The Starknet Foundation, the organization behind the Ethereum Layer 2 network Starknet, has announced plans to distribute an impressive 1.8 billion tokens as user rewards and refunds.
The Foundation will employ various groups or “committees” to oversee the overall distribution of these Layer 2 blockchain tokens. A special committee, the “Provisioning Committee”, will be tasked with rewarding users, including community members, with tokens.
This committee will gradually distribute 900 million Starknet (STRK) tokens to reward past and future contributions from users and community members. The first distribution phase is expected to begin in the first half of 2024.
In addition, another 900 million STRK was allocated for user refunds. Planning for this initiative is still ongoing.
This plan emerged after the foundation recently approved a token airdrop snapshot, when a draft of the eligibility criteria for the planned airdrop briefly appeared on its website and circulated on social media.
The foundation released an official statement and said:
Now that the news is out, we can tell you more. Starknet is about each of you. Every current and future user, founder, and member of our community is a critical part of making our network the future of decentralization for generations to come. The success of Starknet depends on it.”
The statement also revealed plans to allocate more than 1.8 billion STRK tokens across multiple initiatives to drive adoption and growth of the Starknet blockchain.
An initial 50 million STRK was allocated to explore direct, indirect and retroactive stimulation of activity in DeFi protocols by increasing liquidity, transaction volume on Starknet and the overall growth of the DeFi environment.
*This is not investment advice.
