StarkWare, the company behind the layer-2 Ethereum scaler Starknet, has announced a revision to the unlock schedule for its STRK token, affecting early contributors and investors.
The decision comes after the initial plan to unlock a significant portion of tokens in April faced backlash from the crypto community. StarkWare’s co-founder and chief executive officer, Eli Ben-Sasson, said in an X (formerly Twitter) post that the company has listened to concerns about long-term alignment with the Starknet ecosystem and is committed to earning the community’s trust through actions.
The revised schedule will now see a more gradual release of tokens, with 64 million (0.64%) unlocking on April 15, 2024, and continuing monthly at the same rate until March 15, 2025. After this period, the pace will increase to 1.27% monthly for 24 months, concluding on March 15, 2027.
This change reduces the number of tokens to be unlocked by the end of 2024 to 580 million, compared to the 2 billion initially planned. The STRK token, which is traded on various cryptocurrency exchanges, experienced a price increase following the announcement, indicating a positive market response to the revised schedule.
STRK traded at US$1.92 at 11:40 a.m. ET, up 4.5% in 24 hours, according to CoinGecko data.
The initial unlock plan involved releasing 1.3 billion STRK tokens, about 13% of the total supply, which raised concerns about potential price impacts. Starknet users and the broader crypto community expressed fears that such a large unlock could devalue the token.
Starknet began airdropping its tokens to nearly 1.3 million eligible wallets. However, the token’s price experienced a sharp decline shortly after, dropping 55% from its average peak price of US$4.41 on launch day, CoinGecko data shows.
Post Views: 21,251
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://forkast.news/starkware-revises-strk-token-unlock-plan-after-community-backlash/
- :has
- :is
- $UP
- 1
- 1.3
- 11
- 15%
- 2%
- 2024
- 2025
- 24
- 4
- 40
- 41
- a
- About
- According
- actions
- affecting
- After
- alignment
- an
- and
- announced
- Announcement
- April
- At
- average
- BE
- began
- behind
- Billion
- broader
- by
- change
- chief
- Chief Executive
- chief executive officer
- Co-founder
- CoinGecko
- comes
- committed
- community
- company
- compared
- Concerns
- concluding
- continuing
- contributors
- could
- crypto
- crypto community
- cryptocurrency
- Cryptocurrency Exchanges
- data
- day
- decision
- Decline
- Dropping
- E&T
- Early
- Earning
- ecosystem
- eli
- Eli Ben-Sasson
- eligible
- end
- ethereum
- Exchanges
- executive
- Executive Officer
- experienced
- expressed
- faced
- fears
- following
- For
- formerly
- from
- gradual
- HOURS
- However
- HTTPS
- Impacts
- in
- Increase
- indicating
- initial
- initially
- Investors
- involved
- ITS
- jpg
- large
- launch
- long-term
- March
- Market
- million
- monthly
- months
- more
- nearly
- now
- number
- of
- Officer
- on
- Pace
- Peak
- period
- plan
- planned
- plato
- Plato Data Intelligence
- PlatoData
- portion
- positive
- Post
- potential
- price
- Price Increase
- raised
- Rate
- reduces
- release
- releasing
- response
- same
- schedule
- see
- sharp
- Shortly
- Shows
- significant
- starknet
- starkware
- such
- supply
- that
- The
- this
- Through
- to
- token
- Tokens
- Total
- traded
- Trust
- unlock
- unlocked
- unlocking
- until
- users
- various
- views
- Wallets
- which
- will
- with
- X
- zephyrnet