StarkWare, the developer behind Starknet, has made significant adjustments to its STRK token distribution following community feedback. Initially, Starknet announced the eligibility for claiming STRK tokens under its Provisions Program, targeting contributors across various sectors including Starknet, StarkEx, Ethereum, and open-source projects, with 50% of the tokens allocated. Shortly after the distribution began, 104.7 million STRK tokens were claimed by 88,000 users, representing 8.39% of all eligible users, with 15.43% being Starknet users and 1.01% StarkEx users. However, the value of STRK tokens fell by over 30% as many holders sold off their allocations, leading to scrutiny of Starknet's token distribution plan for its development team and investors. In response to community criticism, StarkWare announced changes to the token unlock schedule, opting for a more gradual release of the 13.4% of the total supply initially planned for a one-time unlock. This decision was influenced by concerns over the team's long-term alignment with the Starknet ecosystem, as stated by StarkWare CEO Eli Ben-Sasson.
Responding to community concerns, StarkWare has revised the token lockup schedule for early contributors and investors, opting for a more gradual release of STRK tokens https://t.co/VVo6AJkM6w
StarkWare CEO Eli Ben-Sasson said the shift to a “more gradual” STRK token release schedule came after listening to concerns from the community about the team’s long-term alignment with the Starknet ecosystem. @tikta_ reports https://t.co/HKzAW1Ousk
BREAKING: STRK token unlocks have been revised after community Backlash StarkWare is adjusting the lockup schedule for STRK tokens held by its team and investors, sidestepping controversial plans to unlock 13.4% of the total supply all at once in April https://t.co/sByGqW7iqe