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Update Feb. 20, 9:45 am UTC: After the announcement of the Starknet airdrop, the number of active addresses on the network has returned to normal.
Over the past seven days, there has been a significant drop in the number of active users on Starknet, due to growing dissatisfaction with the Starknet Provisions Program airdrop.
According to Starkscan data, the number of active users on the Ethereum layer-2 blockchain increased from under 20,000 on Feb. 9 to a three-month high of over 220,500 on Feb. 14. Users and airdrop participants flocked to the network in the hopes of receiving an allocation.
However, after Starknet released details about its airdrop scheduled for Feb. 20, the number of active users dropped back to pre-announcement levels. On Feb. 19, there were just over 84,000 active accounts on the network.
A three-month chart of active Starknet accounts shows a spike before and after the network shared details of its token airdrop. Source: Starkscan
Starknet users and the community have expressed concerns about the airdrop criteria, which excluded users with less than 0.005 Ether (ETH) in their accounts on Nov. 15, 2023, even though they had made significant transactions and contributed liquidity to the network. Many users on X and the project’s Discord claimed to have missed out on token distributions because of this.
In a post on Feb. 19, Starknet acknowledged the feedback and stated that they are working to address the concerns but it will take time for research, design, and testing.
Another point of contention is the token unlock schedule, which rewards Starknet investors and early contributors with 1.3 billion STRK (about 13% of the total supply) on April 15, just two months after the launch. In comparison, 700 million STRK (about 10% of the total supply) is set for distribution on Feb. 20.
Pre-market exchanges Aevo and HyperliquidX are trading STRK for up to $1.98, indicating a potential market capitalization of around $1.38 billion at launch.
Despite the decrease in active users, Starknet’s total value locked stands at $54.18 million, which is a 5.7% decrease from its all-time high of $57.5 million on Feb. 14, according to DefiLlama.
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