Starknet, a prominent layer-2 blockchain built upon Ethereum, has unveiled its plans to distribute its STRK tokens to early supporters and contributors as part of its Early Community Member Program (ECMP).
Key Points
- 11-month-old Starknet Foundation allocates 50 million STRK tokens for ECMP.
- Program targets individual contributors who have made significant contributions to the Starknet ecosystem.
- Foundation tokens originate from its initial grant of 50.1% of the initial supply of 10 billion STRK.
- Token distribution aims to nurture and retain the Starknet community amid market challenges.
- Starknet ranks sixth among layer-2 blockchains, boasting total value locked of $143 million.
ECMP Program and Allocation Criteria
The ECMP, with applications open through November 19th, targets individual contributors who have demonstrated exceptional commitment to the Starknet ecosystem. Evaluation criteria include:
- Substantial contributions to technical discussions
- Involvement in key projects within the ecosystem
- Organization of events such as meetups and workshops
- Regular publication of Starknet-related content
Decisions will be announced by December 29th.
Starknet’s Foundation and Mission
The Starknet Foundation, established in November 2022, has oversight of Starknet’s governance and development. Its mission includes promoting the Starknet community and advancing research and development.
The foundation’s initial supply of 50.1% of 10 billion STRK was allocated as follows:
- 17% to investors
- 32.9% to core contributors, including StarkWare employees and consultants
- 50.1% to the foundation
The Value of STRK Tokens
As STRK tokens are not yet tradable, determining their current value is challenging. However, the allocation and distribution of these tokens are expected to contribute to the growth and retention of the Starknet community, particularly during the ongoing market downturn.
Starknet, which currently ranks sixth among layer-2 blockchains, faces competition from other platforms offering incentive programs. The distribution of these tokens underscores the commitment of the Starknet Foundation to supporting the long-term success of the ecosystem.
Edited by Aoyon Ashraf