StarkWare changes STRK token launch schedule following controversy

Concerned that the original plan would allow the network's investors to dump retail Starknet users, StarWare has revised its Starknet (STRK) token launch program.

The changes will see early contributors and investors see a “more gradual” token launch schedule, with smaller and more recent tokens dropping over three years instead of the big drop initially scheduled over two months.

“In recent days, StarkWare has reviewed feedback and decided to adjust the launch timeline, making it more gradual,” StarkWare, the developer of StarNet, said in a Feb. 22 X post.

The revised schedule will open on April 15th with approximately $125.5 million worth of 64 million STRK tokens and 0.64% of the total supply of 10 billion.

The opening will continue at 64 million STRK per month until March 15 next year. It will grow to 127 million STRK per month for the next two years till March 15, 2027.

Originally, more than 1.3 billion STRK — about 13% of its total supply worth more than $2.5 billion — was slated to open on April 15, two months after the token launched on February 20.

We 1. Rehearsed concerns. Long-term alignment of @StarkWareLtd and the StarkNet ecosystem. 2. Offered a more gradual release schedule3. Faith is acquired not only by words but also by actions 4. Thank you investors for your support on this @StarkWareLtd ❤️ @Starknet https://t.co/WZsiZsn3yM

— Eli Ben-Sasson (@EliBenSasson) February 22, 2024

“Under the new unlock plan, 580 million tokens will be unlocked for early contributors and investors by the end of 2024, as opposed to 2 billion of those tokens unlocked under the previous schedule,” StarkWare said.

The initial opening schedule was a contentious list for Starknet users and market analysts, who complained about the short schedule, allowing investors to use retail Starknet users as exit liquidity.

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In the two days since launch, STRK has fallen nearly 60% from $4.41 on February 20 to trade below $1.90. STRK briefly rose over $2 after StarkWare's latest announcement and is up nearly 5% in the last day, according to CoinGecko.

STRK's February 20 airdrop has 700 million STRK available to over 1.3 million wallets and has seen significant early take-up, with 45 million STRK secured within the first hour and a half after the allocation began.

More than 436 million STRK have been claimed by authorized persons, which is about 94% of the total STRK currently in circulation, according to Voyager data.

Starknet's total value locked in hit nine figures for the first time, more than doubling in the past 24 hours to $118 million, according to Defilama.

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