The StarkNet Foundation has announced plans to allocate 1.8 billion STRK tokens, the cryptocurrency used to trade in its services, for user rebates and provisons. According to the statement by the Foundation, the tokens will be distributed through an automated rewards and incentive system for purchasers of StarkNet’s products and services.
In the next five years, the Foundation expects to have around 8 billion STRK tokens in circulation. This allocation is meant to ensure that approximately 20% of the total tokens are held by the ecosystem of users and developers.
The Foundation aims to incentivize user participation and promote trust and loyalty to the StarkNet ecosystem. This should lead to a more prosperous and secure ecosystem that is protected from the volatility of cryptocurrency markets. It is also expected to create a large, active user base that will drive the demand of the STRK token.
In addition to user rebates, the Foundation plans to allocate tokens to the open source team, account management and product development teams, and for additional bonuses. Each allocated pool of tokens will be independent and subject to terms and conditions announced by the Foundation.
The tokens will be distributed over a period of several years and will be governed by a provison committee, composed of members from the Foundation, product leads, legal representatives and marketers. This committee will oversee and regulate the allocation of tokens in order to protect user interests and protect the StarkNet ecosystem.
The Foundation plans to use the proceeds in order to improve its products, services, and the ecosystem as a whole. The Foundation stated that it is committed to creating an open and transparent system and that this allocation of tokens is the first step to achieving that goal.