StarkWare Revises Token Emission Schedule After Community Backlash

Only 0.64% of STRK will unlock on April 14 as opposed to the previously planned 13.4%

By: Owen Fernau Loading...

StarkWare Revises Token Emission Schedule After Community Backlash

The StarkWare team has revised its token emission schedule after backlash from the crypto community.

Now 0.64% of the token supply will unlock to the project’s team and investors on April 14, as opposed to the planned 13.4%. By the end of 2024, 580 million of the tokens allocated to the team and investors will unlock as opposed to the previously scheduled 2 billion.

STRK has jumped nearly 5% in the last hour at the time of writing on the news.

STRK Price - CoinGecko

The changes come after the realization that the tokens would unlock less than two months after the airdrop of STRK tokens.

The tokens will be used to pay for transaction fees, in governance, and staking for Starknet, a scaling solution for Ethereum known as a Layer 2, according to a post from the team.

Eli Ben-Sasson, StarkWare co-founder and CEO, said the changes were in response to the feedback from the Starknet community.

“We want to earn the community’s trust, and believe in showing this with actions as well as words,” he wrote. “We feel this is the best path forward given our long-term commitment to Starknet and its ecosystem, and are grateful to have the support of our investors in this decision.”