Starknet Foundation outlined plans to distribute over 700 million STRK governance and utility tokens to nearly 1.3 million wallets in the project’s debut token offering starting Feb. 20.
The not-for-profit categorized the crypto giveaway as provisions meant to decentralize the layer-2 network and encourage community participation.
- Recipients will be able to claim Provisions allocations through the Provisions portal at https://provisions.starknet.io starting 12pm (UTC) on February 20th, 2024, and no later than June 20th, 2024
- All fees for claiming STRK via the Provisions portal will be covered by the Starknet Foundation
- Recipients will need to claim their Provisions allocations with a Starknet wallet
Developers leveraging Starknet’s zero-knowledge cryptography to build dApps, Ethereum contributors, and even non-web3 open source developers can qualify for tokens.
Recipients have until June 20 to claim a portion of the 728 million STRK tokens allocated in the initial airdrop. The provisions represent 7% of total supply. Starknet pledged further distribution to those left out down the line as adoption grows.
The move aims to kickstart a community-run network to govern decisions and the roadmap. Once claimed, tokens enable voting power, staking to validate transactions, paying network fees, and access to perks.
Backers like Immutable X, dYdX, and Chainlink are building core products on Starknet’s validation technology, which promises 100x throughput and cost savings versus Ethereum mainnet. The network raised a $50 million Series C last March, valuing Starkware at $2 billion.
Eligibility extends past Starknet’s inner circle in a crypto first, with Ethereum stakers and outside developers qualifying. The unusual breadth spotlights driving inclusivity and decentralization, the foundation said. The move may further shine the spotlight on Starknet’s ambition to scale Ethereum for institutional adoption.