protos.com
Starknet, an Ethereum-based layer-2 originally developed by StarkWare, recently started its ‘Provisions’ airdrop process. Starknet is transitioning away from using ether to pay transaction fees, instead switching to the new STRK token which is also intended to be used for governance and staking on Starknet.
The Starknet documentation breaks down the approximate intended distribution of tokens as follows:
- 20% to early contributors
- 18% to investors
- 11% to StarkWare
- 13% to grants
- 9% each for community provisions and community rebates
- 10% to Foundation Strategic Reserves
While this is the intended distribution of the total 10 billion tokens, the first distribution round was 728 million. The Medium post announcing this claimed that the Starknet Foundation “has allocated a total of 1.8 billion STRK to distribute to the community.” This 18% of the total is likely made up of the community provisions and community rebates categories.
The airdrop of tokens had this approximate expected distribution:
- 51% to Starknet users
- 9% to Starknet ECMP members
- 2% to Starknet developers
- 10% to StarkEx users
- 0.2% to Ethereum Protocol Guild members
- 3% to Ethereum developers
- 0.2% to EIP authors
- 22% to ethereum stakers
- 2% to open-source developers
Starknet counted one address twice
This airdrop wasn’t without criticism, with Starknet taking to X (formerly Twitter) to explain that at least one address was accounted for twice and will need to be corrected.
Hello,
— Starknet 🦇🔊 (@Starknet) February 14, 2024
This is a tier 1 ECMP recipient whose address was accounted for twice.
We contacted the recipient to clarify this was an error, and the amount will be corrected to 180K STRK. pic.twitter.com/6RN35oAJwr
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Others have taken to X to highlight how the current documentation suggests that investors and early contributors — the two largest categories of token holders — will have many of their tokens unlocked on April 15.
X user Odin Free, who works in Ecosystem at Starkware, said, “We hear all of your feedback about our round 1.”
Starknet has been slow to see adoption, with DeFillama reporting that it has a Total Value Locked (TVL) of only $57 million, which lags far behind the nearly $3 billion TVL on Arbitrum and the $860 million on Optimism.