The Starknet Foundation confirms the release of 1.8 billion STRK tokens

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The Starknet Foundation has announced plans to distribute 1.8 billion STRK tokens. Although a clear date has not been given or mentioned, the foundation has said that the initiative will come “soon” in the first half of 2024.

This initiative consists of various committees, including an “Organization Committee” to oversee the token distribution process, and 900 million tokens specifically allocated to reward community contributions. The initiative follows recent discussions in the community in anticipation of the STRK token airdrop.

Now that the news is out, we can tell you more!

Starknet is about each of you. Every user, developer and member of our community – current and future – is a vital part of building our network for the next generation of decentralization. The success…

— Starknet Foundation (@StarknetFndn) December 8, 2023

According to the foundation, the second committee will focus on consumer discounts by covering network marketing fees. Another group “DeFi Committee” aims to improve DeFi activity in the network by allocating tokens to stimulate liquidity.

“Planning for this initiative is currently underway and a new committee is being formed to oversee the distribution of STRK to reward users for their critical transactions on the network,” the foundation said.

The foundation plans to issue a total of 10 billion STRK tokens, keeping 50% for the foundation and distributing the rest to developers and investors. Starknet has announced that it will be announcing a new incentive scheme for developers and developers on the network next week.

Starknet stack

The Starknet Foundation has been leading and supporting the development of Starknet, a permissionless, decentralized Layer 2 (L2) network built on top of Ethereum designed to address the scalability challenges of the Ethereum mainnet.

At launch, dApps (decentralized applications) are expected to achieve significantly higher transaction volumes and lower fees compared to the main network, and maintain Ethereum's strong security and scalability. This is found in use StarkAn advanced cryptographic verification system that verifies the authenticity of transactions before submitting them to the network for final settlement.

Such an approach not only improves performance but also improves on-chain privacy by reducing the amount of data stored on the network. In particular, StarNet's Cairo programming language facilitates the development and deployment of DApps for a wide range of use cases, from decentralized finance and marketplaces to interactive, Web3-based games.

Ethereum scale in L2s

Ethereum It includes measurement Increase the capacity of the network To process more transactions efficiently and securely. L2 solutions like Starknet are central to this process and run on the Ethereum blockchain, processing transactions individually before finalizing them on the main chain. This method significantly increases transaction speed and reduces costs, making Ethereum more scalable and user-friendly.

As a co-founder of Ethereum Vitalik Buterin, L2 solutions contribute to decentralization by distributing the burden of the transaction process, reducing network congestion and the risk of reliance on the main chain. In this sense, considering how L2 solutions use advanced cryptographic techniques such as zero-knowledge proofs to verify transactions, the approach simultaneously maintains high levels of security.

By processing transactions off-chain and settling periodically on the main Ethereum blockchain, L2 solutions offer a balance between efficiency, security and decentralization, aspects and dimensions critical to the balance of the Ethereum ecosystem.

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