cryptonews.com
The Starknet Foundation has announced the first phase of the Starknet Provision Program to reward community members with its utility token.
In a Feb 14 release, the platform disclosed the distribution process and the general utility for STRK tokens.
Check your eligibility for STRK https://t.co/MZ4DTMzQgH pic.twitter.com/bn5iKfMo0W
— Starknet 🦇🔊 (@Starknet) February 14, 2024
The Foundation will distribute over 700 million STRK to about 1.3 million wallets in the first phase, with a total of 900 million STRK earmarked for the provisions program.
STRK is the utility token used for transaction fees, staking, and for governance functions like community votes. The token will be distributed to Starknet users, Ethereum developers, StarkEx users, and early community contributors.
Starknet Bolsters Community
Starknet Foundation explained that the aim of the distribution is to enhance community development and participation.
The network will distribute STRK tokens to 1.3 million wallets, and gas fees associated with claiming tokens will also be covered.
“The Starknet Foundation sees the importance of engaging the Starknet community to the fullest. Starknet will become the first Layer 2 network to cover the gas fees associated with claiming tokens. The gas fees will be covered throughout the claiming process when done via the official Provisions portal.”
As an L2 Validity Rollup with decentralization and transparency being key objectives, Starknet highlighted that the journey to wider adoption is hinged on community participation.
The criteria for Starknet users to receive STRK in the airdrop include performing at least five transactions before November 15, 2023, active for three months or more, with a transaction volume of $100. Early community members are approved for distribution based on the previous program covering that criteria.
Developers must have contributed three commits before November 15, 2023, and one before January 1, 2018, to a GitHub repository within the Starknet network.
700 Million Tokens in Four Months
While this round involves 700 million out of the designated 900 million STRK tokens, Starknet has allocated a total of 1.8 billion tokens, 18% of the supply for distribution.
“The Starknet Foundation aims to distribute STRK to contributors and has gone to great lengths to verify significant past contributions, both within and outside the Starknet ecosystem. Provisions are not intended as payment for any past or future work.”
Distribution will commence on Feb 20 and cease on June 20, and tokens not claimed will be sent to the pool for re-distribution in future programs.
Starknet wallets will be used to claim tokens, and persons or entities in Russia, North Korea, Syria, Cuba, Iran, or any other sanctioned countries are not eligible for the airdrop.