Starknet Foundation has unveiled the initial phase of the Starknet Provision Program, designed to incentivize community members with its utility token. Through a release on February 14, the platform outlined the distribution process and the broad utility of STRK tokens. STRK serves various functions, including covering transaction fees, staking, and facilitating governance activities such as community voting. These tokens will be dispersed among Starknet users, Ethereum developers, StarkEx users, and early contributors to the community.
The primary objective behind this distribution, as explained by the Starknet Foundation, is to bolster community development and engagement. To this end, the network plans to distribute STRK tokens to approximately 1.3 million wallets, with the gas fees associated with claiming these tokens being covered by the foundation.
In an effort to foster wider adoption and ensure decentralization and transparency, Starknet emphasized the crucial role of community participation. The criteria for receiving STRK tokens in the airdrop include conducting a minimum of five transactions before November 15, 2023, being active for a period of at least three months, and achieving a transaction volume of $100. Early community members will be eligible based on previously established criteria.
For developers, eligibility entails making three commits to a GitHub repository within the Starknet network before November 15, 2023, and one commit before January 1, 2018.
In this initial round, 700 million tokens out of the designated 900 million STRK tokens will be distributed. Starknet has allocated a total of 1.8 billion tokens, which constitutes 18% of the total token supply, for distribution purposes. The foundation clarified that the distribution is not intended as payment for past or future work, but rather as a recognition of significant contributions.
The distribution period is set to begin on February 20 and conclude on June 20. Any unclaimed tokens will be returned to the pool for redistribution in future programs. Starknet wallets will be utilized for claiming tokens, and individuals or entities residing in sanctioned countries such as Russia, North Korea, Syria, Cuba, or Iran are ineligible for the airdrop.
