Starknet To Distribute 50M STRK Tokens To Early Ecosystem Contributors

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Starknet Rewarding Early Ecosystem Contributors

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.

The Importance of Community Contribution

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 Starknet Foundation aims to shine a spotlight on the individuals who contribute to the growth of the ecosystem. Their Early Community Member Program acknowledges the effort and dedication of those who actively shape Starknet’s journey. It is a program that values not only lines of code but every individual who plays a part in pushing the ecosystem forward.

To be eligible for the grant, individuals and projects must apply and 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. The foundation plans to recognize and reward those who significantly impact the Starknet ecosystem, whether through technical expertise or other substantial contributions.

“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.”

In case there are contributors who might have been missed, the Starknet Foundation will hold back some tokens to ensure they receive the recognition they deserve.

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Token Unlocks

The STRK tokens are not currently trading, which makes it difficult to estimate their value. These tokens are set to be available to users on the 15th of April, 2024. A majority of the tokens were allocated to the Starknet Foundation, with 32.9% allocated to core contributors and 17% allocated to investors. The Early Community Member Program is part of the foundation’s plan to distribute tokens originally allocated to them. It’s important to note that the foundation defines this token distribution as something other than an airdrop.

The distribution of these tokens can contribute significantly to Starknet’s effort to retain and expand its community, especially during the ongoing crypto winter when resources are scarce. This strategic move will also strengthen Starknet’s position against competitors like Arbitrum, the largest layer-2 blockchain on the ethereum network, which has its own incentive programs designed to grow its community.

According to data from L2Beat, Starknet currently ranks as the 6th largest layer-2 blockchain, with a total value locked of $143 million. Initially developed by StarkWare, responsibility for the network was transferred to the Starknet Foundation after its launch in November 2022. The foundation, overseen by a seven-member board including StarkWare co-founder and president Eli Ben-Sasson, focuses on fostering the Starknet community, driving the network’s development, and advancing research.

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By Team