Starknet Extends $50 Million ‘DeFi Spring’ Campaign

Starknet, an Ethereum Layer 2 (L2) network, is offering up to 90 million STRK tokens ($52 million) as incentives to protocols and users participating in its DeFi spring program.

“Starknet liquidity providers are powering our DeFi ecosystem; therefore, DeFi Spring will continue until at least the end of the 90M STRK budget,” the official Starknet account announced on X.

Starknet’s DeFi Spring program is part of a series of initiatives designed to grow its DeFi ecosystem. To participate, interested protocols must fill out a form and wait for the Starknet Foundation to contact them if they qualify.

Protocols that qualify will receive bi-weekly incentives to provide STRK liquidity on their platforms. The incentives are flexible and determined based on the protocol’s performance. Protocols get to distribute the STRK allocations among their users.

Starknet DeFi Spring 2.0

The first round of Starknet’s DeFi Spring began on Feb. 18 and ended on June 20 with an initial budget of 40 million STRK. It featured 14 protocols, 106,780 users, and 14.4 million STRK in rewards.

Following the success, the Starknet Foundation launched the second round on July 1 with an additional 50 million STRK budget, bringing the total to 90 million STRK. The second round will run until the 90 million STRK budget is exhausted.

Protocols are divided into four main categories: Decentralized Exchanges (DEXs), Borrowing & Lending, Perps & Options, and Others, which is a special category for DeFi protocols that accept user deposits. Eligible assets include blockchain tokens STRK and ETH, stablecoins USDT, USDC, and DAI, and wrapped tokens wBTC and wstETH.

Starknet DeFi Spring 2.0 also features Non-fungible tokens (NFTs) for participating users. The NFTs have tiers and are claimable depending on the amount of STRK a user earns.