The Starknet Foundation has revealed that it is allocating 50 million STRK tokens to users who contributed to the ecosystem in the early days of its development.
The foundation had minted 10 billion STRK tokens. However, the tokens are not even trading yet and are locked away until at least next April.
Starknet Rewarding Early Ecosystem Contributors
The Starknet Foundation is allocating the yet-to-be-released tokens under its Early Community Member Program. This program rewards individual contributors to the Starknet ecosystem, encouraging technical discussions, organizing Starknet-related events, and regularly publishing Starknet-related content, according to a blog post published by the foundation.
“In the heart of any vibrant developer ecosystem lie the contributors – the passionate minds who drive innovation, build tools, and create the foundation for growth. The Starknet Foundation recognizes the pivotal role played by the Starknet community and is excited to introduce the Early Community Member Program (ECMP), a structured initiative designed to empower and support the community that fuels the network’s progress.”
The post further added,
“The ECMP program is a deliberate effort to shine a spotlight on the unsung heroes who put their heart, skills, and time into shaping Starknet’s journey. This program isn’t just about lines of code; it’s about every individual who plays a part in pushing our ecosystem forward.”
Individuals and projects must apply for the grant and also provide details about their contribution to the ecosystem. The application process will continue until the 19th of November, with final decisions made by the 29th of December. Starknet Foundation stated in the blog,
“We intend to use this opportunity and give recognition to individuals who contributed significantly to the Starknet ecosystem in various ways. Such contribution involves being a key member of an effort which hugely, and positively, impacts the ecosystem.”
The foundation added that it would hold back some of the tokens in case it misses out on any contributors.
Token Unlocks
The STRK tokens are not currently trading, which is why there is no simple way of estimating their value. The tokens should be available to users on the 15th of April, 2024. A majority of the tokens were allocated to the Starknet Foundation. 32.9% were allocated to core contributors, while 17% were allocated to investors. Starknet Foundation’s Early Community Member Program is part of its plan to distribute tokens initially allocated to the foundation. The foundation added that it does not define token distribution under the program as part of an airdrop.
However, the distribution of the tokens could help Starknet retain and grow its community further. This is especially important during the ongoing crypto winter when resources are scarce. This will also help Starknet in the face of competitors such as Arbitrum, the biggest layer-2 blockchain on Ethereum, move forward with its own incentive programs aimed at growing its community.
Starknet is the 6th largest layer-2 blockchain, currently having $143 million in total value locked, according to data from L2Beat. The layer-2 was initially developed by StarkWare. However, some responsibilities for the network were turned over to the Starknet Foundation after it was launched in November 2022 to support a thriving Startknet. The foundation is currently overseen by a seven-member board, which includes StarkWare co-founder and president Eli Ben-Sasson. Mandates for the foundation include fostering the community of Starknet users, developers, and researchers, along with overseeing the development of the network and focusing on advancing research.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
