Ethereum Stakers to Receive Starknet Ecosystem Tokens

Ethereum scaling mechanism Starknet is set to distribute a portion of its native token STRK to about 1.3 million eligible wallets on February 20.

On February 20, the Ethereum scaling mechanism for layer 2 Starknet will distribute a portion of the STRK tokens to Ethereum stakeholders. Starknet’s native network token will be distributed.

About 1.3 million wallets will be eligible to claim Starknet’s native token. These wallets include those belonging to Ethereum solo and liquid stakers, Starknet developers and users as well as projects and developers from outside the Web3 ecosystem.

One of the most important L2s on Ethereum, Starknet was a pioneer in the development of the zero-knowledge rollup (ZK-rollup) technology. The protocol enables the processing of transactions and smart contract functions off-chain.

Users can present cryptographic proofs to Ethereum to access the security assurances provided by the underlying blockchain. The Starknet Foundation has launched a dedicated webpage that allows anyone to check their eligibility for receiving STRK tokens along with the publication of an outline of the token provision made available to the public.

Scheduled across nine different categories, the distribution of more than 700 million STRK tokens will take place. According to Eli Ben-Sasson co-founder and CEO of StarkWare, the company’s token offering will have the primary objective of giving priority to Starknet users, contributors, and developers.

In addition, he indicated that members of the ecosystem will use the tokens for governance purposes meaning that they will pay fees while the usage of the tokens for staking is planned for the future. The tokens that it provides serve as resources or ‘provisions’ for those who are either continuing their journey with Starknet or who are just beginning their journey with the company.

It is possible that this trip with Starknet will involve a range of activities such as conducting experiments on the network, developing applications, doing transactions, and eventually taking part in staking,” Ben-Sasson explains.

The co-founder of StarkWare explains that the distribution of tokens primarily encourages users to actively participate in and contribute to the network. Verified previous behavior automatically qualifies Starknet builders and users.

These users are utilizing popular decentralized applications (DApps) that run on Stark’s technology. Ben-Sasson stated that “members of the community have been battle testing Stark-based technology since StarkEx went live in 2020.”

Ben-Sasson expressed his satisfaction that today many individuals who interacted with StarkEx-powered decentralized applications like dYdX, ImmutableX, Rhinofi, and Sorare are receiving recognition. Contributors to the Protocol Guild, writers of the Ethereum Improvement Proposal and developers within the Ethereum community are also expected to benefit from this initiative.

Users of liquid staking tokens and Ethereum solo stakers will have the right to make a claim. This includes Ether (ETH) stakers who locked up tokens before and after the merger in 2022. Additionally, Starknet distributes tokens to open-source developers outside of the blockchain environment with the majority of these tokens being based on contributions to GitHub projects.

“This technology is new and potentially impactful for applications across industries, and many leaders in related technological spaces deserve to have a stake in what’s to come.”

The Chief Executive Officer of the Starknet Foundation, Diego Oliva, stated that the objective is to foster an inclusive culture within the domain of global development. A warning has also been sent by the team to potential token recipients advising them to be aware of airdrop scams.

In December 2023, con artists attempted to exploit a rumored breach of information regarding the Starknet provisions portal on social media. StarkWare and the Starknet Foundation are also planning to allocate developers a 10% share of the network fees associated with their projects as part of the trial program branded “Devonomics.”

A fair and open voting procedure will determine that 2% of network fees will be distributed to infrastructure engineers and core developers, while 8% of network revenues will be provisionally distributed to decentralized application (DApp) makers.