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The Starknet Foundation revealed plans to distribute 1.8 billion STRK tokens across multiple initiatives to drive the adoption and growth of the Starknet blockchain, according to a Dec. 8 statement on social media platform X (formerly Twitter).
This statement follows recent confirmation from the Foundation that it has completed the snapshot for its upcoming STRK token airdrop.
Token distribution
The Foundation stated that the Provisions Committee has been allocated 900 million tokens that would be used to reward both past and future users and community members. It added:
“The committee’s objective is to distribute ownership of the network’s native token and to reward past and future contributions by users and community members.”
“We’ve been working on the first phase of distributions for a while now, and we are close to getting this over the line. There’ll be more formal communications on this soon,” the Foundation wrote.
In addition to this allocation, another 900 million tokens have been earmarked for user rebates. These tokens are intended to empower users by providing rebates on their transaction fees within the network.
The Foundation said it was currently in the planning phase for this initiative. It is forming a dedicated committee that would oversee the distribution of tokens that would serve as rewards for crucial transactions conducted on the network.
Furthermore, the DeFi Committee will allocate an initial 50 million tokens to stimulate activity within decentralized finance (DeFi) protocols on the network.
This allocation aims to enhance liquidity within the network’s DeFi ecosystem, and the Committee is expected to move into execution and deployment within the first quarter of next year.
The Starknet Foundation oversees Starknet, an Ethereum-based Layer 2 network employing a zero-knowledge roll-up approach. The scaling solution has operated since February last year and ranks among the top ten layer-2 networks by total value locked, per L2beat’s data.
The post Starknet Foundation prepares to airdrop 1.8B STRK tokens to spur network growth appeared first on CryptoSlate.
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