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Starknet Foundation to distribute 1.8 billion STRK tokens soon

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Starknet Foundation has announced plans to distribute over 1.8bn STRK tokens towards the growth and adoption of the Starknet blockchain. The funds will be allocated to various initiatives that would push its agenda. Starknet disclosed that the allocation is about to start soon. 

“We’ve been working on the first phase of distributions for a while now and we are close to getting this over the line,” Starknet said.

As per the Starknet Foundation, 900M Starknet tokens (STRK) will be designated for the Provisions Committee. This committee will be responsible for efficiently distributing funds to programs and rewarding contributions made by users and community members.

Additionally, Starknet has allocated another 900M STRK for user rebates. However, a separate committee will oversee this initiative, which aims to reward users for their interactions on the Starknet network. This step empowers Starknet users by compensating them for their transaction fees, as highlighted by Starknet.

In Q1 2024, Starknet will begin incentivizing interaction in DeFi protocols. To support this initiative, Starknet has allocated an initial 50M in Starknet tokens. The DeFi Committee will lead this effort with the goal of boosting liquidity, increasing trading volume, and fostering overall growth within the DeFi landscape on Starknet.

Additionally, Starknet plans to introduce a fresh incentive mechanism for developers and decentralized applications (dapps) that are actively involved or deployed on its network. To access the STRK tokens assigned to these initiatives, developers, and dapps will need to meet specific eligibility criteria, which will be determined and governed by the terms and conditions established by the Starknet Foundation.

The Starknet allocation includes a range of incentivizing programs, DeFi protocols, developers, decentralized applications (dapps), and rewarding initiatives for users and community members. It covers a diverse ecosystem of participants and aims to foster growth and engagement.

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