Starknet Resolves STRK Token Airdrop Issues for Immutable X and ETH Pool Stakers

Starknet, the Ethereum layer-2 blockchain, is making changes to its token unlock schedule by allowing eligible users to claim their tokens in the next airdrop round. The Starknet Foundation, which supports the network, has been facing criticism from pre-Merge ETH stakers and Immutable X users who were supposed to receive tokens in February but encountered technical issues. The foundation asserts that these issues have been resolved, and users can now begin claiming their tokens in April.

One of the problems faced by Starknet was an inaccurate list provided by Immutable X, which mistakenly classified many Immutable X users as VeVe users. To differentiate between the two groups, the list was intended to identify self-custody IMX addresses and wallets associated with VeVe users. Since VeVe holds its users’ private keys, airdrop-eligible VeVe users did not have the necessary information for the claims process. Therefore, Starknet distributed the tokens through the NFT platform.

The list has now been rectified, and Immutable X users who conducted eight or more transactions before June 1, 2022, can claim their airdrop. Starknet is still working with the VeVe team to determine the airdrop process for VeVe users.

Another issue arose for pooled ETH stakers, as the staking protocols were unable to airdrop tokens to eligible users. Starknet attributes this problem to various causes. Some staking protocols have provided Starknet with a list of users eligible for the airdrop in April.

Starknet has made several adjustments to its airdrop schedule, including changing it in February to address concerns of investors dumping their holdings on retail users. Instead of a single large drop scheduled for April, the plan now involves smaller and spaced-out distributions over three years, benefiting both early contributors and investors.

The initial STRK airdrop in February received criticism from Starknet users who claimed to be ineligible despite having conducted transactions worth thousands of dollars. They missed out because the eligibility criteria required them to hold at least 0.005 ETH, equivalent to around $10, at the time of a snapshot on November 15, 2023. Following the airdrop, large STRK holders sold off their tokens, causing a 60% drop in price from its peak of $4.40 to $1.90 in just over two days. The price of STRK has since struggled to recover and is currently trading at $1.88.