Starknet launches its STRK Token with impressive market debut

In one of the most anticipated events of the year in the cryptocurrency space, Starknet, an Ethereum rollup, marked its triumphant entry by distributing an impressive 728 million STRK tokens to approximately 1.3 million addresses. This initiative is seen as the biggest airdrop of 2024, capturing the attention of investors and sector enthusiasts.

Prior to the official launch, STRK pre-launch perpetual futures were trading at $1.80 on Aevo, a decentralized futures platform. However, the game changed quickly as the token’s price skyrocketed from $0.20 to $5 shortly after its launch. Despite a volatile opening that saw the price retreat to $2.00, enthusiasm surrounding the new token remained high.

At the time of publication, the price of STRK was quoted at US$2.03, up 900% in the last 24 hours.

With an initial total supply of 10 billion STRK, the fully diluted value (FDV) of the token reaches the $35 billion mark. On the other hand, the real market capitalization, based on the circulating supply multiplied by the current price, registers a substantial value of 2.32 billion dollars.

The Starknet Foundation has reserved 50.1% of the total STRK supply for airdrops, grants, and community donations, showing a strong commitment to the user and developer ecosystem. Meanwhile, 24.68% of the supply went to early contributors and investors, and 32% to employees, consultants and developer partners at StarkWare, the company behind Starknet.

A notable feature of Starknet is its zero-knowledge encryption technology, which allows decentralized applications (dApps) to scale efficiently on the Ethereum blockchain. This is accomplished by grouping off-chain transactions into a single proof, which is then sent to Ethereum for processing. This approach not only speeds up transactions but also significantly reduces fees, addressing one of the main bottlenecks of the Ethereum network.

As a layer 2 solution, Starknet stands out for offering significant improvements in the efficiency and scalability of the base blockchain, promising a more agile and cost-effective future for decentralized transactions and applications.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.