Starknet Foundation to Allocate 1.8B STRK Tokens 'Soon'
Starknet said 900 million STRK are earmarked for the foundation’s Provisions Committee, and 900 million will be dedicated to user rebates.
Dec 8, 2023 at 12:30 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/DHCXPCDK3JEDFD7QLF73VXFYLY.jpeg)
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The Starknet Foundation, the governing body to promote Ethereum scaling product StarkWare technology, plans to start allocating over 1.8 billion STRK tokens "soon," the foundation said in a tweet on Friday.
StarkWare addresses the main Ethereum blockchain’s slow throughput and transaction fees using ZK rollup technologies that bundle hundreds of transactions off the main blockchain to reduce the computational stress.
In October, the Starknet Foundation earmarked 50 million STRK tokens for a new Early Community Member Program, or ECMP for short.
Some 900 million STRK have been allocated to the foundation’s Provisions Committee to reward past and future contributions by users and community members, Starknet said. A further 900 million tokens have been dedicated to user rebates, it said.
Regarding the user rebates, Starknet said: “Planning for this initiative is currently underway and a new committee is being formed to oversee the distribution of STRK to reward users for their vital transactions on the network.”
UPDATE (Dec. 8, 12:34 UTC): Adds link to tweet
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Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.