Recently making headlines, Starknet seems to be facing a major issue ahead of its upcoming airdrop. The number of active users on Starknet has significantly decreased until February 20, 2024, reaching the lowest level seen in a long time. This noticeable drop occurred after a major backlash that emerged last week. It is useful to remind that the platform is in the midst of a significant airdrop process during this period.
Starknet Token Airdrop Process
The current situation is associated with the process announced in recent days, where the eligibility for the airdrop is being assessed. The airdrop happening today will release more than 700 million STRK tokens, marking 10% of Stark’s total token supply. However, before this process, some users waiting to receive STRK tokens were surprised to find out they were ineligible.
The changes in eligibility conditions were met with criticism by project participants. Participants criticized Starknet’s eligibility prerequisites and the company’s approach to unlocking token locks. Starknet acknowledged the dissatisfaction by stating, “We hear feedback that some special community members and network users are left out due to certain Terms criteria.” They emphasized a commitment to finding a “meaningful solution” but noted that this process requires time for research, design, and testing.
“We hear feedback that some special community members and network users are left out due to certain Terms criteria.” They emphasized a commitment to finding a “meaningful solution” but noted that this process requires time for research, design, and testing.
Contrast Between TVL and User Numbers
Known for his comments on cryptocurrencies, Banteg, on X (formerly known as Twitter), highlighted that 2,000 users who were eligible for the airdrop reshaped their accounts after screenshots related to eligibility were taken.
Starkscan, known for providing data on Starknet, detected a visible 90% decrease in the number of active users. According to the platform’s statement, it had reached 225,000 active users on February 13. On the other hand, as of the time of writing, the number of active addresses had fallen to 25,000.
Despite the dramatic drop in user numbers, the platform’s total locked value (TVL) seemed to have risen to an all-time high of 185 million dollars.
As the planned Starknet airdrop later today draws closer, the drama unfolding specifically for the project once again confronts investors with the irregular and often unpredictable nature of airdrops in the world of cryptocurrency.
