Starknet fixes airdrop issues for Immutable and Ethereum stakers

Starknet fixes airdrop issues for Immutable and Ethereum stakers - African News - News

Starknet, the Ethereum layer-2 blockchain project, has announced an expansion in the eligibility criteria for its inaugural Starknet provisions, including two new sub-groups of users who previously faced obstacles in claiming their STRK tokens. The Starknet Foundation, which supports the network, undertook a thorough review to tackle eligibility concerns surrounding specific user groups for the February STRK airdrop.

Starknet Expands Eligibility: VeVe Users, Non-VeVe StarkEx Users, and Pooled Stakers

The latest eligibility groups now consist of VeVe users, Non-VeVe StarkEx users initially misidentified as VeVe users, and pooled stakers. These users are set to begin the process of claiming their STRK tokens in April, following Starknet’s decision to broaden eligibility based on updated and clarified information.

Resolving VeVe User Misclassification

An essential issue that Starknet addressed was the misclassification of Immutable X users as VeVe users, stemming from an inaccurate list provided by Immutable. This error led to ambiguity and confusion regarding the eligibility of these users for the airdrop. With the rectification of this list, Immutable X users who executed eight or more transactions prior to June 1, 2022, are now qualified to participate in the airdrop.

Addressing Pooled ETH Stakers’ Challenges

The network also encountered hurdles concerning pooled Ethereum stakers. Initially, certain staking protocols failed to facilitate the airdrop for eligible users, prompting Starknet to collaborate with these platforms to resolve the issue. Consequently, qualified pooled Ethereum stakers will be able to claim their STRK tokens according to the revised airdrop schedule.

Overcoming Challenges: Adjusting Eligibility and Airdrop Schedule

This modification in eligibility criteria and airdrop schedule follows earlier adaptations made by Starknet in February. Initially, concerns emerged regarding the original unlock schedule, which posed a risk of flooding the market with STRK tokens from early contributors and investors. In response, Starknet opted for a phased distribution of STRK tokens over three years to prevent large-scale token dumping and maintain market stability.

User Feedback and Criticism

Despite these initiatives, the STRK airdrop encountered criticism from some users who felt excluded despite meeting transaction thresholds. Most notably, the eligibility criteria required a minimum holding of 0.005 ETH at the time of the snapshot on November 15, 2023.

Market Impact of the STRK Airdrop

After the February 20 airdrop, a significant sell-off of STRK tokens ensued as large holders liquidated their positions. This resulted in a 60% price decline from its peak of $4.40 to $1.90 within just a few days. Currently, the STRK price is trading at $1.88 according to CoinGecko data.

Starknet’s actions to address eligibility concerns and refine the airdrop process underscore its dedication to ensuring fairness and inclusivity within its ecosystem. By engaging with stakeholders and making essential adjustments, Starknet aims to facilitate a smooth STRK token distribution process while mitigating any potential issues that may arise.