In a recent development, the launch of the Starknet Foundation has been announced. The Foundation is an independent organization that aims to achieve Starknet’s vision of a decentralized and permissionless Layer 2 (L2) Validity Rollup, also known as ZK-Rollup. With a well-established interdisciplinary board, the Starknet Foundation is in a strong position to lead the growth and expansion of the Starknet community, oversee network development, create governance mechanisms, and achieve full decentralization of the Starknet ecosystem.

The Starknet Foundation has just announced the formation of five committees, each with a specific mandate aligned with Starknet’s mission and priorities. While each committee’s mandate will be regularly evaluated and adjusted as necessary, we have more details on their initial operations and members.

The Provisions Committee is responsible for the planning, execution, and oversight of the provision of the Starknet ecosystem token (STRK). The Provisions Committee will ensure a fair and transparent distribution of STRK tokens to users required to pay fees for using the Starknet. They will assess and make recommendations to the Starknet Foundation for qualifying groups based on the objectives of fairness, transparency, and decentralization.

The Early Adopter Grants Committee will provide grants to innovative teams building on-chain applications on Starknet to foster the growth of the ecosystem. They will soon set out criteria for their first round of applications that will retroactively focus on teams that have already begun building on Starknet. Transparency is a top priority for the committee, and all grant sums will be made public.

The Developer Partnerships Committee plays a vital role in fostering and overseeing new strategic developer partnerships to be brought into the Starknet ecosystem. They will streamline the submission process for developer partnerships, conduct thorough due diligence, and approve submitted proposals.

The Governance Committee is tasked with executing the initial phases of Starknet governance, with a focus on decentralization and community participation. They will define resolutions to be voted on and approved by the Starknet community and establish due process for the discussion and implementation of governance votes. The committee has already launched the first phase of Starknet’s governance and will work to maintain a transparent, fair, and decentralized structure that fosters community involvement and ensures continued growth.

The Ecosystem Onboarding Committee is responsible for empowering and integrating new developers and community members into the Starknet ecosystem. They will identify and support Starknet ambassadors, award grants to ecosystem contributors and talent pools, and organize and sponsor events and educational partnerships that further the community’s participation in Starknet’s ecosystem.

With the formation of these committees, the Starknet Foundation is excited about the future and its potential for growth. Each committee is committed to furthering a specific aspect of the ecosystem and will work together to achieve the overall goal of a decentralized and thriving Starknet community.

#Starknet #StarkWare #azcoinnews #crypto2023 #dyor

This article was republished from azcoinnews.com

StarkNet’s price has bounced back strongly, reclaiming much of its previous losses, thanks to StarkWare’s decision to decrease the initial token release from 13.4% to 0.64%.
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StarkNet’s cryptocurrency, STRK, surged 11% in the past day, reaching $2.10. This is a big relief for StarkNet, which saw significant selling pressure after its token airdrop. The price hike follows StarkWare’s adjustment of the token release structure for STRK.

StarkWare Adjusts STRK Token Release Process
In response to user concerns, StarkWare, in an official statement, announced a more gradual unlocking process for its cryptocurrency, STRK. The company reduced the initial token release from 13.4% to 0.64% to address worries about the perception of distributing a large portion of tokens to a select few at launch, which could be seen as “predatory.”
StarkWare clarified that tokens held by early contributors and investors of StarkNet are subject to a lockup period. These parties played vital roles in supporting StarkWare during its research and initial development of StarkNet.
Around one-third of the tokens held by these early contributors and investors, totaling approximately 1.3 billion tokens, were set to unlock on April 15th. Initially, StarkWare scheduled the token launch for November 29, 2023, but later postponed it by five months to April 15, 2024.

StarkWare Updates Token Unlocking Schedule
Under the revised plan, StarkWare will unlock only 64 million tokens, equivalent to 0.64% of the total 10 billion StarkNet tokens, on April 15. Subsequently, an additional 64 million tokens will be released monthly. Starting March 15, 2025, the monthly release will increase to 1.27% (127 million tokens) and continue for the next two years.

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With this adjusted unlocking schedule, 580 million tokens held by early contributors and investors are expected to be unlocked by the end of 2024, in contrast to the initial plan of unlocking 2 billion tokens within the same timeframe. Additionally, 1.4 billion more tokens will gradually become available by the end of 2025, followed by the unlocking of another 1.5 billion tokens by the end of 2026. Finally, 380 million tokens are set to unlock by March 15, 2027.

Despite today’s rally, the StarkNet price remains 11% lower on the weekly chart, although it has managed to recover some lost ground.

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Starknet  #Bitcoin  #Altcoin  #Cryptocurrency  #CryptoNews

StarkNet, a well-known Layer-2 scaling solution for Ethereum, has experienced remarkable growth, with its total value locked (TVL) reaching an impressive $1.32 billion shortly after the introduction of its native token, STRK.
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This achievement places StarkNet among the top Ethereum Layer-2 networks, becoming the fourth of its kind to exceed the $1 billion TVL milestone.

StarkNet’s TVL Composition and Market Response to STRK Token Listing
Composition of StarkNet’s TVL: Data from L2Beat, a platform monitoring Layer-2 protocols, reveals that StarkNet’s total value locked (TVL) is primarily comprised of its native token, STRK, accounting for approximately 83.65%. Ethereum (ETH) constitutes 11.41% of the total, while stablecoins contribute 3.78%. This diverse range of assets highlights the growing ecosystem supported by StarkNet.
Market Response to STRK Token Listing: The market’s reaction to the listing of the STRK token followed a pattern commonly observed in similar scenarios. Initially, the token’s price surged as traders and investors rushed to capitalize on the new listing, resulting in heightened market activity. However, this initial excitement was followed by a correction in the price of STRK, with a slight decrease observed as early investors secured profits and the market sought a new equilibrium.
Current Status of STRK and StarkNet’s Achievements
Price and Trading Volume of STRK: As of the latest updates, the price of STRK stands at $1.88, reflecting a minor decline of 1.59% over the past 24 hours. Correspondingly, the 24-hour trading volume has also decreased by 39.58%, now recorded at $289,735,182. Despite this, STRK maintains a market capitalization of $1,372,279,288, securing its position as the 57th largest cryptocurrency in the market.
Also Read:   Solana Ready for $120; Starknet Volatility Explosion; Cardano Ascends?
StarkNet’s Utilization of STARK Technology: StarkNet harnesses STARK, recognized as the most secure and scalable cryptographic proof system, to offer solutions that fulfill the requirements of high-volume and complex computations while upholding security and decentralization. StarkNet’s recent achievements underscore the growing adoption and significance of Layer-2 solutions in addressing the scalability challenges confronted by the Ethereum blockchain.

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Starknet  #Bitcoin  #Altcoin  #Cryptocurrency  #CryptoNews