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The Starknet Foundation has announced an additional 50 million STRK for its DeFi Spring program, according to details Published on Monday.
DeFi Spring 2.0 is a new commitment from the Starknet Foundation to grow Starknet’s decentralized finance (DeFi) ecosystem, a layer 2 accumulator ecosystem for Ethereum.
DeFi Spring 2.0 Timeline
The new allocation follows a successful first effort in which the foundation allocated 40 million STRK to support DeFi projects. This new allocation brings the total amount allocated to the program to 90 million AUD.
DeFi Spring 2.0 will take place from July 1, 2024 to at least December 31, 2024.
The Starknet Foundation is collaborating with OpenBlock Labs to ensure that STRK is distributed fairly and equitably across four categories of protocols: DEXs, borrowing and lending, debits and options, and a new “other” category that will include “DeFi protocols that accept user deposits.”
Projects in the new category are also those that issue revenue or returns to users.
Growth of the Starknet ecosystem
The DeFi Spring program, which launched in February this year, saw Starknet distribute 14.4 million STRK over 16 weeks, reaching over 106,000 users. Starknet says the program, which aims to grow the DeFi ecosystem on the layer 2 blockchain network, has attracted 14 protocols.
According to today’s announcement, the initiative that has been ongoing over the past four months has helped generate significant economic activity within the L2 chain ecosystem.
Despite the difficult market conditions and Network problems The project faced a huge spike in its total value locked (TVL) after launching its STRK token.
Currently, the total value of assets held in Starknet smart contracts is $240 million. Devilama data This shows that this has grown sharply from around $54 million in February when DeFi Spring launched.
Projects participating in DeFi Spring include DEX protocol Ekubo, borrowing and lending platform Nostra, and Starknet’s first AMM mySwap.
