Starknet Foundation Incentivizes Early Contributors with 50M STRK

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Starknet Foundation Incentivizes Early Contributors with 50M STRK
  • Starknet Foundation distributes 50 million STRK tokens to early ecosystem contributors.
  • The program is a part of the Early Community Member Program (ECMP), intended to honor the community members’ efforts.
  • The STRK tokens are yet to be released, as the token unlock is scheduled for April 15, 2024.

In a groundbreaking announcement, Starknet Foundation revealed the distribution of about 50 million yet-to-be-unlocked STRK tokens to the ecosystem’s early contributors. The decision comes as part of the Early Community Member Program (ECMP) of the permissionless ZK-Rollup, functioning as a Layer-2 blockchain over Ethereum. As per a blog post released by the Starknet Foundation, the project aims at recognizing the efforts of individual contributors and incentivizing them with token rewards.

The tokens reserved for the ECMP represent a small fraction of ten billion STRK tokens that have been minted but are currently locked. These tokens are scheduled to be unlocked on April 15, 2024.

The platform’s official announcement drew the community’s attention to the layer-2 blockchain’s initiative in honoring individual efforts “which hugely, and positively, impacts the ecosystem”, according to one journalist. Chinese reporter Colin Wu of the Wu Blockchain account on X (formerly Twitter) shared a thread earlier today, shedding light on Starknet Foundation’s move.

The STRK tokens will reportedly be allocated to the members of the ecosystem who have contributed to the platform in differing ways, including technical discussions, event organizations, and regular content publications. In addition, the Starknet Foundation has also said it will reserve a portion of tokens for early contributors who have yet to be identified and may miss the initial distribution. Further, the post said,

The ECMP program is a deliberate effort to shine a spotlight on the unsung heroes who put their heart, skills, and time into shaping Starknet’s journey. This program isn’t just about lines of code; it’s about every individual who plays a part in pushing our ecosystem forward.

Starknet Foundation has invited eligible candidates to register for the event. Individuals can apply for the program from 30 October 2023 to 23 November 2023. After detailed scrutiny of applicants’ contributions, measured by impact, originality, and significance, the committee is to announce winners on December 29, 2023.

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