StarkWare Reschedule StarkNet Token Unlocking to April 2024
In Brief
StarkWare has postponed the StarkNet (STRK) token unlock from November 2023 to April 2024 to prioritize technological development.
StarkWare, the developer behind Ethereum’s Layer 2, has decided to reschedule the initial unlocks of its native StarkNet (STRK) token. Previously set for November 29, 2023, the new unlock date is April 15, 2024.
This change, confirmed by a recent Etherscan transaction, underscores the firm’s emphasis on its technological roadmap. A representative from StarkWare remarked on their commitment to technology advancement and necessary roadmap alterations, which encompass the token unlock timetable adjustments.
StarkNet Token Dynamics and Use Cases
Launched in November 2022, the STRK token operates on the Ethereum blockchain and boasts a total supply of ten billion. The primary functionalities of these tokens include transaction fee processing, network governance, and staking within StarkNet. In alignment with StarkNet’s decentralization vision, the StarkNet Foundation holds a majority (over 50%) of the STRK token supply.
As of May 2022, StarkWare achieved an impressive valuation of $8 billion, further bolstered by a successful $100 million Series D fundraising round with key investors like Greenoaks Capital and Coatue.
Originating in 2017, StarkWare introduced two main products to the crypto space: StarkEx, an Ethereum scaling engine designed for specific tasks, and StarkNet, a decentralized ZK-rollup facilitating smart contract deployments. These solutions aim to amplify Ethereum’s transaction capabilities and diminish associated gas fees. Notably, various cryptocurrency ventures, such as Sorare and Immutable, have integrated StarkWare’s innovative technologies.
🚨@StarkWareLtd delays first token unlock of $STRK to 15April2024
— CryptoTelugu (@CryptoTeluguO) October 4, 2023
🤔As per The Block: token unlock belong to team tokens(not to public)
🤔So Airdrop still on schedule? Coming by end of 2023?
📆Actual schedule of unlock was 29Nov2023
😉Lets hope for Airdrop in Nov
💙Like
🔁RT https://t.co/TBWdPOtxQh pic.twitter.com/nhVPBDZa0G
Implications for Three Arrows Capital and Teneo
Previously a significant player in the crypto hedge fund scene, Three Arrows Capital’s bankruptcy has led to certain complications for StarkWare. Three Arrows Capital was a notable investor in StarkWare and, following its financial downturn, Teneo assumed control of its StarkWare tokens as of December, based on the original transaction terms.
This transition and StarkWare’s decision to delay the STRK token unlock could introduce challenges for Teneo’s asset retrieval endeavors.
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About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
