By: Isha Das
The Starknet Foundation has announced plans to distribute 1.8 billion STRK tokens across multiple initiatives. The initiative aims to spur adoption and growth of their blockchain. The moves follow the recent confirmation of the completion of the snapshot for the anticipated STRK token airdrop.
900 million tokens will be allocated to the Provisions Committee for the purpose of rewarding past and future users and community members. The goal is to distribute the network's native token ownership and reward contributions. The Committee has stated that they are close to launching the first phase of distributions.
An additional 900 million tokens will be earmarked for user rebates, a move expected to empower users by providing transaction fee rebates within the network. A dedicated committee is being formed for this purpose.
A further 50 million tokens will be initially allocated by the DeFi Committee to stimulate activities within decentralized finance protocols on the Starknet network. This aims to boost liquidity within the network's DeFi ecosystem, with expected execution and deployment set for Q1 next year.
Starknet, overseen by the Starknet Foundation, is an Ethereum-based Layer 2 network using a zero-knowledge roll-up approach. The scaling solution has been operational since last year and is one of the top ten layer-2 networks in terms of total value locked.
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