Layer 2 solution Starknet opened its query for airdrop eligibility yesterday (15). However, this airdrop has caused anger among the community, with KOL @YourAirdropETH claiming that out of 1.3 million wallet addresses, 900,000 were pre-allocated by the team and institutions unlocked too quickly.
(Earlier Summary: Starknet airdrop is here! Nearly 1.3 million addresses qualify, details of STRK token distribution revealed.)
(Background: Starknet airdrop is coming, which ecosystem projects are the hidden treasures for the next round of distribution?)
The highly anticipated Ethereum Layer 2 scalability solution, Starknet, opened its query for airdrop eligibility yesterday (15) and announced that the airdrop would be distributed on February 20. The first round of token distribution set approximately 1.3 million wallets as eligible to receive $STRK. The distribution will take place over four months, ending on June 20.
Airdrop community criticizes: Token allocation is opaque, almost annihilating…
However, this airdrop has caused anger among the community. Firstly, many users chose to transfer funds out of their wallets after interacting with the protocol. However, according to the official rules, users will not be eligible for the airdrop if there is no ETH in their wallet or if the amount is insufficient.
On the other hand, KOL @YourAirdropETH also expressed their opinion on Starknet’s anti-whale mechanism, believing that Starknet had already pre-allocated who could receive the airdrop. In reality, out of the 1.3 million addresses, only 400,000 are actual users, while the remaining 900,000 were given to Starknet and its investment institutions.
KOL questions unfair token distribution | Source: @YourAirdropETH
Institutions to unlock 13.1% within two months
Furthermore, according to the token release schedule, on April 15, less than two months after the launch of $STRK on February 20, over 1.3 billion $STRK tokens (13.1% of the total token supply) will be unlocked and allocated to investors and early Starknet contributors for transfer and sale. Based on pre-market trading prices, the value of these tokens has exceeded $2.15 billion.
Institutions hold 13.1% to unlock within two months
Generally, for various reasons, a project team and investors’ airdrop allocations are locked for at least one year. This practice not only helps ensure the team’s long-term commitment to the project and maintains market supporters’ confidence but also prevents insiders from selling a large amount of tokens early on, which could cause a significant drop in token prices.
Regarding this atypical token unlocking, Starkware CEO Eli Ben-Sass also responded, stating that early investors could receive rewards for their contributions.
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