- Starknet is facing a user exodus.
- The development comes after Starknet amended its airdrop policy.
- The number of active accounts has dropped to near pre-announcement levels.
Ethereum Layer -2 scaling network Starknet is facing a dramatic decline in active users on its platform ahead of a major token airdrop.
Slated for February 20, the airdrop aims to distribute over 700 million STRK tokens to nearly 1.3 million addresses. A day before users could claim the airdrop, Starknet suddenly revised the eligibility criteria. This did not sit well with some participants, resulting in a mass exodus.
Starknet Active Addresses Disappear in Droves
On February 19, the Starknet Foundation amended the eligibility criteria for its much-anticipated airdrop. It introduced abrupt changes, such as distributing over 6.9 million STRK to “1,000+ solo stakers who were previously mislabeled.”
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The foundation also announced a “correction to an issue that resulted in eligibility to ~1900 GitHub handles that were changed after a snapshot was taken and that was squatted on following the Provisions announcement.”
While these changes addressed what the foundation termed “community feedback,” they quickly drew backlash.
Following the announcement, the number of Starknet active users plunged to near pre-announcement levels, with Starkscan showing only 84,260 active accounts as of February 19. The number is down 57% in the last seven days after quickly thinning out from 196,910 on February 13.
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Meanwhile, despite the sudden user exodus, Starknet’s total value locked (TVL) remains near all-time high levels, hovering at around $186,767,078 as of press time.
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