Summary
TLDR: StarkWare, the startup behind Ethereum scaling network Starknet, will revise its STRK token allocation schedule following backlash. The company will spread out token unlocks over years instead of a sizable unlock in April. This decision caused the price of STRK to jump. StarkWare will unlock 64 million tokens monthly for the first year starting April 15, followed by 127 million monthly for the next 24 months. Total of 580 million tokens will unlock by end of 2024, with more in 2025 and 2026. CEO Eli Ben-Sasson thanked investors for their support and emphasized the importance of trust.
Key Points
1. StarkWare has revised its STRK token allocation schedule in response to backlash from the crypto community, spreading out allocations over several years instead of a sizable unlock planned for April.
2. The price of STRK surged following the announcement of the revised token unlock schedule, jumping from $1.86 to $2.03 before settling just under $2. The token is currently up 9% on the day.
3. StarkWare will now unlock 64 million tokens monthly for the first year starting April 15, followed by 127 million tokens monthly for the next 24 months. This new plan will see a total of 580 million tokens unlocked by the end of 2024, with additional unlocks in 2025 and 2026.