According to a previous report by Zombit, Starknet faced controversy over the timing of its Token Generation Event (TGE), which resulted in a significant unlocking of the “Team/Investor Token Allocation” just two months after token circulation. These tokens accounted for approximately 13% of the total supply, and this issue sparked intense discussions within the community before token release.
However, Starkware, the developer of Starknet, announced today that they have adjusted the lock-up plan for early contributors and investors after considering feedback from the ecosystem and partners. Initially, one-third (approximately 13% of the total supply) of tokens allocated to these early contributors and investors were scheduled to unlock on April 15th. Under the revised unlocking plan:
– The unlocking quantity on April 15th will be significantly reduced from the original 13% to 0.64% of the total supply.
– A progressive unlocking approach will be adopted, maintaining a monthly release rate of 0.64% (64 million tokens) until March 15th, 2025. Afterward, the release rate will increase to 1.27% (127 million tokens) per month for 24 months, until March 15th, 2027.
Based on the new unlocking plan, by the end of 2024, early contributors and investors will have unlocked 580 million STRK tokens, compared to the previous plan of 2 billion tokens. Additionally, an additional 1.4 billion tokens will gradually unlock by the end of 2025, followed by another 1.5 billion STRK tokens by the end of 2026. Finally, on March 15th, 2027, 380 million STRK tokens will be unlocked.
After the news release, the price of STRK tokens surged above $2, with a growth of over 12% in the past 24 hours.
However, despite the significant revisions made to the controversial token release rules, it appears that the rule allowing locked tokens to be used for staking remains unchanged.
