StarkNet Foundation recently announced its plans to allocate over 1.8 billion STRK tokens in the near future, according to a statement published in a recent tweet on the X platform. As the entity responsible for driving the adoption and development of StarkWare technology to enhance Ethereum scalability, the StarkNet Foundation aims to address the inherent challenges of speed and transaction fees on the main Ethereum blockchain.
StarkWare, renowned for its focus on ZK rollup solutions, seeks to improve the efficiency of the main Ethereum blockchain. This technology allows bundling hundreds of transactions off the main chain, thereby reducing computational load and enhancing the overall speed of the system.
Now that the news is out, we might as well tell you more!
Starknet is about each of you. Every user, builder and member of our community – existing and future – is a critical piece to building our network into the future of decentralisation for generations to come. The success…
— Starknet Foundation (@StarknetFndn) December 8, 2023
In October, the StarkNet Foundation earmarked 50 million STRK tokens for the launch of a new Early Community Member Program (ECMP). This strategic approach aims to engage and reward early community members, thus fostering active participation from the early stages of StarkNet development.
Starknet Favors Organic Growth by Adopting an Incentive-Based Approach for All Users
Out of the over 1.8 billion STRK tokens to be allocated soon, 900 million will be dedicated to the foundation’s Provisions Committee. This committee aims to reward both past and future contributions from users and community members. Additionally, another 900 million will be allocated for user rebates.
The company is currently in the planning phase of this initiative, and a new specialized committee is being formed to oversee the distribution of STRK, with the goal of rewarding users for their vital transactions on the network.
StarkNet adopts an approach based on incentivizing active participation from its users in the development of the network, as well as in transactions. By rewarding both past contributors and the most active users, organic growth of the network is generated, contributing to the continuous success of its technology in the blockchain ecosystem.