Starknet, which the community has been eagerly awaiting, finally announced its 7.28 billion STRK token airdrop plan yesterday. Nearly 1.3 million addresses are eligible for the airdrop, and users can check if they qualify here.
However, despite the long-awaited token distribution, the community has expressed dissatisfaction and controversy.
Contents:
1. The Hatred Arising from Bounty Hunters
2. Controversies Surrounding Token Generation Event (TGE) and Large Unlocking
3. How to Sustain High Valuation?
In the airdrop rules, Starkware has implemented conditions to eliminate malicious addresses, such as requiring wallet addresses to be active for at least 3 months and to have 0.005 ETH (excluding LP) in the wallet. Many bounty hunters who created multiple accounts have put in a lot of time and effort to contribute a significant trading volume to the Starknet ecosystem, but ultimately did not receive any rewards. As a result, they criticized the team for benefiting from the community’s data manipulation.
Furthermore, some people have accused internal team members of hoarding tokens by using data on active users, new users, and funds inflow, thereby excluding community users while creating a large number of eligible airdrop addresses for personal gain.
However, many people are satisfied with Starknet’s airdrop rules and believe that including Ether pledgers, developers, and EIP proposal deployers in the airdrop eligibility is a wise decision.
Therefore, from the perspective of the airdrop, the Starknet team has successfully eliminated a large number of bounty hunters and malicious addresses, but at the same time, it has attracted the resentment of some members of the community soon after the token distribution. Additionally, the project’s ecosystem leader, @dimahledba, has spread radical remarks on the X platform, which has been detrimental to the expansion of Starknet’s early user community.
Another controversy surrounding the Starknet token issuance is the “Token Generation Event (TGE)”. Generally, most projects set the TGE at the point when the tokens become freely tradable. However, Starknet forged STRK tokens on the Starknet network two years ago and designated it as the TGE. This has led to a large unlocking of the “team/investor token allocation”, which was supposed to be locked for two years, just two months after the token circulation, accounting for approximately 13% of the total supply.
Regarding this matter, Eli Ben-Sasson, the co-founder and CEO of Starkware, stated in an interview with Decrypt that extending the token lock-up period was intended to increase public trust in the project. However, Starknet has already established its reputation in the industry and has demonstrated sufficient credibility to its users.
Furthermore, Eli Ben-Sasson emphasized that these people should be rewarded for their contributions, and extending the token lock-up period would not prevent concerns about token dumping. Even if the team delayed the unlocking period of these token allocations by one year, such concerns would still arise. The team believes that users are genuinely concerned about whether developers in the Starkware or Starknet ecosystem will continue to be active on the Starknet network and continue to drive its development three months or one year later. Eli Ben-Sasson stated, “It is not the right thing to unnecessarily delay them when we have confidence in our long-term commitment to advancing Starknet.”
According to contract transaction data from the decentralized trading platform Aevo, the pre-market price of STRK is currently around $1.68, which indicates that the fully diluted valuation of STRK has reached $16.7 billion, on par with the two major Ethereum Layer 2 projects, Arbitrum and Optimism. However, Arbitrum and Optimism have substantial Total Value Locked (TVL) and active users supporting them, while it remains unknown how many active users Starknet, which has lost the incentive of the airdrop, will have in the future.
Moreover, under the dual pressure of “community hatred” and “large unlocking after circulation,” it remains a major concern whether it can maintain such a high valuation after trading begins.
(This article is authorized and reprinted from GT Radar)
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