Starknet Foundation Allocates 50 Million STRK Tokens to Early Community Member Program

According to CoinDesk, the Starknet Foundation has allocated 50 million STRK tokens to its Early Community Member Program (ECMP). The 11-month-old foundation aims to support the development of Starknet, a layer-2 blockchain built on Ethereum. The allocated tokens will be used as incentives for early developers and contributors to help expand the network. The program focuses on individual contributors who have significantly contributed to technical discourse, are involved in key projects, organized events, and regularly published Starknet-branded content. The application process for the program will run until November 19, with decisions made by December 29.The Starknet Foundation's tokens come from its original grant of 50.1% of the initial minted supply of 10 billion STRK, which amounts to around 5 billion STRK. Since the tokens are not yet trading and are locked up until at least April, it is difficult to estimate their value. However, the awards could help Starknet grow and retain its community, especially during the current 'crypto winter' where resources are tight and rival projects like Arbitrum are moving forward with their own incentive programs. Starknet is the sixth-largest layer-2 blockchain, with $143 million of deposits or 'total value locked', according to L2Beat. The foundation's mandates include fostering the community of Starknet users, developers, and researchers, as well as overseeing the continued development of the network and advancing research.