10.4 C
New York
Sunday, April 14, 2024

Starknet’s STRK Distribution Acknowledges ‘Symbiotic Relationship’ Between Layer 1 and Layer 2 Tech

Must read

Starknet Foundation has announced its plans to begin distributing its native network token – STRK – on February 20th

With nearly 1.3 million wallets eligible for a reward – including early users of ecosystem dapps, network contributors, and others, this token distribution method sets Starknet apart from the rest, according to Eli Ben-Sasson, the board member of the Starknet Foundation and CEO of StarkWar.

‘Symbiotic Relationship’

In a conversation with CryptoPotato, the exec said this is the “most expansive distribution” the industry has seen, “far outstripping” any other similar event.

Sasson also stated that this is also the first major distribution to acknowledge the “symbiotic relationship” between Layer 1 and Layer 2 technologies by rewarding Ethereum stakers too. The entire design of the provision is being touted as a bold statement by Starknet’s vision to break down barriers and invite a diverse crowd to join.

The Provisions program is more than just a token distribution, the StarkWar CEO said. He believes it is a “call to action for new and existing token holders to engage deeply” with Starknet’s governance and ecosystem. By giving these ‘provisions,’ Starknet is inviting everyone to participate in experimentation, building, transacting, and eventually staking, creating a strong sense of ownership and commitment.

Sasson – who is also the co-inventor of the STARK cryptography – said the latest strategy is not just about distributing tokens but is also about cultivating a “vibrant community where every voice matters, and every participant is empowered to shape Starknet’s future.”

“User interest was already on a high thanks to Starknet’s intuitive UI and the innovative applications our developers are creating, we’re setting the stage for a significant uptick in engagement. And this is just the beginning. The Provisions program marks a pivotal moment in our journey towards a truly decentralized future, where governance is democratized, and the community’s voice leads the way.”

Starknet is a Layer 2 network built on top of Ethereum that aims to enhance the latter’s scalability by utilizing Zero Knowledge technology.

Starknet’s Provisions Program

According to its Provision Program, the newly allocated tokens will have no lock-up and instead will be designated for governance and voting. These assets will serve to cover transaction fees and potentially for staking in the future.

Starknet said that its token distribution is the first major one to give tokens to Ethereum stakers. It’s also the first in the Ethereum ecosystem to give tokens to non-Web3 developers. Part of the program is a distribution to people who got involved early in Starknet in all sorts of capacities.

This can be in the form of coding, community events, etc. Those who ranked highest in allocation criteria for this early pioneers’ program will receive a considerable allocation of 180,000 tokens.

Many users of well-known dApps that aren’t on Starknet could also qualify since StarkEx, which happens to be the scaling engine that tested a lot of the technology currently employed by Starknet, also powers dYdX, ImmutableX, Rhinofi, and Sorare.

SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

More articles

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 comments
Inline Feedbacks
View all comments

Latest News