The Starknet Foundation has taken a significant step in acknowledging the contributions of early members to its network. In a gesture of gratitude, the Foundation has allocated 50 million STRK tokens to these contributors, even though the tokens are currently locked and cannot be traded until April 2024.
Enhancing Scalability and Reducing Costs with Starknet
Starknet, a Layer-2 blockchain network built on top of Ethereum, has a mission to improve scalability and lower costs while prioritizing security. This network has gained traction for its ability to handle complex computations and execute smart contracts efficiently.
Establishment of the Starknet Foundation
The Starknet Foundation was established in November 2022 by the initial developer, StarkWare, who minted 10 billion STRK tokens. The main objective of the Foundation is to support the continuous growth and development of the Starknet ecosystem.
As part of its commitment to recognize and reward early contributors, the Starknet Foundation introduced the Early Community Member Program (ECMP). This initiative aims to acknowledge individuals who have made significant contributions to the network’s development through their participation in technical discussions, organization of events, and creation of Starknet-focused content.
“The Early Community Member Program aims to reward contributors who have significantly shaped the ecosystem through their technical discourse, involvement in key projects, organization of events, and regular publication of Starknet branded content.”
By allocating 50.1% of the minted STRK tokens to the Foundation, with 32.9% allocated to contributors and 17% to investors, the Starknet Foundation plans to distribute the tokens and support the growth of the community.
Currently, Starknet ranks sixth among Layer-2 blockchain networks on Ethereum, with $137 million worth of deposits locked in its network. This achievement highlights the trust and confidence that the community has placed in Starknet.
Despite the initial schedule for the release of STRK tokens on November 29, 2023, the developer, StarkWare, has decided to postpone the release. The new scheduled release date is now set for April 15, 2024.
