With the recent release of Arbitrum Airdrop, there are more people farming the possible next big DeFi airdrops that may occur, some most successful people have made literal millions by doing this. It is expected that there will be more Sybil checks and counter-measures to prevent people from farming such massive sums in the future, however, that doesn’t mean you couldn’t get one account eligible for said airdrops.
Today’s topic will focus solely on Starknet and the potential of their airdrop commencing in the short future. I will lay down possible criteria and analysis below so you won’t be missing out on this one.
StarkNet is an advanced, secure, and scalable layer-2 solution developed by Starkware for Ethereum, designed to enable high-performance decentralized applications (dApps) by leveraging zero-knowledge proofs (ZKPs).
Previously I touched upon a live stream about Arbitrum criteria, which was for the most part quite accurate only downside being I held the stream after the cutoff date (I had however multiple accounts eligible for rewards).
In the past, I’ve been eligible for Uniswap, 1inch, Osmosis, Optimism, Evmos, dYdX, ENS, Pooltogether, Hop Protocol, Dappradar, Velodrome, Rubicon, Gas DAO, Zigzag, Collab Land, Space ID, and countless others, so you can put a lot of authority on me knowing about how these things usually work.
The Case Why Would Starkware Conduct an Airdrop?
So first an argument has to be made that Starknet would conduct an Airdrop instead of a Private/Public sale of their token – I mean they do not exclude one from the other, but in a historical context you see only one being done. So here are a couple of bullet point reasonings why Starkware would launch the starknet token (STARK)
- Token airdrops are the driving force for the adoption of the actual chain, by rewarding users you are getting loyalty and people will use your EVM chain instead of another one – in a lot of ways airdrops are done for two different reasons to Decentralize the chain and acquire customers
- Starknet is quite empty as of right now on their mainchain in terms of dapps and the TVL of the chain is ranked currently only 70th by Defillama, in order to get that up you need more users and incentives to provide liquidity
- Given that you are just an EVM Fork making a public/private sale likely wouldn’t be the most effective way to compete with other ZK and Rollup tech using EVM chains out there
- The team has acquired quite a lot of money already through investors, I do not think another sale is required for the token
Now one of the key pieces of evidence that I have used in the past to determine airdrops has been Paradigm, because they have been involved with so many protocols that have conducted airdrops, making me wonder if they are telling directly the projects to conduct them in secret….
Now this image is not fully updated to include the most latest entries in their investment portfolio. But out of the 64 entries in this list 13 have conducted an airdrop for their users which is 20.3% of the projects they invested in, which high likelihood that – Zora, Yield, Starknet, Phantom & Aztec basically be the next ones to issue airdrop for their users.
What to do in order to be eligible for the STRK Token
The first the most obvious thing is to get your wallets setup, you will be needing Metamask and a Starknet wallet (there are 2 options one being Braavos & other Argent X, I really think both of those wallets have the potential to issue an airdrop in future as well).
- After we have installed our wallets and stored our private keys/seed phrases (If you are looking for solid hardware wallets look here) and by storing I mean you got a physical copy somewhere whether it’s a metal plate or a diary book, not just hackable file in your PC…
- Next up we have to bridge money into Starknet mainnet (For lower fees you can opt-in for polygon for instance) by using the Starkgate bridge, I think this is fundamentally important that you will be using this one instead of a 3rd party bridge. It should take around ~10 minutes depending on the chain to deposit the money. You need to deposit ETH since that’s used for gas fees, in case that wasn’t clear
- There will be an activation fee initiated by the wallet at some point this is what happens when you have a new wallet that you are using.
