solo-stakers and liquid staking token users. However, the Starknet Foundation has attributed their eligibility to the fact that Ethereum secures Starknet. Non-blockchain open-source developers are also eligible to receive STRK tokens, making it the first airdrop non-Web3 users are eligible for. The Foundation stated that this was done to set a new precedent in inclusivity.
The Foundation also reached out to those who failed to qualify for the airdrop, stating that there would be further provisions in the future, hinting at more airdrops. CEO of Starkware Eli Ben-Sasson added,
“We see how much attention this is bringing to Starknet, and we’re flattered.”
Details Of The Airdrop
The first phase of the airdrop will see Starknet distribute 700 million STRK tokens to users between the 20th of February and the 20th of June. In total, Starknet will be distributing 1.8 billion STRK tokens to Starknet users and community members. Individuals who have used or developed on Starknet before the 15th of November are eligible to receive between 500 and 180,000 STRK. The largest allocations of STRK tokens are reserved for a select group of individuals who were accepted into Starknet’s “Early Community Members Program.”
Users of dApps powered by Starknet predecessor StarkEx stand to receive 111.1 STRK if they have used the dApps before the 1st of June, 2022. On the other hand, Ethereum developers, contributors, and stakers are also eligible to receive STRK tokens. Stakers who ran nodes before the network’s merge will receive 1800 STRK per validator, up to 12 validators, and those who staked prior to Ethereum’s Beacon Chain can also receive 3500 STRK per validator, again 12 in total.
Some Questions Remain
Following the announcement of the details, questions arose about how quickly, after the launch, the network’s investors and contributors would be able to sell their STRK positions. However, Starknet’s CEO pushed back against this criticism and doubled down on the roadmap.
Generally, airdrop allocations reserved for a project’s team and investors are locked for a lengthier period to ensure the team’s long-term commitment to the project. Crypto users were quick to point out Starknet’s deviation from this practice and roundly criticized the roadmap.
While the Starknet CEO agreed with the unusual structure of the airdrop, he argued that it represented Starkware’s strengths.
“The unlocking for the team and early investors… is one aspect in which we may be non-standard. But we build different and we view things a little bit differently. “Let’s address the elephant in the room. What people are really concerned about is whether anyone at Starkware or in the Starknet ecosystem will still be working on Starknet and advancing it passionately three months out or one year out. Let me make this very public announcement as Starkware’s CEO. As far as the eye can see, the only thing on the radar of Starkware’s 150 employees—and its expanding team—will be advancing Starknet.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
