The Starknet Foundation is thrilled to announce the commencement of the Starknet DeFi Spring – a groundbreaking initiative aimed at fostering decentralized finance (DeFi) growth on the Starknet platform. This six to eight-month program will distribute a total of 40 million STRK tokens to participating DeFi protocols.
Fair and Equitable Distribution
The DeFi Committee within the Starknet Foundation has meticulously planned the distribution process. Every two weeks, a fresh batch of 40 million STRK tokens will be allocated to DeFi protocols operating on Starknet. To ensure fairness and transparency, the Starknet Foundation has collaborated with OpenBlock Labs to design a program that considers network activity, protocol compliance, and performance metrics.
Dynamic Allocations
The allocation process is dynamic, allowing adjustments based on the evolving needs and contributions of protocols within the ecosystem. As participating protocols demonstrate their value, they will receive their share of STRK tokens. The program is expected to run until October 2024, benefiting eligible protocols across decentralized exchanges (DEXs) and the broader DeFi landscape.
Protocol Incentive Programs
Each participating protocol will receive its allocation of STRK tokens and will design, announce, and execute an incentive program for users on their platform. These programs will reward users with STRK tokens, fostering engagement and growth within the DeFi ecosystem.
Claim Your Rewards
Starting from February 22, 2024, participating protocols will kick off their incentive programs. Users will be able to claim their STRK token allocations from these protocols by March 7, 2024. Keep an eye out for specific communications from each participating protocol to learn how to participate.
Quests Campaign and NFT Rewards
To celebrate the start of Starknet DeFi Spring, the Starknet Foundation is launching a Quests campaign. Users can complete on-chain tasks and earn experience points (XP). For each completed quest, users will receive a unique NFT artwork as proof of completion. These NFTs are exclusive rewards tied directly to quest completion.
Future Initiatives
The DeFi Committee has reserved 10 million STRK in its budget for new initiatives later in Q2 or Q3 of 2024. Potential programs include DeFi hackathons, project grant initiatives, and short-term incentive programs.
Official Website
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