Starknet Token $STRK

On February 14th, Starknet Foundation announced the eligibility criteria for the Starknet’s native token (STRK) airdrop.

Eligibility information was shared on the official page of the Starknet Provision Program. And in this Provisions blog post all the details about the purpose of Provisions, the guiding principles for its distribution, and the criteria for its allocation were pointed out.

Those eligible/able to claim the airdrop have become STRK holders.

What is Starknet?

Starknet is a Validity-zk Rollup Layer 2 network that operates on top of Ethereum. It enables dApps to massively scale without compromising on security by bundling transactions into an off-chain computed STARK proof.
The STARK proof is then submitted to Ethereum as a single transaction, which results in higher throughput, faster processing times, and lower costs, while maintaining the security of the Ethereum settlement layer.

For more information about Starknet community and building tools, check out the following resources:

• Learning about Starknet — Community, Hub & Edu Resources
• Tools for developers on Starknet

What is STRK?

STRK is an official token of Starknet network, and it will play an important role in the decentralization of the network.

STRK token utility

The Starknet token has three main utilities:

• Governance: STRK is the governance token of the Starknet ecosystem. STRK token holders have the power to delegate or vote directly on changes to the Starknet protocol.
• Network fees: STRK tokens are used to pay network fees (gas) on the Starknet blockchain. You also have the option to pay network fees in ETH
• Staking: STRK staking will soon be implemented to enhance the security of the Starknet ecosystem. More info about staking utility are shared below.

If you want to know more about the economic fundamentals of the Starknet token, check out these resources:

• The token economics of Starknet
• Why is Starknet having a token
• STRK FAQs
• Starknet Airdrop reflections

On July 10, 2024 they officially announced that STRK staking will soon be possible on Starknet!

This means that by the end of 2024, the STRK token will get a cool new feature: staking, which will be crucial for Starknet’s operational capability and safety. Ben-Sasson announced these plans at the Ethereum Community Conference in Brussels, presenting a proposal that allows users to become stakers. Participants will receive rewards proportional to the amount of STRK tokens they have staked with a 21-day lock period before funds can be withdrawn.

You can get familiar with this more through StarkWare’s proposal for the first stage of staking.

How to Stake STRK?

As we pointed out, STRK staking will soon be possible on Starknet.

Until then, all STRK holders can earn interest in extra STRK tokens and additional crypto points by depositing in the Nimbora sSTRK vault.

Here’s more information about sSTRK and Nimbora:

• Introducing the sSTRK Vault
• Nimbora dApp
• sSTRK documentation

If you subscribe to the Nimbora newsletter, you’ll be the first to get the latest ALPHA! You can also join us on our Discord channel to secure your invite and get priority support.

About Nimbora

Nimbora is a Starknet-based omnichain 1-click yield strategy platform that enables users to engage with Layer 1 protocols at a fraction of the cost. Discover the best of Ethereum protocols and optimize your DeFi strategies with Nimbora.

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