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Starknet to Conduct Token Distribution Aimed at Boosting the Ethereum

Starknet announces token distribution to enhance Ethereum's Layer-2 ecosystem

Starknet, a leading Ethereum Layer-2 scaling solution, is set to revolutionize the blockchain space with its native network token distribution on February 20th. With a generous allocation of 700 million STRK tokens across nine recipient categories, Starknet aims to reinforce the Ethereum ecosystem's scalability and efficiency. This initiative marks a significant milestone, as approximately 1.3 million wallets, encompassing Ethereum solo and liquid stakers, developers, and users within the Starknet and broader Web3 community, stand to benefit.

Starknet's adoption of zero-knowledge rollup (ZK-rollup) technology underpins its capability to process transactions and smart contract operations off-chain, while ensuring the security and integrity of the Ethereum blockchain. This distribution event not only signifies Starknet's commitment to enhancing Ethereum's layer-2 infrastructure but also sets the stage for a more inclusive and robust blockchain ecosystem.

Empowering the community: prioritizing users, developers, and contributors

As Starknet prepares to distribute its native STRK tokens, the focus is firmly on empowering the users, developers, and contributors who are the backbone of the network. StarkWare co-founder and CEO Eli Ben-Sasson emphasizes this commitment, stating: 

"The tokens it offers act as resources or ‘provisions’ for individuals who are either continuing their journey with Starknet or just starting out." 

This gesture is designed to support a range of activities within the Starknet ecosystem, from experimenting on the network to building applications and engaging in transactions, with the future prospect of participating in staking.

Strategic distribution is set to allocate more than 700 million STRK tokens across nine distinct categories, ensuring a broad base of beneficiaries including Ethereum stakers, Starknet developers, and even projects and developers from outside the traditional Web3 sphere. 

Highlighting the inclusivity of this initiative, Ben-Sasson adds: 

"Members of the community have been battle testing Stark-based technology since StarkEx went live in 2020,"

StarkEx-powered decentralized applications (DApps) such as dYdX, ImmutableX, Rhinofi, and Sorare.

The Starknet Foundation further facilitates this process through a dedicated portal, allowing individuals to verify their eligibility for the STRK token receipt. This approach not only prioritizes existing contributors to the Starknet and Ethereum ecosystems but also paves the way for new entrants to join and contribute to blockchain technology.

Broadening horizons: inclusivity and protection against scams

Starknet's token distribution initiative extends beyond traditional blockchain communities, embracing a wider array of participants, including open-source developers recognized for their contributions on GitHub. Diego Oliva, CEO of the Starknet Foundation, articulates this inclusive vision, stating: 

"This technology is new and potentially impactful for applications across industries, and many leaders in related technological spaces deserve to have a stake in what’s to come." 

Starknet is proactive in safeguarding its community against potential scams, particularly in light of recent attempts by scammers to exploit the anticipation surrounding the token distribution. In December 2023, the team warned of airdrop scams following a purported leak of details regarding the Starknet provisions portal on social media.

Starknet and StarkWare are committed to incentivizing development within the ecosystem through "Devonomics," a pilot program that allocates a 10% cut of network fees to developers. This initiative aims to provisionally distribute 8% of network fees to DApp builders and 2% to infrastructure engineers and core developers, facilitated through a transparent and open voting process.