Starknet developers have agreed to postpone unlocking STRK. The token rate rises by 10%

The project’s representatives said that they would make the process more gradual

23.02.2024 - 12:18

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2 min

What’s new? The exchange rate of the native token STRK of the Starknet blockchain has jumped 10% after developer StarkWare agreed to postpone the unlocking of the coins. The decision came after the network distributed more than 700 million STRK to early users, contributors, and other targeted groups on February 20. StarkWare explained that it changed the unlocking schedule after listening to feedback from friends and colleagues in the ecosystem to make the process more gradual.

Source: Twitter.com

What else is known? According to the new schedule, 0,64% of the 10 billion tokens originally issued will be unlocked on April 15, instead of the planned 13,4% (1,34 billion STRK).

“The gradual unlock will continue at a pace of 0,64% (64 million tokens) monthly until March 15, 2025, after which it will change to 1,27% (127 million tokens) monthly for the next 24 months until March 15, 2027,” StarkWare said in a statement.

580 million STRK belonging to early contributors and investors will be unlocked by the end of 2024, up from 2 billion under the previous schedule.

Another 1,4 billion tokens will be gradually unlocked by the end of 2025, another 1,5 billion by the end of 2026, and 380 million by March 15, 2027.

Starknet is a Layer 2 (L2) network based on the Ethereum blockchain, launched in November 2021, it provides faster transaction processing speeds and low fees. The project is a ZK-Rollup, it is a scaling solution for the mainnet using zero-disclosure proof technology. Starknet combines multiple transactions into a single packet and transmits it to the mainnet for proof-of-stake.

On February 20, crypto exchange Binance listed STRK with a Seed Tag, which is assigned to new projects and warns of possible high volatility.

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