StarkWare received feedback from the community and reduced the Starknet token lock from 13.4% to 0.64%. Additionally, StarkNet plans to deliver 64 million streams per month going forward. Thus, StarkWare’s token unlock event will likely continue until March 2027. The altcoin price regained most of the ground it lost following StarkWare’s move.
The price of the altcoin, which took a step back after the reactions, rose!
StarkWare, the blockchain company behind the layer-2 scaling protocol Starknet, has adjusted the token release structure for STRK. Following this development, StarkNet’s native cryptocurrency, STRK, recorded an increase of approximately 13% in its price in the last 24 hours, rising to $ 2.11. After the STRK token airdrop, the altcoin faced huge selling pressure. So, this move comes as a huge relief for StarkNet.
StarkWare will gradually unlock STRK tokens
According to the latest announcement, StarkWare has decided to implement a more gradual unlocking process for STRK. In response to concerns raised by users, the company reduced the initial token release from 13.4% to 0.64%. This adjustment aims to address feedback suggesting that giving the bulk of tokens to a select few at launch could be perceived as “predatory.” StarkWare announced that tokens held by StarkNet’s early participants and investors are under a lock-up period. These parties played a pivotal role in supporting StarkWare during StarkWare’s research and early development of Starknet.
Approximately one-third of the tokens held by these early contributors and investors, approximately 1.3 billion tokens in total, were scheduled to be unlocked on April 15. StarkWare originally scheduled the token launch for November 29, 2023. However, it was later postponed by five months to April 15, 2024.
StarkNet token unlock plan
Under the revised plan, the altcoin project will unlock only 64 million tokens on April 15. This corresponds to 0.64% of the total 10 billion StarkNet tokens. It will then release another 64 million tokens every month. Starting March 15, 2025, monthly token release will increase to 1.27% (127 million tokens). It will also continue for the next two years.
With the updated unlock schedule, 580 million tokens held by early contributors and investors will be unlocked by the close of 2024, as opposed to the initial plan to unlock 2 billion tokens in the same time frame. In addition, another 1.4 billion tokens will be gradually introduced by the end of 2025. It will then make 1.5 billion more tokens available by the end of 2026. Finally, the plan includes unlocking 380 million tokens by March 15, 2027.
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