StarkNet’s 728 million token airdrop sparks STRK surge to $5 - CryptoCrazeNews

StarkNet’s 728 million token airdrop sparks STRK surge to $5

StarkNet’s 728 million token airdrop sparks STRK surge to $5

StarkNet’s 728 million token airdrop sparks STRK surge to $5

In the ongoing crypto airdrop season, one of the most awaited and largest airdrops is now live. Ethereum rollup Starknet has launched the 2024 largest airdrop, distributing a substantial 728 million tokens to approximately 1.3 million addresses.

Why STRK price surged to $5? (H2)

The pre-launch perpetual futures of Starknet’s token (STRK) are trading near $1.8 on the Decentralized Platform Aevo. However, following the STRK launch, due to its massive airdrop, it gathered a significant attention from both investors and traders. As a result, on Kucoin, the token price surged to $5 only to settle back to $3.50 in a volatile debut.

Starknet’s total supply of 10 billion tokens places its fully diluted value (FDV) at $35 billion. However, the current market cap, calculated by multiplying the circulating supply by the current price, stands at $2.32 billion.

Eligibility criteria for STRK token (H2)

The eligibility criteria for STRK tokens airdrop are as follows:

  • Early users of StarkNet and Ethereum are eligible.
  • StarkNet developers, community contributors, and StarkEx users are eligible.
  • Ethereum stakers, developers (select non-crypto open-source projects), as well as contributors, are eligible.

Notably, 50.1% of STRK’s supply is earmarked for the Starknet Foundation, allocated to community airdrops, grants, and donations. Early contributors and investors will receive 24.68%, while 32% is designated for StarkWare employees, consultants, and developer partners.

The distribution plan includes monthly unlocks over 31 months, starting from April.

StarkNet is like an extra layer built on top of Ethereum, akin to adding a roof. However, the purpose of this StarkNet layer built on Ethereum is to help decentralized applications (dApps) run faster and handle more tasks without compromising Ethereum’s efficiency and speed.

To process all these tasks successfully, StarkNet uses a special technology called “ZK-Rollup,” which handles, organizes, and processes numerous transactions together to save time and space.

Launched in November 2021, Starknet has swiftly gained traction, amassing nearly $55 million in total value locked, according to DefiLlama, reaffirming its role in addressing Ethereum’s scalability challenges.

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