Loading...

Starknet fixes airdrop issues for Immutable and Ethereum stakers

TL;DR

  • Layer-2 blockchain Starknet has announced that it has fixed its token airdrop issues for Immutable and Ethereum stakers.
  • Challenges and resolutions in the airdrop process.

Starknet, an Ethereum layer-2 blockchain, recently announced an expansion in the eligibility criteria for its first round of Starknet provisions. This update includes two sub-categories of users who previously faced challenges in claiming STRK tokens. The Starknet Foundation, responsible for supporting the network, undertook a comprehensive review to address concerns surrounding the eligibility of certain user groups for the February STRK airdrop.

Starknet fixes token airdrop issues for select stakers

The newly eligible groups now encompass VeVe users, Non-VeVe StarkEx users initially identified as VeVe users and pooled stakers. These users are slated to commence claiming their STRK tokens in April, following Starknet’s decision to extend eligibility based on updated and clarified information. A notable issue that Starknet resolved was the misclassification of Immutable X users as VeVe users.

This misclassification stemmed from an inaccurate list provided by Immutable, leading to confusion and uncertainty regarding eligibility for the airdrop. With the rectification of this list, Immutable X users who conducted eight or more transactions before June 1, 2022, are now eligible to participate in claiming their airdrop rewards.

In addition to addressing user misclassifications, the network encountered challenges related to pooled ETH stakers. Certain staking protocols were initially unable to facilitate the airdrop for eligible users, prompting Starknet to collaborate with these protocols to resolve the issue. As a result, eligible pooled ETH stakers will be able to claim their STRK tokens according to the updated airdrop schedule.

Challenges and resolutions in the airdrop process

This adjustment in eligibility criteria and airdrop schedule follows earlier modifications implemented by Starknet in February. Concerns were raised regarding the original unlock schedule, which had the potential to flood the market with STRK tokens from early contributors and investors. In response, Starknet opted for a phased distribution of STRK tokens over three years, aiming to prevent large-scale token dumping and maintain market stability.

Despite these efforts, the STRK airdrop faced criticism from some users who believed they were unfairly excluded despite meeting transaction thresholds. Notably, the eligibility criteria stipulated a minimum holding of 0.005 ETH at the time of a snapshot on November 15, 2023.

Following the February 20 airdrop, a significant sell-off of STRK tokens occurred as large holders liquidated their positions, resulting in a 60% price decline from its peak of $4.40 to $1.90 within a few days. Subsequently, the price of STRK has struggled to regain its previous levels and is currently trading at $1.88, as per CoinGecko data.

Starknet’s efforts to address eligibility concerns and refine the airdrop process reflect its commitment to ensuring fairness and inclusivity within its ecosystem. By engaging with stakeholders and implementing necessary adjustments, Starknet aims to facilitate seamless distribution of STRK tokens while mitigating any potential issues that may arise.

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.

Share link:

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

Ethereum
Cryptopolitan
Subscribe to CryptoPolitan