Starknet Admits Mistake and Revises Token Unlocking Plan! Significant Reduction in April’s Total Supply Unlocking from 13% to 0.64%

Starknet Admits Mistake and Revises Token Unlocking Plan! Significant Reduction in April's Total Supply Unlocking from 13% to 0.64%

Starknet Admits Mistake and Revises Token Unlocking Plan! Significant Reduction in April's Total Supply Unlocking from 13% to 0.64%

According to a previous report by Zombit, Starknet faced controversy regarding the timing of the Token Generation Event (TGE), which resulted in a significant unlock of the “Team/Investor Token Allocation” that was originally supposed to be locked for two years. This unlock occurred just two months after the token’s circulation, representing approximately 13% of the total supply. This issue sparked intense discussions within the community before the token release.

However, Starkware, the developer of Starknet, announced today that they have adjusted the lock-up plan for early contributors and investors after considering feedback from the ecosystem and partners. The token allocation for these early contributors and investors, originally scheduled to unlock one-third (approximately 13% of the total supply) on April 15th, has been revised according to the following adjusted unlock plan:

The unlock amount on April 15th has been significantly reduced from the original 13% of the total supply to 0.64%.

A gradual unlock approach will be adopted, maintaining a monthly unlock rate of 0.64% (64 million tokens) until March 15th, 2025. Afterward, the unlock rate will increase to 1.27% (127 million tokens) per month for a duration of 24 months, until March 15th, 2027.

Based on the new unlock plan, by the end of 2024, early contributors and investors will have unlocked a total of 580 million STRK tokens, compared to the previous plan of 2 billion tokens.

By the end of 2025, an additional 1.4 billion tokens will gradually unlock, followed by another 1.5 billion STRK tokens by the end of 2026. On March 15th, 2027, a total of 380 million STRK tokens will be unlocked.

Following the release of this news, the price of STRK tokens surged above $2, with a growth rate of over 12% in the past 24 hours.

However, despite the significant adjustments made to the controversial token release rules, it appears that the rule of “locked tokens being eligible for staking” remains unchanged.