StarkWare, a key player in blockchain technology, has announced a significant revision to the unlocking schedule for the Starknet (STRK) token. This move comes in response to community feedback, aiming to foster a more stable ecosystem by preventing a mass exit by initial contributors. Instead of a large and rapid token release, the company has opted for a staggered approach, distributing tokens over a three-year period.
Restructured Token Release Framework
In a bold response to recent community concerns, StarkWare has restructured the STRK token release strategy. Starting April 15, the updated plan will see the gradual release of $125.5 million worth of STRK tokens, amounting to 0.64% of the total supply. The monthly distribution of 64 million tokens will continue for a year, subsequently increasing to 127 million tokens per month for the following two years.
The initial tokenomics strategy had envisaged unlocking over 1.3 billion STRK tokens, about 13% of the supply worth $2.5 billion, within two months post-launch. The revision reduces the amount to be unlocked by the end of 2024 to 580 million tokens, as opposed to the previously planned 2 billion.
Market Impact and Airdrop Event Outcomes
The original unlock plan raised concerns about market stability, with fears that investors could cash out rapidly, using the individual users as exit liquidity. Following the announcement, STRK’s value experienced a rebound, climbing above $2, and registering a 5% increase.
The STRK airdrop event on launch day saw intense activity with significant initial buying. To date, over 436 million STRK tokens have been claimed, which is about 94% of those available. Starknet’s total value locked also surged, surpassing $118 million, marking a milestone for the platform.