Starknet Resolves STRK Token Airdrop Challenges: Here's What To Know
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Starknet Addresses Classification Discrepancy

Starknet, the Ethereum layer-2 blockchain, is set to rectify the technical issues that eligible Immutable X users and Ether (ETH) stakers face in claiming their STRK tokens. Accordingly, the Starknet Foundation announced that the problem is being addressed, and eligible participants can claim their STRK tokens starting next month.

One of the major challenges was wallet address mix-ups, which Starknet later identified. The list provided by Immutable X inaccurately classified many users, particularly those associated with the NFT platform VeVe.

This led to confusion and hindrances in the claims process. With the list now rectified, Immutable X users who meet the eligibility criteria, such as performing eight or more transactions before June 1, 2022, can claim their airdrop.

Similarly, Starknet encountered difficulties in airdropping STRK tokens to pooled ETH stakers due to issues within the staking protocols. As a result, several staking protocols have collaborated with Starknet to compile a list of eligible users to enable them to claim their airdrop in April.

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Adapting Airdrop Strategies

This latest development marks another adjustment in Starknet’s token unlock schedule, following previous modifications aimed at mitigating concerns regarding the potential dumping of tokens by whales. Recall that Nethermind, an Ethereum infrastructure company and individuals involved in airdrop farming, sold off a significant amount of the airdropped token, totaling millions of dollars in value, on February 22.

Lookonchain discovered a similar incident involving an airdrop hunter on February 21, when around 1,400 wallets transferred 1.4 million airdropped STRK, or roughly $3 million, to a single address. This revised schedule seeks to ensure a more equitable distribution of STRK tokens over three years instead of a single large drop initially planned for April.

Multiple Critics

However, the STRK airdrop has not been without criticism, particularly regarding eligibility criteria. Many users expressed frustration at being deemed ineligible despite significant transaction activity.

Also, the requirement to hold a minimum of 0.005 ETH at the time of a snapshot on November 15, 2023, meant some users missed out on the airdrop. The aftermath of the February airdrop was a significant sell-off by large STRK holders, resulting in a steep decline in the token’s price.

Within two days, the price recorded a 60% fall from a peak price of $4.40 to around $1.90. Since then, STRK hasn’t traded close to its peak price levels. According to Coinmarketcap data, it trades at $2.04 and is up 11.61% in the last 24 hours. Despite the criticisms and the challenges, this recent announcement is a huge relief for eligible token holders and a sign that the Starknet team remains committed to the project.

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George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.

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