Ethereum Empowered: Starknet Token Distribution & Developer Support

Ethereum layer-2 scaling protocol Starknet will begin distributing its native network token on Feb. 20. Ethereum stakers are among the recipients of STRK tokens. This will give approximately 1.3 million wallets eligibility to claim STRK tokens. It is open to solo and liquid Ethereum stakes, Starknet developers and users, and projects and developers outside the Web3 ecosystem.

Starknet is one of the leading zero-knowledge (ZK) rollup technologies pioneered in Ethereum’s layer two. This protocol can compute transactions and functions of smart contracts in an off-chain manner. Afterward, participants submit cryptographic proofs to Ethereum to obtain security guarantees from the underlying blockchain.

The Starknet Foundation has published an outline of its token provision. They have also launched a dedicated portal allowing individuals to check if they can receive STRK tokens. Nine categories will receive allocations totaling more than 700 million STRK tokens.

Starknet’s STRK Token Distribution & Developer Support

StarkWare’s CEO Eli Ben-Sasson stated that token provision would prioritize Starknet users, contributors, and developers over other entities. He also confirmed that ecosystem participants would use tokens for governance and fees, and the team would announce staking plans in the future.

“The tokens it offers are resources, or ‘provisions,’ enabling any person to either continue his journey with Starknet or start on his journey. Ben-Sasson said that the journey with Starknet could include experimenting on the network, building applications, making transactions, and eventually participating in staking.

The StarkWare co-founder also noted that token distribution aims to incentivize user participation and contribution. Starknet builders and users qualify based on verifiable past activity, including users of DApps running on Stark-based tech.

“The community has been battle-testing Stark-based technology since StarkEx went live in 2020, and we are excited to see those who interacted with StarkEx-powered dApps such as dYdX, ImmutableX, Rhinofi, and Sorare being rewarded today,” said Ben-Sasson.

The list will also include members of the Ethereum community, Protocol Guild contributors, EIP authors, and developers. The list shall comprise Ethereum solo stakes and liquid staking token users. In contrast, the claims available will consider Ethereum stakes locked up before and after 2022, when the Merge takes effect.

Starknet will also assign tokens to open-source developers outside the blockchain ecosystem, primarily through contributions to GitHub projects. Diego Oliva, CEO of Starknet Foundation, aims to promote inclusivity in the wider development community through their initiatives.

“This is a new and potentially big technology that has applications across industries, and many technological leaders adjacent to the space deserve to have a stake in what’s to come.”

The team also warned about potential token recipients being scammed through airdrops. In December 2023, scammers exploited a fake ‘leak’ of Starknet Stipulations Portal information on social media for fraud.

StarkWare and Starknet Foundation plan a 10% cut of network fees to go to developers in a pilot program called “Devonomics,” with 8% to DApp builders and 2% to infrastructure engineers and core developers, who will be able to secure the funds through a transparent voting mechanism.

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