The Starknet Foundation, the company behind the Ethereum Layer 2 network Starknet, intends to award and rebate 1.8 billion tokens to users, though specifics are still being worked out.
According to a statement, the foundation will use several organizations or “committees” to supervise the wider distribution of these Layer 2 blockchain tokens. The “Provisions Committee,” one particular committee, will be in charge of rewarding users, which includes giving tokens to community members.
This committee will reward past and future contributions from users and community members by distributing 900 million Starknet (STRK) tokens in a phased manner. The first half of 2024 may see the start of this initial distribution phase.
This strategy comes after the foundation recently confirmed the existence of a token airdrop snapshot. This was made public after a preliminary version of the eligibility requirements for the intended airdrop momentarily surfaced on the organization’s website and spread via social media.
The Starknet Foundation said, “We’ve been working on the first phase of distributions for a while now, and we are close to getting this over the line. There’ll be more formal communications on this soon.”
In addition to rewards, the foundation intends to provide “user rebates” to offset or reimburse transaction expenses. The foundation claims that 900 million tokens will be distributed by a second committee to cover network user transaction fees.
A third organization called the “DeFi Committee” will also set aside the first $50 million to promote DeFi protocol activity on the network to “boost liquidity” for the DeFi ecosystem on the network.
Also Read: Starknet Token Distribution Plans Still Under Development
