StarkWare delays StarkNet token unlock to April 2024

StarkWare developers postponed the first unlock of the L2-project StarkNet (STRK) token by more than five months, according to transaction data from one of the smart contracts.

The new unlock date is set for 15 April 2024. Previously, it was planned for 29 November.

“We are focused on building the technology. We update the roadmap as needed, including an update to the unlocking schedule,” said one of StarkWare’s representatives in an interview with The Block.

It is not yet clear how many tokens will be released to the market in the spring of next year. The total supply of STRK is 10 billion, but the coins are not yet listed on exchanges.

An informed source told the publication that the tokens of the first unlock are intended for key ecosystem participants, early supporters and StarkWare employees, “and not for the general public.” The team’s current decision does not necessarily imply a postponement of subsequent unlocks.

The company released STRK on the Ethereum network in November 2022. Shortly before that, in July, the developers announced the token launch.

STRK is intended to pay transaction fees, decentralised governance of the project and staking.

The StarkNet ecosystem’s total TVL exceeds $40 million. Since the start of the year the metric has been rising steadily.

Back in July, the StarkNet team launched the Quantum Leap upgrade, designed to increase the system’s throughput.