Starknet, an Ethereum layer-2 scaling protocol, will commence the distribution of its native network token, STRK, on February 20. Among the recipients of STRK tokens are Ethereum stakers. Approximately 1.3 million wallets will be eligible to claim the token, including those of Ethereum solo and liquid stakers, Starknet developers and users, as well as projects and developers from outside the Web3 ecosystem.
Starknet is one of Ethereum’s prominent L2s that pioneered zero-knowledge rollup (ZK-rollup) technology. This protocol allows off-chain processing of transactions and smart contract functions, with cryptographic proofs submitted to Ethereum to ensure the security of its underlying blockchain.
To coincide with the launch, the Starknet Foundation has released an overview of the token provision and introduced a dedicated portal for individuals to check their eligibility for STRK tokens. The distribution will allocate more than 700 million STRK tokens across nine categories.
Eli Ben-Sasson, the co-founder and CEO of StarkWare, stated that the token provision will prioritize Starknet users, contributors, and developers. He confirmed that the tokens will be used for governance and paying fees, with plans for future staking.
Ben-Sasson explained, “The tokens it offers act as resources or ‘provisions’ for individuals who are either continuing their journey with Starknet or just starting out. This journey with Starknet may include a variety of activities such as experimenting on the network, building applications, making transactions, and eventually participating in staking.”
The distribution of tokens aims to support users in engaging and contributing to the network. Starknet builders and users are automatically eligible based on their verifiable past activity, including users of popular decentralized applications (DApps) running on Stark-based technology.
The Ethereum community will also benefit from the distribution, including Protocol Guild contributors, Ethereum Improvement Proposal authors, and developers. Ethereum solo stakers and liquid staking token users who locked up tokens before and after the Merge in 2022 will also be eligible to claim STRK tokens.
Starknet also allocates tokens to open-source developers outside the blockchain ecosystem, primarily based on their contributions to GitHub projects. The CEO of the Starknet Foundation, Diego Oliva, stated that the aim is to promote inclusivity within the broader development space.
The team has advised potential token recipients to be cautious of airdrop scams, as scammers attempted to take advantage of a fake leak of the Starknet provisions portal on social media in December 2023.
Additionally, StarkWare and the Starknet Foundation have announced a pilot program called “Devonomics,” where they will distribute a 10% cut of network fees to developers. DApp builders will provisionally receive 8% of network fees, while 2% will be allocated to infrastructure engineers and core developers through a transparent and open voting process.