StarkWare Chooses Gradual Release of STRK Token in Response to User Input

StarkWare Chooses Gradual Release of STRK Token in Response to User Input

BollywoodFever, February 23: Blockchain company StarkWare, known for developing the Layer 2 scalability protocol Starknet, has adjusted its token release strategy for STRK following feedback from users.

In response to concerns raised by some users about the initial token release being too substantial and potentially “predatory,” StarkWare has decided to implement a more gradual unlocking process. 

Originally, 13.4% of tokens were set to be unlocked at launch, but this has been reduced to just 0.64%.

According to StarkWare’s official announcement, tokens held by early contributors and investors will now be subject to a lockup period. 

Initially, around 1.3 billion tokens were scheduled to unlock on April 15, but under the new plan, only 64 million tokens will be released on that date. 

Subsequently, an additional 64 million tokens will be unlocked every month. 

From March 15, 2025, onwards, the monthly release will increase to 1.27% (127 million tokens) and continue for the next two years.

As a result of these changes, StarkWare anticipates that approximately 580 million tokens held by early contributors and investors will be unlocked by the end of 2024, compared to the previous schedule of 2 billion tokens. 

Additionally, 1.4 billion tokens will be gradually released by the end of 2025, followed by another 1.5 billion by the end of 2026, and 380 million by March 15, 2027.

Originally slated for November 29, 2023, StarkWare postponed the token launch to April 15, 2024. 

The token was initially introduced in November 2022, with trading suspended on Ethereum. Currently, STRK is valued at $1.98, with a 9.13% increase in the past 24 hours.

Also Read, UK and EU Collaborate to Exchange Intelligence on Migrant Trafficking Gangs

Bookmark and Follow us for More Entertainment News