The Ethereum rollup, one of the most ambitious scalability projects in the ecosystem, has announced the launch of its STRK token. The Starknet Foundation has revealed the eligibility criteria.

The long-awaited moment has arrived for the Starknet community. The network's governance token, STRK, will be launched on Tuesday 20 February, after several months of speculation around a protocol often described as one of Ethereum's most promising in terms of scalability.

Like many crypto projects, this one will benefit from an airdrop to reward the most active members of its community, who have been experimenting and developing on the Starknet network since November 2021.

The selected deadline (snapshot) is 15 November 2023.

Here are the actions that needed to be completed:

Using Starknet for at least three different months
Completing more than six transactions
Accumulating at least $100 worth of transactions
Having a balance of at least 0,005 ETH on a Starknet address at the time of the snapshot

The number of tokens you can receive could increase if you exceed these minimum criteria.

Ethereum validators, the ones that secure the blockchain, are also eligible. This also applies to liquid staking validators, such as the thirty or so operating on Lido (read our detailed analysis of the project and its LDO token). For them, the snapshot has been set for 15 September 2022, the date of Ethereum's transition to proof of stake.

Also eligible are those who have used applications developed on StarkEx, such as Sorare, dYdX, or Immutable, before 1 June 2022.

Some non-Web3 developers will also be eligible, provided they have completed certain specific actions on GitHub.

Test your eligibility by clicking on this link.

According to the London-based Starknet Foundation, 1.3 million wallets are involved and more than 700 million tokens are expected to be distributed, making this one of the largest airdrops ever.

Beware: you must claim your tokens before 20 June 2024, after which it will no longer be possible to get them back.

Starknet in detail

StarkNet is a blockchain scaling solution originally developed by Israeli start-up StarkWare, which employs zero-knowledge proofs (ZKPs) technology to improve the scalability and privacy of transactions on blockchains.

More specifically, StarkNet is a decentralised Layer 2 computing platform running on Ethereum, offering developers the ability to create more powerful and cost-effective decentralised applications (dApps).

Currently, it ranks 11th among the L2s on the market with a total locked-in value (TVL) of $180 million. However, the project is still a long way behind leaders Arbitrum and Optimism, which have $12 billion and $6 billion in TVL respectively.

Further information: Ethereum, the L2 war can begin

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This analysis does not constitute investment advice. It has been written without taking into account your personal circumstances, including your financial situation, risk profile and investment objectives.

Before investing in any product, investors should fully understand the risks involved and consult their own legal, tax, financial and accounting advisors.

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