Starknet Commences Distribution of STRK Tokens; Over 45 Million Claimed in the First 90 Minutes
Summary:
On February 20, Ethereum layer-2 protocol Starknet launched the distribution of its native token, STRK, with more than 45 million tokens claimed during the first 90 minutes. The novel token was also traded across several major exchanges. Eligibility for claiming STRK extends to 1.3 million wallets, including Ethereum stakers, Starknet users, and developers from the Web3 ecosystem. Starknet, known for pioneering zero-knowledge rollup technology, plans for STRK tokens to be used for governance and transaction fees and has future plans for staking.
Starknet, an Ethereum layer-2 scaling protocol, commenced the distribution of its indigenous network token on February 20th, with a substantial intake of the newly launched tokens. The initial allocation saw well over 45 million STRK tokens secured during the first 90 minutes, according to in-the-moment data monitoring the event. These tokens also started trading across numerous prominent exchanges right away. Following their listing on Binance, STRK tokens were valued at over $7 and over $5 on KuCoin as they made their debut in the large-scale crypto market. CoinMarketCap data revealed STRK being traded between $3 and $4, boasting a market capitalization of more than $2.1 billion. Over 1.3 million wallets, including Ethereum stand-alone and fluid stakers, Starknet developers and users, and outsider developers and projects from the Web3 ecosystem, are qualified to claim the native Starknet token. A real-time dashboard has been tracking the distribution and claiming of STRK tokens. To add, Starknet Foundation has disclosed a blueprint of its token provision coinciding with the launch of a special portal that assists individuals to verify their eligibility and obtain STRK tokens. It has been planned that more than 700 million STRK tokens will be distributed across-nine categories for governance and transaction fees purposes. Starknet intends to initiate staking of STRK tokens later on. Starknet is among the major L2s of Ethereum that were the pioneers of the zero-knowledge rollup (ZK-rollup) technology. This technology allows transactions and smart contract features to be processed off-chain, while cryptographic proofs are given to Ethereum for acquiring the security guarantees of its foundational blockchain. The layer-2 scaling protocol has also clarified queries regarding the eligibility criteria of the STRK airdrop, raised by the Ethereum and Starknet communities. Starknet's user base has grown considerably recently, partly due to potential STRK recipients and airdrop farmers striving for eligibility. Starknet acknowledged the community concerns over certain Provisions criteria and is developing a solution for users who were not declared eligible. It also warns the global crypto market to be mindful of potential scams and harmful links.
Published At
2/20/2024 4:59:49 PM
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