Starknet extends $52M DeFi spring campaign with STRK tokens

Starknet (CRYPTO:STRK), an Ethereum (CRYPTO:ETH) Layer 2 network, has announced the extension of its DeFi Spring campaign, offering up to 90 million STRK tokens valued at approximately $52 million to incentivize participation in its decentralized finance ecosystem.

“Starknet liquidity providers are powering our DeFi ecosystem; therefore, DeFi Spring will continue until at least the end of the 90M STRK budget,” the official Starknet account stated.

This initiative is part of Starknet's broader strategy to enhance its DeFi offerings and attract more protocols. 

To participate, protocols must complete a form and await contact from the Starknet Foundation regarding their eligibility.

Qualified protocols will receive bi-weekly incentives to provide STRK liquidity on their platforms, with allocations based on performance metrics.

The first round of the DeFi Spring program launched on February 18 and concluded on June 20, distributing 14.4 million STRK to over 106,000 users across 14 participating protocols.

Following its success, a second round commenced on July 1 with an additional budget of 50 million STRK, bringing the total available to 90 million STRK.

Protocols are categorised into four main areas: Decentralized Exchanges (DEXs), Borrowing & Lending, Perpetuals & Options, and a catch-all category for other DeFi protocols accepting user deposits.

Eligible assets include STRK, ETH, USDT (CRYPTO:USDT), USDC (CRYPTO:USDC), DAI (CRYPTO:DAI), and wrapped tokens like wBTC (CRYPTO:WBTC) and wstETH (CRYPTO:WSTETH).

Additionally, the second phase features Non-Fungible Tokens (NFTs) for participating users, which can be claimed based on the amount of STRK earned.

Despite regulatory uncertainties surrounding cryptocurrencies in India and globally, Starknet's initiatives reflect a growing trend towards integrating digital assets into corporate strategies.

As Starknet continues to develop its DeFi ecosystem, the extended DeFi Spring campaign aims to foster innovation and participation among various protocols. 

The program is set to run until the allocated budget is exhausted or until December 31, 2024.

At the time of reporting, the Starknet price was $0.6065.