Coinfeeds Daily → Starknet Foundation Rewards Early Contributors with 50 Million STRK Tokens

Starknet Foundation Rewards Early Contributors with 50 Million STRK Tokens

Published: Oct 31, 2023 | Last Updated: Oct 31, 2023
Howard Kane

Starknet's Early Community Member Program acknowledges and rewards those who have played a crucial role in the network's growth and development

The Starknet Foundation, a Layer-2 scaling solution for Ethereum, has announced a significant token allocation for its early ecosystem contributors. The foundation plans to distribute 50 million STRK tokens to those who have significantly contributed to the network's development. This move is part of Starknet's Early Community Member Program, aimed at rewarding individuals and projects that have played a crucial role in the network's growth and development.

Starknet's Early Community Member Program

The Early Community Member Program is designed to acknowledge and reward those who have contributed to Starknet's development. These contributions could range from encouraging technical discussions, organizing events, to publishing content that promotes the network. The program is a way for the foundation to show its appreciation for the community's efforts in building and promoting the network.

Application Process and Eligibility

Those interested in the program will need to provide details of their contributions to the network. This could include proof of their involvement in technical discussions, events they've organized, or content they've published. The tokens will be made available on April 15, 2024.

However, it's important to note that the program is not available to U.S. citizens. This restriction is likely due to regulatory concerns, as the U.S. has strict rules regarding cryptocurrency distributions.

Starknet and Its Role in Ethereum Scaling

Starknet is a Layer-2 scaling solution for Ethereum. It uses zk-STARKs proofs to achieve high throughput and low gas costs. This technology allows for more transactions to be processed at a lower cost, making Ethereum more scalable and efficient. The Starknet Foundation's move to reward its early contributors is a testament to its commitment to community involvement and the continued development of its network.

Practical Takeaways

The Starknet Foundation's token allocation is a significant move that highlights the importance of community involvement in the development and growth of blockchain networks. It also serves as a reminder of the regulatory challenges faced by blockchain projects, particularly in the U.S. For those involved in the blockchain space, this development underscores the potential rewards of early involvement and contribution to such projects.

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