Founded in November 2022 after early developer StarkWare minted 10 billion STRK tokens, the foundation now rewards early contributors to the Ethereum layer-2 network. However, these tokens will remain locked for trading until next April. The Altcoin project shared details on the subject.
Starknet will reward early supporters with tokens!
Starknet is a layer-2 blockchain that sits on top of Ethereum. STRK tokens of the altcoin project are not yet traded. In fact, they will remain locked until next April. However cryptokoin.com As we reported, a foundation dedicated to supporting Starknet is allocating tokens to early developers and other contributors as incentives for helping build the network.
The 11-month-old Starknet Foundation made a statement on the issue on Monday. In this statement, he announced that he has allocated approximately 50 million STRK tokens for a new Early Community Member Program (ECMP). According to a draft blog post, the focus of the program will be on individual contributors. In this context, the following will be included in this program:
- Those who contribute significantly to technical discourse.
- Those who take part in important projects in the ecosystem.
- Organizers of events such as meetups, conferences and workshops.
- Those who regularly publish Starknet branded content.
Uncertainty of the process and altcoin price
Meanwhile, the application process will continue until November 19. The altcoin project will make its final decision by December 29. The Starknet Foundation’s tokens come from an original grant of 50.1% of the initial mint supply of 10 billion STRK. This means a hoard of approximately 5 billion STRK. Tokens are not yet traded on a platform. Therefore, it is not possible to estimate its value. Especially when any potential payday is still months away.
But rewards could help Starknet grow and maintain its community, especially during the current “crypto winter” when resources are tight and as rival altcoin projects, including Arbitrum, the largest layer-2 blockchain on top of Ethereum, move forward with their own incentive programs. According to the blog post, the Starknet Foundation recognizes the crucial role played by the Starknet community.
Altcoin Starknet 6th largest layer-2 Blockchain
According to the L2Beat website, Starknet is the sixth largest layer-2 blockchain with $143 million in deposits or “total value locked.” Originally developed by crypto startup StarkWare, certain responsibilities of the network were handed over to the foundation after it launched in November 2022 with a mission to “support an evolving Starknet.”
Governed by a seven-member board that includes StarkWare co-founder and President Eli Ben-Sasson, the foundation’s missions include “fostering the community of Starknet users, developers, and researchers” and “overseeing the continued development of the network and advancing research.” 17% of the 10 billion tokens in the initial offering went to its own investors. The altcoin project distributed another 32.9% to StarkWare employees. Employees include core participants, including their consultants. Finally, he allocated 50.1% to the foundation. “StarkWare printed these off-chain.
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