Starknet Faces User Exodus Amid Airdrop Dissatisfaction

Dissatisfaction Leads to Exodus

Starknet, a prominent Ethereum layer-2 blockchain, has witnessed a sharp decline in active users over the past week. This downturn comes as discontent brews among users regarding the Starknet Provisions Program airdrop.

Initial Surge and Subsequent Drop

After an initial surge in active users, peaking at over 220,500 on Feb. 14, anticipation for the airdrop was palpable. However, as details of the drop emerged, disillusionment set in, leading to a significant decrease in active accounts. By Feb. 19, the number dwindled to just over 84,000.

Grievances Over Airdrop Criteria

Users voiced discontent over the airdrop criteria, particularly the minimum wallet holding requirement. Those with less than 0.005 Ether in their account on Nov. 15, 2023, were excluded from token distributions, despite active participation on the network.

Concerns over Token Unlock Schedule

Additionally, the token unlock schedule has sparked controversy, with investors and early contributors set to receive a substantial portion of tokens just two months after launch. This accelerated unlock schedule has raised concerns about fairness and equitable distribution.

Impact on Total Value Locked

Despite the decline in active users, Starknet's total value locked remains significant, currently standing at $54.18 million. While this represents a slight drop from its peak, it underscores continued interest and engagement within the platform.