[Serenity Premium] DeFi Spring on StarkNet [Initial Review Feb 2024]

Starknet made a $1.4 billion airdrop two weeks ago and brought much attention back to this project. Soon after that, Starknet announced DeFi Spring, an incentive program similar to Arbitrum's STIP, with the aim of promoting DeFin on Starknet. This article looks at some of the DeFi protocols included in the DeFi Spring program and the user experience of Starknet in general.

The Starknet DeFi Spring

Starknet announced that another 40m $STRK token (in addition to the airdropped 700m) will be distributed to protocols participating in the DeFi Spring. As required, the protocols need to "distribute all the STRK they receive to their users". The program will be 8-months long, so each month there will be 5m $STRK, worth approximately $10m to be distributed every month, on a biweekly basis.

There are only 19 DeFi protocols to start with, per Defillama, on Starknet. The TVLs are not a lot -the number 10 Carmine Options already has a small TVL of $0.1m.

Most of the above protocols are included in the DeFi Spring. From now to 7 March (the first 2-week epoch), there will only be 8 DEXes participating. Later, lending protocols and options/perps will be added. Having said this, it's probably a good time to launch some DeFi protocols on the platform now. The full list is here, and the below are the 8 DEXes.

How to Qualify For $STRK and Which One Should You Go

Interestingly, all the DEXes now set almost the same rule for qualifying $STRK in the DeFi Spring. It's basically providing liquidity to the four pools: STRK-ETH, STRK-USDC, ETH-USDC, USDT-USDC. For example, in Ekubo, the rewards will be given to the below pools.