Original - Odaily

Author - Nan Zhi

Today, Starknet announced that it will launch the first round of token distribution. Its token STRK will be distributed through the Starknet Foundation’s Provisions plan (i.e. token airdrop plan) starting at 20:00 on February 20 (UTC+ 8). Open the application interface.

In the first round of token distribution, approximately 1.3 million addresses are eligible to receive it, and the number issued reaches 700 million (the community share in the total supply plan is 1.8 billion). The collection period lasts for four months until June 20.

Who can receive it?

Starknet has set basic requirements for interaction amount, activity and fund retention for Starknet users. Accounts that meet the requirements can further receive different amounts of airdrops. In addition, Starknet andTrusta LabsCooperation, witch address screening was conducted. The basic rules for community users’ air investment qualifications are as follows.

Basic qualifications for airdrop

• Have used Starknet for at least 3 separate months;

• Have conducted at least 6 transactions;

• The total transaction amount is not less than US$100;

• The address held at least 0.005 ETH at the time of the snapshot (November 15, 2023).

It is worth noting that funds stored in DEXs LP and lending protocols at the time of the snapshot are not included in the qualification scope of the snapshot, and only the ETH balance is considered, and funds such as USDT are not included. Many interactive addresses are therefore excluded.

In addition, Trusta Labs, the partner of witch cooperation this time, is also a partner of many large-scale airdrop projects and has rich anti-witch experience. According to community feedback, all accounts of users with a certain number of interactive accounts exceeding 100 were identified as witches, and the number of airdrops was 0.

Airdrop specific objects

The Starknet Foundation will issue airdrops to various users who help promote the development of Starknet, including Starknet users and builders, Ethereum contributors and stakers, and developers of specific projects, who can all participate in the Provisions program.

• Starknet users: Meets the basic qualifications for the airdrop in the previous section and is not recognized as a witch address.

• StarkEx users: Used StarkEx-based DApps at least eight times before June 1, 2022.(e.g. dYdX, Rhino, IMX, etc.)

• Starknet Community: Eligible participant in the Early Community Membership Program (ECMP).

• Starknet developers (before November 15, 2023), Ethereum developers (before November 15, 2023), EIP authors (before November 15, 2023), Github developers (before November 15, 2023) have been designated Users who contribute to development.

• Ethereum stakers: stakers before September 15, 2022.

• Ethereum Protocol Guild: Listed as a member of the Ethereum Protocol Guild on November 15, 2023.

In this airdrop, Starknet users will receive 51.33% of the token share, ETH pledgers will receive 21.99%, StarkEx users and Starknet ECMP members will receive 9.62% and 9.05% of the token share respectively. The remaining distribution details are as follows:

price estimate

OTC trading platform Aevo price data shows that the current OTC price of STRK is approximately between 1.7 USDT and 1.8 USDT. Based on the initial circulation of 700 million coins, the initial circulation market value is approximately US$1.2 billion, ranking fourth in L2, while FDV is close to Arbitrum. The picture below shows a comparison of L2 market capitalization data produced by Odaily half a month ago. It has changed according to recent token fluctuations and can be used as a reference for the relative position.

Token usage

Starknet elaborated on the use cases of the STRK token in the airdrop document, which has no significant changes from its previous disclosures.

• Pay Network Fees: After Provisions begins, users will be able to pay transaction fees using STRK. Starknet emphasized that while users can pay fees using STRK, the Starknet protocol will still use ETH to pay fees on Ethereum to ensure the security of the network and its data.

• Governance: After Provisions, STRK recipients will be able to participate in ecological development governance.

• Staking: STRK will be used for PoS model staking, and users can pledge tokens to the decentralized sequencer to ensure the decentralized operation of Starknet.

in conclusion

Starknet has a large number of airdrop addresses this time, and the airdrop threshold is low. Most accounts have a minimum guarantee of 500. It has a significant wealth-making effect on users who can effectively prevent witches. With the popularity of the points system, airdrops are not based on the amount of funds. Opportunities may become increasingly rare. In addition, the launch of Arbitrum tokens in 2023 triggered a trend of airdropping project tokens to Arbitrum air investment accounts. As a publicity method that can be widely disseminated, the initial benefit effect is obvious, and may be the focus of subsequent attention.