TL;DR
- Starknet faces controversy and a massive drop in active users ahead of its anticipated token airdrop.
- Abrupt changes in eligibility criteria for the airdrop have led to dissatisfaction among users, especially after some were disqualified from receiving tokens.
- The total value locked in Starknet remains high, highlighting a disconnect between user participation and the platform’s total value.
The controversy surrounding Starknet, an Ethereum layer 2 platform, has shaken the crypto world. This upheaval comes amidst anticipation for a significant token airdrop, scheduled for February 20, 2024. However, the path to this event has not been without obstacles, as abrupt changes in eligibility criteria have left many users dissatisfied.
The heart of the issue lies in the sudden amendments to the eligibility criteria for Starknet’s upcoming airdrop. Originally scheduled to release over 700 million STRK tokens, equivalent to 10% of the total token supply, these changes have sparked controversy by disqualifying some users from receiving the tokens. Among the corrections made are modifications for over 900 ETH validators and the distribution of tokens to over 1,000 individual stakers who were misclassified.
gm Starklings, one day to go!
For those eligible, STRK Provisions will be live and available to claim tomorrow, 20.02.2024 at 12pm UTC. To check your addresses and to claim, please take care to use the correct URL, linked here: https://t.co/jcQQuD8uOX.
We thank everyone who's…
— Starknet Foundation (@StarknetFndn) February 19, 2024
Additionally, over 1 million STRK tokens were allocated for a possible future community allocation, after addressing issues with individuals hoarding usernames on GitHub. These actions have drawn criticism within the crypto community, with users expressing discontent over the changes in eligibility requirements and the company’s approach to token unlocks.
Massive Drop in Active Users on Starknet
Despite the tensions, Starknet has acknowledged the discontent among users and has committed to finding a “meaningful resolution.” However, this process will take time, as it involves research, design, and testing. Meanwhile, the platform has experienced a significant drop in the number of active users in the past week, according to Starkscan data.
Despite the decrease in active users, the total value locked (TVL) on the platform remains high, around $185 million, highlighting the paradox of the current situation. This discrepancy between the decrease in users and the high locked value suggests a disconnect between user participation and the platform’s total value.
