The native token of Ethereum’s layer-two network StarkNet (STRK) surged by 15% following an adjustment in the allocation of tokens to the community after user criticism.
Important update:
After listening to feedback from ecosystem friends and collaborators, we are changing the lockup schedule for StarkWare’s early contributors and investors to make it more gradual.
We value this community and want to earn its trust by building great tech that…
— StarkWare (@StarkWareLtd) February 22, 2024
“After listening to feedback from ecosystem friends and collaborators, we are changing the lockup schedule for StarkWare’s early contributors and investors to make it more gradual,” the statement reads.
At the time of writing, STRK is trading at $2.12 with a market capitalization of $1.5 billion, according to CoinGecko.
The developer company StarkWare announced that the gradual unlocking will occur monthly at a rate of 0.64% (64 million tokens) until March 15, 2025. After this, the rate will increase to 1.27% (127 million tokens) for two years.
By the end of 2024, the team will allocate 580 million STRK to early participants and protocol investors instead of the initially planned 2 billion.
An additional 1.4 billion STRK will be unlocked by the end of 2025, 1.5 billion by the end of 2026, and the remaining 380 million will become available by March 15, 2027.
On February 20, 2024, StarkNet unlocked 728 million STRK (7.3% of the issuance) for more than 1.3 million wallets as part of an airdrop.
In January, the StarkNet team deployed the Alpha v0.13.0 update, which enabled the payment of transaction fees with its own tokens alongside ETH.