Starknet faces backlash over airdrop policy

In this post:

  • Airdrop exclusion led to user dissatisfaction, and account decline.
  • Token unlock schedule controversy reveals investor favoritism concerns.
  • Starknet sustains total value locked amidst user discontent.

Starknet, a prominent blockchain platform built on Ethereum’s layer-2 infrastructure, has found itself amid a controversy surrounding its recent token airdrop

The backlash from users stems from dissatisfaction with the eligibility criteria for the airdrop and concerns over the token distribution schedule.

User discontent escalates over Starknet’s airdrop criteria

The crux of the issue lies in the minimum wallet-holding requirement imposed by Starknet for participation in the token airdrop. Users were dismayed to discover that those with a wallet balance of less than 0.005 Ether ($2,931 at the time) on November 15, 2023, were excluded from receiving tokens. 

This exclusionary criterion has sparked frustration among users who feel that their contributions to the network have been overlooked and undervalued.

Following the announcement of the airdrop details, Starknet witnessed a significant drop in its active user base. The number of active accounts plummeted from a peak of over 220,500 to just over 84,000, signaling widespread discontent within the community.

Community outcry prompts a response from Starknet

In response to the outcry from users, Starknet has acknowledged the grievances and committed to addressing the concerns raised regarding the airdrop criteria. The project took to social media platforms to reassure users that it is actively working to find a resolution. 

However, Starknet cautioned that implementing a solution would require time for thorough research, design, and testing. Despite these assurances, many users remain skeptical and are calling for swift action to rectify the situation.

Controversy surrounding the token unlock schedule

Another point of contention revolves around the token unlock schedule outlined by Starknet. The schedule disproportionately favors investors and early contributors, with a substantial portion of the total token supply set to be unlocked on April 15, just two months after the network’s launch. 

This accelerated unlock schedule has raised eyebrows among users who perceive it as favoritism towards certain stakeholders at the expense of the broader community. The perceived imbalance in the token distribution has further fueled discontent within the Starknet ecosystem.
Despite the decline in active users, Starknet continues to maintain a significant level of total value locked, currently standing at $54.18 million. However, this figure represents a slight decrease from the all-time high of $57.5 million recorded, according to data from DefiLlama. The drop in active users underscores the magnitude of the challenges facing Starknet as it grapples with the fallout from the airdrop controversy.

Disclaimer The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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