ETH
by BSCN
February 20, 2024
The chaotic ride began with a surge in active users from under 20,000 to over 220,500, fueled by anticipation for the Starknet Provisions Program airdrop.
The Ethereum layer-2 blockchain, Starknet, witnessed a surge and subsequent freefall in active users, dropping by a staggering 65% within just seven days.
After reaching under 20,000 active users on February 9, the network reached an impressive peak of over 220,500 active users on February 14. This surge was attributed to the anticipation surrounding the Starknet Provisions Program airdrop.
However, the excitement was short-lived as Starknet shared details for its airdrop scheduled for February 20. The user base witnessed a dramatic decline, with just over 84,260 active accounts on February 19, a 65% drop from its peak.
As the platform prepared for a substantial airdrop at the time, unrest and controversy erupted among its users.
The heart of the matter lies in abrupt changes to the eligibility criteria for the upcoming airdrop, set to release over 700 million STRK tokens, equivalent to 10% of the total token supply.
The modifications resulted in disqualifications, including the rectification of over 900 ETH home validators and the distribution of over 6.9 million STRK to over 1,000 solo stakers.
Additionally, over 1 million STRK were set aside for potential future community allocation after addressing concerns about GitHub handle squatters.
Numerous users expressed frustration, claiming they missed out on token distributions despite significant transactions and liquidity contributions to the network.
For instance, a user named "Umaykut" vented on Starknet's Discord, expressing disappointment at being ineligible despite substantial transactions and liquidity additions.
In response to the outcry, Starknet acknowledged the concerns and stated that it is working to address the issues. However, it emphasized that a comprehensive resolution necessitates time for research, design, and testing.
Despite these challenges, Starknet's total value locked (TVL) remains near all-time highs, reaching around $55.48 million.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
Latest News
0h : 51m ago
OKX Ventures, The Open Platform, and Folius Ventures Launch $10M Telegram Growth Hub
October 29, 2024
Is Bitcoin Set to Soar Even Higher?
October 29, 2024
DWF Labs Dismisses Partner Amid Drink-Spiking Allegations in Hong Kong
October 29, 2024
Visa and FV Bank Debut New Debit and Expense Cards, Bridging Crypto and Fiat Global Payments
October 29, 2024
Bitcoin Surges Past $71,000: What Could be the Possible Reasons?
October 29, 2024
Hong Kong Expands Tax Incentives to Include Virtual Assets, Targeting Institutional Investors
October 28, 2024
Dogecoin Surges Amid Musk and Trump Connections
October 28, 2024
Could Robinhood’s U.S.-Only Election Market Predict Results Better by Excluding Foreign Influence?