STRK surges after StarkWare revises airdrop plan following investor backlash

adminFebruary 23, 2024

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The price of Starknet soared after StarkWare modified its STRK airdrop plan in response to investor backlash sparked by the original token unlock schedule.

The original plan would have allowed some early investors to unlock 1.3 billion tokens, worth more than $2.6 billion, on April 15, raising concerns of a rapid sell-off.

According to the revised plan, 0.64% of the approximately $125.5 million worth of tokens will be unlocked on April 15, compared to more than 13% in the original plan.

After that, 64 million STRK tokens will be introduced into the circulating supply each month until March 2025. The limit will then increase to 127 million. strong Every month for the next two years.

“We value this community and want to earn their trust by implementing blockchain values and building great technology that will stand the test of time.” “Under the new unlock plan, 580 million tokens held by early contributors and investors will be unlocked by the end of 2024, compared to 2 billion under the previous schedule,” StarkWare wrote in a post to X on February 22. “As opposed to a token,” he said.

Important update:
After hearing feedback from our ecosystem friends and collaborators, we are making more gradual changes to the lock-in schedule for StarkWare’s early contributors and investors.
We value this community and want to earn its trust by building a great technology following.
— Starkware (@StarkWareLtd) February 22, 2024

STRK rises by 10%

STRK has surged more than 10% in the past 24 hours to trade at $2.06 as of 6:20 a.m. ET after the unlock fix. After news of the lockdown lifting in April broke, it plunged nearly 60% from its February 20 high of $4.41 to trade below $1.90.

Eligible wallets claimed over 436 million STRK tokens, representing 94% of the decentralized token supply. according to On Voyager data. Dipilam data It shows that the total value locked (TVL) on the Starknet network exceeds $130 million.

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