Anticipated Starknet Airdrop Attracts Attention from Airdrop Farmers
An upcoming airdrop from Ethereum's layer-2 scaling solution, Starknet, is expected to see a significant influx of airdrop farmers. On February 15th, a developer from Yearn Finance revealed that a staggering 1,854 individuals purportedly altered or erased their Starknet addresses following a snapshot taken for the forthcoming airdrop distribution.
Starknet Foundation's Airdrop Plans
The Starknet Foundation has scheduled an airdrop of 728 million STRK tokens to be distributed among 1.3 million wallet addresses on February 20th. However, there are concerns that farmers may be manipulating the system, as over 1,100 of the renamed addresses share the same historical GitHub IDs. This phenomenon suggests that these addresses may be under the control of farmers. If these addresses are excluded, it could lead to a reduction of over 700,000 eligible wallets for the airdrop.
Airdrop Farmers and their Strategies
Airdrop farmers employ scripts that enable them to consolidate tokens into a small number of wallets, with the intention of selling them at a later date for a profit. This practice poses a challenge to the fairness and equitable distribution of the airdrop.
Starknet's Background and Participation
Launched in December 2022, Starknet is currently valued at $55 million in total value locked, with Nostra, a decentralized finance protocol, contributing 30% of this amount. The airdrop aims to benefit Ethereum stakers, Starknet developers/users, and Web3 projects. However, citizens from countries such as the US, UK, and those under sanctions will not be able to participate in the airdrop.
Challenges for Equitable Distribution
With the potential for a significant influence from airdrop farmers, there are concerns about how fair the distribution of the airdrop will be. The dominance of farmers may impact the intended benefits for other participants, and it remains to be seen how equitable the distribution will ultimately be.
Analyst comment
Positive news: The anticipated airdrop from Ethereum layer-2 scaling solution Starknet has generated significant participation from airdrop farmers.
Short analysis: The market may experience volatility as a result of the airdrop, with potential selling pressure from farmers who consolidate tokens. However, the distribution may not be equitable due to potential farmer domination, which could impact the value and perception of the tokens.
