April 19, 2024
Starknet’s STRK Skyrockets to $7 on Binance as Millions Claim Tokens in Airdrop
Altcoins News

Starknet’s STRK Skyrockets to $7 on Binance as Millions Claim Tokens in Airdrop

Starknet, the Ethereum layer-2 scaling protocol, ignited a frenzy in the cryptocurrency market today as it commenced the distribution of its native network token, STRK, through a provisions portal. Within just 90 minutes of the portal’s launch, eligible recipients snatched up over 45 million STRK tokens, signaling a fervent demand for the asset.

The token’s value surged to over $7 upon its listing on Binance, with KuCoin not far behind as it surpassed the $5 mark. According to CoinMarketCap data, STRK was trading between $3 and $4, boasting a staggering market capitalization exceeding $2.1 billion.

Over 1.3 million wallets qualified for the Starknet token claim, encompassing Ethereum solo and liquid stakers, developers, users, and projects from both within and outside the Web3 ecosystem. To ensure transparency, a real-time dashboard tracking token distribution and claims is available, sourced from Voyager.

Source: Voyager 

The Starknet Foundation rolled out a dedicated portal to facilitate token provision and eligibility checks. With a whopping 700 million STRK tokens allocated across nine categories, intended for governance and transaction fees, the foundation also plans to introduce staking options for STRK holders in the future.

Being one of Ethereum’s prominent layer-2 solutions, Starknet employs zero-knowledge (ZK) rollup technology to execute transactions and smart contract functions off-chain. This innovation leverages cryptographic proofs submitted to Ethereum, maintaining the blockchain’s security guarantees.

Despite the excitement surrounding the airdrop, concerns were raised within the Starknet and Ethereum communities regarding eligibility criteria. Acknowledging feedback from users feeling overlooked, Starknet assured the community of addressing the issue promptly, demonstrating its commitment to inclusivity.

However, amidst the euphoria, stakeholders are cautioned to remain vigilant against potential scams and malicious links circulating within the wider cryptocurrency ecosystem. As Starknet’s STRK continues to captivate the market, users are urged to exercise caution and diligence to safeguard their investments.

Image by Mohamed Hassan from Pixabay

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