- The next step is to start interacting with a bunch of different dapps in the ecosystem in order to be eligible for future drops
So let’s make a bit of a list of things that are likely going to be key criteria that the main team might consider when selecting who will get the airdrop and who won’t.
|– Have at least ~20 transactions on the account through multiple weeks not just 1 day or week|
|– Bridge at least +100$ worth of tokens via the Stargate bridge|
|– Join the official Starknet Discord and be active (Perhaps get some special member status if they have something like that in their discord)|
|– Run a Starknet node in mainnet/Testnet (Brief tutorial)|
|– Having over 1,000$ trading volume via different DEXs in the platform & Provide liquidity|
|– Register a StarknetID for at least a 1 year, do not buy a second-hand ID on an NFT marketplace|
|– Donate to Starknet-based projects via Gitcoin|
|– Deploy a Smart contract in the mainnet (might be included in developer rewards instead who knows..)|
|– Interact at least with 10 different smart contracts on the starknet blockchain|
|– Complete social media tasks at Zealy.io|
|– Hold at least over 300$ worth of assets on the chain, do not bridge assets out from starknet, especially ETH|
To be clear I’m not expecting you to fill ALL the above requirements, but it probably will calculate a higher reward if you have usually there might be 2-3 core requirements and everything else is a bonus multiplier. We can only speculate as of right now…
Interacting with Starknet Ecosystem for Dapp Specific Airdrops & For STRK Token
As the old proverb goes “Tree is known by its fruit” same applies to the blockchain ecosystems – the fundamental thing that brings value to Starknet as a whole is obviously the core dev, but also the external developers who are building dapps. It’s reasonable to believe that some of these dapps will be part of the criteria or they have their own criteria for their own drops, which is a good reason to get 2 birds with 1 stone.
Here is a breakdown of what dapps you should try – You can also watch the stream breakdown here!
Some of these dapps are in the alpha stage, bugs & exploits may occur so proceed at your own risk!
- Mintsquare – A NFT Marketplace with a function that allows you to mint your own NFTs as well (consider minting, selling, and buying at least 1 NFT)
- StarknetID – All-in-one identity service on starknet, so basically equivalent of ENS to this chain. Historically name services tend to conduct airdrops, make sure to buy one ID directly from here instead of from 3rd party market (or you can alternatively pick a second one)
- Aspect – Another NFT Marketplace, which doesn’t seem to support NFT creation, so you can only buy and sell stuff here including StarknetID’s
- Jediswap – The Most advanced and best-looking DEX in Starknet, if I was a betting man I would say this probably would go-2-go AMM on this chain on full launch, provide liquidity and make a couple of swaps
- MySwap – Another AMM protocol on starknet, do the same as above to be eligible for the potential dapp-based airdrop
- 10kSwap – Again do the same things above for potential eligibility at this airdrop
- Nostra – Lending application on Starknet, consider lending ~50$ worth of assets and maybe borrow the same sum, also time might be a factor here as well
♥ GAMING & GAMEFI
- Briq – Lego style metaverse game on starknet exclusively, has sold out all sales so far and they are available in 2nd markets
- Zklend – Do as many actions as possible since its a testnet so you aren’t using your real money anyway
- ZKX – Perpetual trading & swaps service, try to get 20 transactions done at least on the testnet
- Orbiter Finance – Perhaps use to bridge out Ethereum or other tokens from starknet
- Stargate Bridge – As said in the beginning this is gonna be a big factor for the main airdrop & also might want to consider the Goerli testnet too!
- Layerswap – Do a cross-chain transfer for possible eligibility
In case certain things weren’t clear here is just some general answers to common questions based on what we know.
Q: When we should expect the token to launch if it does?
- A: I would say by the earliest summer of 2023 I think there are multiple incentives to make launches happen during bullish times than bearish ones
Q: I haven’t interacted with the starknet chain at all, is it too late?
- A: I would say there is plenty of time long as you start before June 2023
Q: What is expected the launch price of the STRK token?
- A: If you see their Medium post about their allocations it shows that 49,9% of the supply is going to Investors and basically the team meaning that there will be very heavy dumping from founders and VCs IMO and 8% is unallocated which we assume half at least will go to users – this being said the token is designed to be used for gas which is good, however, it doesn’t have fixed supply and it will inflate. Based on my analysis there is no reason to believe that will be valued above Optimism or Arbitrum.
Q: Should we dump at Launch?
- A: If you manage to get the tokens very early before the initial dump starts to happen then I would say yeah. Tokenomics and giant VC/Team holdings cause eventual constant dumping of the price ultimately. So our plan at TDW is to dump and maybe rebuy later
That would be our breakdown for now. If we are missing some dapps or crucial information I urge commenting below