StarkWare opts to gradually release STRK token following user feedback
Quick Take StarkWare will release its token STRK more gradually under the new changes, dropping the portion of tokens initially unlocked from 13.4% to 0.64%.
The blockchain firm StarkWare, which is developing the Layer 2 scalability protocol Starknet, changed the token release structure for its token STRK +6.95% following user feedback.
StarkWare will unlock STRK more gradually under the new changes, according to an official release. The firm is reducing the portion of tokens unlocked at launch from 13.4% to 0.64%, as some users felt releasing such a large amount to a select few was " predatory, " The Block previously reported.
"Tokens held by StarkWare early contributors and investors are subject to a lockup," the company explained. "These parties supported StarkWare’s efforts when the company was researching and performing the initial development of Starknet. Approximately a third of the tokens held by these early contributors and investors (~1.3 billion), were due to unlock on April 15."
Now only 64 million, or 0.64%, of the 10 billion tokens will unlock on April 15. An additional 64 million tokens will be released every month. After March 15, 2025, the monthly token allotment will increase to 1.27% (127 million) tokens released monthly and continue for another two years.
"Under the new unlock plan, 580 million tokens held by early contributors and investors will be unlocked by the end of 2024, as opposed to 2 billion of those tokens under the previous schedule. 1.4 billion additional tokens will be gradually unlocked by the end of 2025, another 1.5 billion will be unlocked by the end of 2026 and 380 million will be unlocked by March 15, 2027," StarkWare explained.
StarkWare originally set the date for the token launch for Nov. 29, 2023 but pushed the date back five months to April 15, 2024, The Block previously reported . StarkWare launched the token in November 2022 with a no-trade status on Ethereum ETH +1.73% .
STRK is currently valued at $1.98 and saw a 9.13% increase in the past 24 hours, according to The Block's Price Page .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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