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The Ethereum layer-2 blockchain, Starknet, witnessed a surge and subsequent freefall in active users, dropping by a staggering 65% within just seven days.
After reaching under 20,000 active users on February 9, the network reached an impressive peak of over 220,500 active users on February 14. This surge was attributed to the anticipation surrounding the Starknet Provisions Program airdrop.
However, the excitement was short-lived as Starknet shared details for its airdrop scheduled for February 20. The user base witnessed a dramatic decline, with just over 84,260 active accounts on February 19, a 65% drop from its peak.
As the platform prepared for a substantial airdrop at the time, unrest and controversy erupted among its users.
Core Issues in Airdrop Eligibility
The heart of the matter lies in abrupt changes to the eligibility criteria for the upcoming airdrop, set to release over 700 million STRK tokens, equivalent to 10% of the total token supply.
gm Starklings, one day to go!
— Starknet Foundation (@StarknetFndn) February 19, 2024
For those eligible, STRK Provisions will be live and available to claim tomorrow, 20.02.2024 at 12pm UTC. To check your addresses and to claim, please take care to use the correct URL, linked here: https://t.co/jcQQuD8uOX.
We thank everyone who's…
The modifications resulted in disqualifications, including the rectification of over 900 ETH home validators and the distribution of over 6.9 million STRK to over 1,000 solo stakers.
Additionally, over 1 million STRK were set aside for potential future community allocation after addressing concerns about GitHub handle squatters.
Community Frustration Mounts
Numerous users expressed frustration, claiming they missed out on token distributions despite significant transactions and liquidity contributions to the network.
For instance, a user named "Umaykut" vented on Starknet's Discord, expressing disappointment at being ineligible despite substantial transactions and liquidity additions.
In response to the outcry, Starknet acknowledged the concerns and stated that it is working to address the issues. However, it emphasized that a comprehensive resolution necessitates time for research, design, and testing.
Despite these challenges, Starknet's total value locked (TVL) remains near all-time highs, reaching around $55.48 million.