The Starknet Foundation has started allocating STRK tokens to early contributors to the network, although these tokens won’t trade until early next year.
Photo by Robynne Hu on Unsplash
Posted October 31, 2023 at 1:23 am EST.
The Starknet Foundation, the entity behind the Layer 2 network Starknet, has announced an early community member program to incentivize developers and contributors in its ecosystem.
In a blog post on Monday, the Foundation said it had earmarked 50 million STRK tokens for the initiative, to reward individuals who played a role in supporting the network from early on
“This program isn’t just about lines of code; it’s about every individual who plays a part in pushing our ecosystem forward,” said the Foundation.
To that end, they highlighted that the first phase of the program will reward not just developers, but also those who contributed to technical discourse, organized events around the world and regularly published Starknet branded content.
The community members will be assessed based on the level of impact, importance, effort and originality for their eligibility to participate in the program. Applications will open on Nov. 19 and decisions will be announced on Dec. 29.
It is worth noting that these STRK tokens that are up for distribution will remain locked until April 2024, which means market participants and token holders won’t be able to determine the value of their assigned rewards until then.
Earlier this month, a Starknet spokesperson told The Block that the decision to push the lockup date by a few months was part of the team’s focus on building the technology, which would involve updates to the roadmap as and when needed.
Starknet is currently the seventh largest Layer 2 network with $137 million in Total Value Locked (TVL) as per data from L2beat.
