Active users of layer-2 blockchain Starknet have decreased substantially over the past week due to mounting complaints regarding the airdrop of its Starknet Provisions Program.
Active users on the Ethereum layer-2 blockchain increased from below 20,000 on February 9 to over 220,500 on February 14, according to data from Starkscan. Users and airdrop producers flocked to the network to obtain an allocation.
However, after Starknet disclosed information regarding its February 20 airdrop, active users plummeted to levels comparable to those before the announcement. The network had slightly more than 84,000 active accounts on February 19.
Starknet users and its community have objected to airdrop eligibility requirements that disqualified individuals with less than 0.005 Ether in their account on November 15, 2023 (approximately $10 at the time) from receiving token distributions.
Several network users on X and the project’s Discord have reported that they could not receive token distributions despite completing transactions worth thousands of dollars and providing liquidity to the network because they needed more than the minimum amount in their wallets.
Starknet stated in a February 19 X post that it has received feedback that certain Provisions criteria “have excluded some network users.” The group added that “time is required to research, design, and test a resolution to these concerns.”
Another contentious aspect is the token unlock schedule, which awards early contributors and Starknet investors with 1.3 billion STRK (approximately 13 percent of the total supply) on April 15, just two months after the network’s debut.
The approximately 700 million STRK distribution on February 20 represents about 10% of the total supply.
On pre-market perpetual exchanges Aevo and HyperliquidX, STRK is trading for up to $1.98, indicating that its initial market capitalization could be approximately $1.38 billion.
Starknet has a total value of $54.18 million locked, down approximately 5.7% from its all-time peak of $57.5 million on February 14, despite a decline in active users, according to DefiLlama.
