Starknet Foundation Distributes 1.8 Billion STRK Tokens in User Rewards and Rebates

Published: December 08, 2023 at 9:35 am Updated: December 08, 2023 at 9:35 am

Edited and fact-checked:
December 08, 2023 at 9:35 am

In Brief

Starknet Foundation plans to distribute 1.8 billion STRK tokens in user rewards and rebates, with 900 million tokens being already assigned.

Starknet Foundation Allocates 1.8 Billion STRK Tokens for User Rewards and Rebates

Founder of the Ethereum Layer 2 network Starknet — Starknet Foundation revealed its plans to distribute over 1.8 billion Stark (STRK) tokens as user rewards and rebates. The platform said that approximately 900 million STRK tokens have already been assigned to reward users and community members for their contributions, both past and future.

To manage the broader distribution of STRK tokens, the foundation will establish various committees.

The “Provisions Committee” will focus on rewarding users, including community members. In addition to rewards, the foundation aims to provide “user rebates” to offset or refund transaction costs. Moreover, the “DeFi Committee” will play a role in enhancing liquidity within the network’s DeFi ecosystem.

The initial phase of distribution is nearing completion, with 900 million tokens designated for user rebates, to return their transaction fees on the network. An additional 50 million STRK tokens have been allocated for incentives on the DeFi chain.

Starknet operates as a decentralized Layer 2 network on Ethereum, utilizing a zero-knowledge rollup scaling solution. This solution condenses multiple transactions on an off-chain layer before collectively publishing them on the Ethereum network.

Starknet Foundation Confirms Airdrop

The outlined plan aligns with the foundation’s recent confirmation of a token airdrop snapshot, which became public after a draft of the eligibility criteria briefly appeared on its website and circulated on social media.

Previously, the Starknet Foundation detailed that a total of 10 billion STRK tokens would be issued. Half of these tokens will be retained by the organization, while the remaining half will be allocated to core developers, ecosystem contributors and the community.

With the Starknet Foundation’s strategic distribution plan underway, allocating over 1.8 billion STRK tokens, as the company’s move aligns with the broader goals of the foundation.

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About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and engagement with scientific writing.

Alisa Davidson