Starknet Token (STRK) Makes Impressive Debut with $1.5 Billion Market Cap
The native cryptocurrency of Starknet, STRK, had a strong start as it reached a trading high of $3.66 on its opening day. However, it retraced over 7% as some airdrop recipients decided to take profits after months of farming and contributing to the ecosystem. Despite the dip, STRK still boasts an impressive $900 million in trading volume and is available for trading on popular decentralized exchanges like Uniswap and centralized venues such as Binance.
- Starknet plans to distribute 700 million STRK tokens to 1.3 million wallet addresses.
- Over five million STRK coins were claimed within minutes of the claiming portal’s opening.
- Recipients claimed around a million tokens per minute during the initial 30 minutes.
The distribution of the STRK tokens puts power into the hands of our community. The future is bright for our decentralized blockchain that caters to many individuals rather than just a few.
– Eli Ben-Sasson, StarkWare CEO
Eligible wallets have four months to claim their tokens, with no lockup period. Holders can also use STRK to pay for transaction fees thanks to its approval as a native gas token on Starknet’s Ethereum-based L2 scaling solution.
Starknet Airdrop Woes
Before the claiming portal opened, active addresses on Starknet peaked at around 225,000 but fell by nearly 57% to just over 84,200 users. This decline was likely due to backlash from community members who felt that the airdrop allocation was unfair to some users.
- Starknet received criticism for rewarding thousands of tokens to an airdrop farmer who only spell-checked text on the project’s GitHub.
- Some participants missed out on the airdrop because they had less than 0.005 Ether (ETH) in their wallets when the snapshot was taken.
In response to these complaints, the Starknet team implemented important updates based on feedback from the community.
Hot Take: STRK Shows Promising Potential Despite Airdrop Controversy
While the Starknet airdrop faced some challenges and backlash, the impressive debut of STRK demonstrates its potential as a valuable cryptocurrency. With a strong trading volume and availability on popular exchanges, STRK has already gained significant attention in the crypto market. The distribution of tokens to a large number of wallet addresses puts power in the hands of the community, fostering decentralization and inclusivity. As Starknet continues to address concerns and improve its ecosystem, STRK has the opportunity to become a prominent player in the crypto industry.
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