StarkWare, the developer firm behind Starknet, made adjustments to the token unlock schedule in response to community feedback and criticism. The initial plan to unlock 13.4% (1.34 billion tokens) of the 10 billion initially minted tokens in April was drastically reduced to 0.64% (64 million tokens). This gradual unlocking will continue until March 15, 2025, before increasing slightly to 1.27% (127 million tokens) monthly until March 15, 2027. Consequently, by the end of 2024, 580 million tokens held by early contributors and investors will be unlocked, significantly less than the initially planned 2 billion. The adjustments aim to address concerns about potential market saturation and the impact on token value.
Starknet, developed by StarkWare, is a layer-2 network leveraging zero-knowledge cryptography to scale Ethereum blockchain operations. It operates by processing transactions off-chain and submitting proofs to Ethereum for faster processing and reduced fees.
Criticism regarding Starknet's token unlock schedule prompted fluctuations in the STRK token's trading price. Starting at $5 earlier in the week, the price quickly declined, currently trading at $2. #strkusdt #TrendigTopic  #Write2Earn‬