Starknet to distribute 50m STRK tokens between early adopters

The Starknet Foundation has unveiled a new initiative designed to support community members who helped the network’s growth.

The Starknet Foundation, a non-profit organization focused on the Starknet ecosystem, is set to distribute 50 million STRK tokens to those who supported the project in its early days.

In a forum post on Oct. 30, the foundation announced the Early Community Member Program (ECMP), an initiative to support Starknet early contributors.

“We are aware that we are bound to miss some pivotal individuals at this process, and will save some of the program tokens for people that would appeal around their exclusion.”

The Starknet Foundation

Although the STRK token is yet to be listed on crypto exchanges, the foundation has allocated 50 million STRK tokens to incentivize developers and early adopters.

Those interested in participation should submit their applications for the grant, providing their Telegram ID and other contact details. The evaluation committee will reportedly evaluate allocations based on impact, efforts, originality, and importance of a contributor’s work.

The committee will issue its decisions on Dec. 29, 2023, with STRK tokens expected to be available on Apr. 15, 2024.

Starknet is a permissionless layer-2 scalability solution for Ethereum (ETH) that leverages zk-STARKs technology for privacy and security. As per the token’s design, over 50% of STRK supply has been granted by StarkWare to the Starknet Foundation. The circulating supply of STRK will increase over time with the minting of new tokens by the protocol.