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The Starknet (CRYPTO: STRK) token distribution kicked off with a bang.
What Happened: A staggering 5 million tokens were claimed in the first five minutes alone. This marks the start of a broader allocation process involving over 1.2 million eligible wallets, potentially making it one of the largest token distribution in the crypto market.
The non-profit Starknet Foundation — under the helm of CEO Diego Oliva — rolled out the token distribution via the Provisions portal. A total of 700 million STRK tokens are available for claim.
The tokens unlock various functionalities, including governance participation, transaction fee payment, and future staking opportunities.
There are also no lockups associated with this distribution, further fueling community excitement.
The distribution aims to reward a diverse range of individuals who have contributed to the Starknet ecosystem. Ethereum (CRYPTO: ETH) stakers are receiving allocations for the first time, alongside those who actively participated in early development, community events, and coding initiatives.
Early pioneers in the program can claim a significant 180,000 token allocation.
Why It Matters: The rapid claim rate in the first few minutes underscores Starknet's strong community backing. The enthusiasm is further reflected in the pre-launch trading of STRK perpetual futures on decentralized platforms like Aevo, where it started at $1.80.
The token price hit a high of $5 on Kucoin shortly after launch but has since settled around $3.50, showcasing early volatility.
"This is a momentous occasion for the Starknet community," said StarkWare CEO Eli Ben-Sasson said. "By putting power into the hands of our community, we open the door to future innovation and breakthroughs."
The distribution window remains open until June 20.
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Image: Courtesy of Starknet
