StarkWare, an Ethereum Layer 2 developer, has postponed the initial unlocks of its native StarkNet (STRK) token from Nov. 29, 2023, to Apr. 15, 2024. The delay affects tokens held by core contributors, early supporters, and employees.
The STRK token was launched on the Ethereum blockchain in November 2022 with a total supply of ten billion. The tokens are primarily used for transaction fees, governance, and staking on StarkNet. To fulfill StarkNet's decentralization proposal, the StarkNet Foundation retains over half of the total STRK supply.
Despite a valuation of $8 billion and investments from entities such as Three Arrows Capital, StarkWare's key products - StarkEx and StarkNet - continue to be utilized by several crypto projects to enhance transaction efficiency and minimize gas fees.
The bankruptcy of Three Arrows Capital and Teneo's control over its StarkWare tokens does not necessarily imply a consistent delay pattern for future token unlocks.
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