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3.17%Starknet Foundation to Allocate 1.8B STRK Tokens 'Soon'
Starknet said 900 million STRK are earmarked for the foundation’s Provisions Committee, and 900 million will be dedicated to user rebates.
The Starknet Foundation, the governing body to promote Ethereum scaling product StarkWare technology, plans to start allocating over 1.8 billion STRK tokens "soon," the foundation said in a tweet on Friday.
Now that the news is out, we might as well tell you more!
— Starknet Foundation (@StarknetFndn) December 8, 2023
Starknet is about each of you. Every user, builder and member of our community – existing and future – is a critical piece to building our network into the future of decentralisation for generations to come. The success…
STORY CONTINUES BELOW
StarkWare addresses the main Ethereum blockchain’s slow throughput and transaction fees using ZK rollup technologies that bundle hundreds of transactions off the main blockchain to reduce the computational stress.
In October, the Starknet Foundation earmarked 50 million STRK tokens for a new Early Community Member Program, or ECMP for short.
Some 900 million STRK have been allocated to the foundation’s Provisions Committee to reward past and future contributions by users and community members, Starknet said. A further 900 million tokens have been dedicated to user rebates, it said.
Regarding the user rebates, Starknet said: “Planning for this initiative is currently underway and a new committee is being formed to oversee the distribution of STRK to reward users for their vital transactions on the network.”
UPDATE (Dec. 8, 12:34 UTC): Adds link to tweet
Ian Allison
Ian Allison is a senior reporter at CoinDesk, focused on institutional and enterprise adoption of cryptocurrency and blockchain technology. Prior to that, he covered fintech for the International Business Times in London and Newsweek online. He won the State Street Data and Innovation journalist of the year award in 2017, and was runner up the following year. He also earned CoinDesk an honourable mention in the 2020 SABEW Best in Business awards. His November 2022 FTX scoop, which brought down the exchange and its boss Sam Bankman-Fried, won a Polk award, Loeb award and New York Press Club award. Ian graduated from the University of Edinburgh. He holds ETH.
