Starknet Launches DeFi Spring: A $40 Million Event
DeFi Spring is an event organized by the Starknet Foundation to invigorate the decentralized finance (DeFi) ecosystem on the Starknet network. In collaboration with OpenBlock Labs, this six to eight-month program aims to distribute 40 million STRK tokens (equivalent to over $50 million currently) to participating DeFi protocols.
Among the participants in this event are Ekubo, ZKX, JediSwap, SithSwap, StarkDeFi, mySwap, and 10KSwap.
Programs to Foster User Engagement on Each Protocol
The 40 million STRK tokens allocated to participating DeFi projects are used to incentivize activity and enhance liquidity within the Starknet ecosystem. DeFi protocols receive their share of tokens every two weeks, depending on the activity they generate and other performance metrics. These tokens must be used to power incentive programs aimed at rewarding users.
For instance, Ekubo distributes the received STARK tokens as premiums to its users. To be eligible for these premiums, users must deposit funds into liquidity pools, which expose them to annual percentage rates (APR).
An Additional 10 Million STRK Tokens
In addition to the 40 million tokens, the Starknet Foundation plans to allocate at least 10 million STRK tokens for future initiatives, including new grant and reward programs, as well as DeFi hackathons.
Starknet has also unveiled its Seed Grant program, which financially supports projects in the initial phase within the Starknet ecosystem with grants of up to $25,000.
Furthermore, StarkWare has launched the WolfPack initiative with an initial budget of 5 million STRK tokens to stimulate innovation and growth in the Starknet ecosystem. This initiative is open to both developers and content creators.
