StarkNet STRK, the local crypto asset of the project, managed to attract attention with the rise it recorded in the last 24 hours. As the price rises to $2.10, it draws attention as it is an important stage that reduces the sales pressure after the airdrop.
The rally took place because StarkWare, the blockchain company behind the Layer 2 scalability protocol Starknet, had adjusted the token release structure for its token STRK.
An official statement made according to StarkWaredecided 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 away a large portion 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 key 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 planned the token launch for November 29, 2023, but later postponed it by five months to April 15, 2024.
Important update:
NEWS CONTINUES BELOWAfter listening to feedback from ecosystem friends and collaborators, we are changing the lockup schedule for StarkWare’s early contributors and investors to make it more gradual.
We value this community and want to earn its trust by building great technology that…
— StarkWare (@StarkWareLtd) February 22, 2024
StarkNet Token Unlocking Plan
Under the new plan published, only 64 million tokens will be unlocked on April 15, corresponding to 0.64% of the total supply of 10 billion StarkNet tokens. Afterwards, another 64 million tokens will be released every month. Starting March 15, 2025, monthly token release will increase to 1.27% (127 million tokens) and 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 made available by the end of 2025, followed by another 1.5 billion tokens by the end of 2026. Finally, 380 million tokens are planned to be unlocked by March 15, 2027.
As we reported as Koinfinans.com, with today’s rally, StarkNet price managed to cover the lost ground, but it is still trading at 11% lower price on a weekly basis.
