Starknetโs Native Token STRK Witnessing High Demand
Starknet, an Ethereum layer-2 scaling protocol, has launched its native network token, the STRK token, and it has seen a significant uptake since its release. Within the first 24 hours of the airdrop going live, over 71% of available tokens were claimed, with more than 490,000 individual users claiming 420 million tokens.
The price of STRK initially dropped from $5 to $1.77 but has since shown positive signs in the futures market, indicating bullish sentiment among investors. The token has been trading between $3 and $4 with a market capitalization exceeding $2.1 billion.
High Network Activity and Token Demand
During the airdrop frenzy, Starknet recorded a peak of 1.06 million daily transactions, surpassing other layer-2 networks like Arbitrum and Optimism. STRK serves as the native token for Starknet, which utilizes zero-knowledge cryptography to scale the Ethereum blockchain and improve transaction speeds.
The demand for STRK tokens is comparable to previous successful airdrops in the crypto space, such as Jupiterโs massive airdrop in January and Arbitrumโs first-day takeup in March last year.
Trading volume for STRK has reached $1.6 billion in the past 24 hours, and open interest has surpassed $150 million. Despite volatility, there are high levels of liquidity on exchanges like Binance.
Starknet Foundationโs Token Provision and Developer Incentive Program
The Starknet Foundation has released details about its token provision and launched a portal for individuals to check their eligibility and receive STRK tokens. The foundation has also announced a developer incentive program called โDevonomics,โ which allocates a portion of network fees to developers through transparent voting processes.
Starknet currently ranks as the ninth-largest layer-2 network by total value locked (TVL), with $137 million locked, according to industry analytics platform L2beat.
Hot Take: STRK Token Claims Surge to 420M in a Day as Starknet Blockchain Transactions Reach Record High
The launch of the STRK token by Starknet has seen a surge in demand, with millions of tokens claimed within the first 24 hours. Despite initial price fluctuations, positive sentiment among investors and high trading volumes indicate strong interest in the token. The network has recorded record-high transaction volumes, surpassing other layer-2 networks. The Starknet Foundation has also introduced a developer incentive program to empower decentralized app builders. Overall, the launch of the STRK token and the activity on Starknet demonstrate the growing potential and adoption of layer-2 scaling solutions in the crypto space.
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