StarkWare has delayed the first unlock of its native StarkNet (STRK) token by over 5 months
Ethereum Layer 2 developer StarkWare has announced a significant delay in the unlocking of its native StarkNet (STRK) token. Originally scheduled for November 29, 2023, the first token unlocks have been pushed back by over five months to April 15, 2024, according to a transaction on Etherscan.
StarkWare’s decision to postpone the token unlock date has raised eyebrows and prompted questions within the cryptocurrency community. The delay comes at a time when expectations were high for the project and its STRK token, and it has left users unable to transact with STRK as the tokens remain locked.
A spokesperson from StarkWare responded to the delay, saying, “We are focusing on building the technology. We are updating the roadmap as needed, and this includes an update to lockup.” While the team emphasized their commitment to technological development, the reasons behind this delay were not disclosed in detail.
StarkWare’s STRK token is part of a total supply of 10 billion tokens. However, it remains unclear how many tokens will continue to be locked, and users are left with uncertainty about the project’s future. The initial token unlocks were intended to be distributed to key contributors and the project’s team.
StarkWare’s journey in the crypto space has been marked by significant investments and valuations. In May 2022, the project was valued at a staggering $8 billion after raising $100 million in a Series D funding round led by Greenoaks Capital and Coatue. StarkWare had previously attracted early investments from Three Arrows Capital (3AC), which poured $75 million into a Series B round and an additional $50 million in a Series C round.
However, the bankruptcy of Three Arrows Capital had a ripple effect on StarkWare’s financial landscape. Asset management firm Teneo took over their assets, including their investment in StarkWare. The delay in unlocking StarkWare’s tokens now directly impacts Teneo’s asset recovery efforts.
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