April 19, 2024
Ethereum Stakers to Receive Starknet Tokens in Upcoming Distribution
Altcoins News

Ethereum Stakers to Receive Starknet Tokens in Upcoming Distribution

Ethereum’s layer-2 scaling solution, Starknet, is gearing up for a significant milestone as it prepares to distribute its native network token, STRK, starting on February 20. With a total allocation of 700 million STRK tokens spread across nine recipient categories, this distribution marks a pivotal moment for the Starknet ecosystem.

Among the recipients are Ethereum stakers, underscoring the interconnectedness of the Ethereum ecosystem. Approximately 1.3 million wallets will be eligible to claim STRK tokens. This includes Ethereum solo and liquid stakers, Starknet developers and users, as well as projects and developers from outside the Web3 ecosystem.

Starknet has been a trailblazer in Ethereum’s layer-2 space, notably pioneering zero-knowledge rollup (ZK-rollup) technology. This innovative protocol allows for off-chain processing of transactions and smart contract functions, with cryptographic proofs submitted to Ethereum for security validation.

In an effort to prioritize Starknet users, contributors, and developers, StarkWare co-founder and CEO Eli Ben-Sasson emphasized the importance of these tokens for governance and fee payment within the ecosystem. He also hinted at future plans for staking, highlighting the versatility of STRK tokens in supporting various activities within the Starknet network.

Source: Starknet

The distribution process aims to recognize and reward past contributions from Starknet builders and users, including those who have interacted with StarkEx-powered decentralized applications (DApps) such as dYdX, ImmutableX, Rhinofi, and Sorare.

Outside the Ethereum community, tokens will also be allocated to open-source developers based on their contributions to GitHub projects. Diego Oliva, CEO of the Starknet Foundation, emphasized the importance of inclusivity within the wider development space, acknowledging the potential impact of Starknet technology across industries.

However, the team has issued a warning regarding potential airdrop scams, urging prospective token recipients to exercise caution. This comes after incidents in December 2023 when scammers attempted to exploit a purported leak of details regarding the Starknet provisions portal on social media.

Looking ahead, StarkWare and the Starknet Foundation plan to implement a pilot program called “Devonomics,” through which developers will receive a 10% cut of network fees. DApp builders will provisionally receive 8% of network fees, while 2% will be allocated to infrastructure engineers and core developers through a transparent voting process.

As Starknet prepares to embark on this token distribution journey, it signifies a significant step forward in fostering community engagement and innovation within the Ethereum ecosystem.

Image by Mohamed Hassan from Pixabay

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