The crypto community is abuzz with the imminent launch of the StarkNet token, expected to become tradable within a week. According to sources, approximately 728 million tokens, constituting 7.3% of the total supply, are slated for distribution to the community through an airdrop. This event is highly anticipated as it represents a significant engagement with StarkNet's user base.
However, in a twist that has caught the attention of many, core contributors and investors are poised to receive almost double the amount of tokens compared to the community. Reports indicate that about 1.314 billion STRK tokens, or 13.1% of the total supply, will be unlocked in under two months after the token hits the market. The value of these tokens could be substantial, with pre-market trading prices suggesting an initial worth of around $2.2 billion.
The rapid unlocking schedule is tied to the token generation event that occurred in November 2022. Since then, the token has been used for governance purposes but was not transferable or tradable. This status is set to change next week when the token becomes fully operational.
Meanwhile, in regulatory news, Securities and Exchange Commission Chair Gary Gensler offered insights into the regulator's approach towards cryptocurrency Exchange-Traded Funds (ETFs). On Wednesday, Gensler hinted that despite approving spot bitcoin ETFs earlier this year, this should not be interpreted as a signal for how the SEC might react to similar products based on Ethereum or other cryptocurrencies.
Gensler emphasized that each filing is considered on its own merits and that any decisions would be made by the full commission after thorough discussion and review. His comments underscore the cautious and measured approach that the SEC is taking towards the evolving landscape of cryptocurrency investments.