StarkNet network, STRK has seen a significant drop in price by 17%, now trading at just under $2.0.
The native cryptocurrency of the StarkNet network, STRK, is experiencing significant selling pressure, which has resulted in a decrease of 17%, bringing the price down to just under $2.0.
The StarkNet (STRK) token briefly jumped to $3.5 when it first became available for trade on Tuesday, February 20. However, it could not maintain this increase and has since corrected roughly 50% of its high pricing.
A market cap worth $1.4 billion is now being held by the STRK token, which is currently trading at $1.95. The trading volume of STRK reached an astounding $1.6 billion on the first day of the listing of the cryptocurrency.
Support for StarkNet has been declared by several prominent cryptocurrency exchanges, including Binance. The major cryptocurrency trading platform, Binance has announced the addition of Starknet (STRK) to its services, including Binance Simple Earn and Binance Convert.
Additionally, on specific dates, Binance will incorporate STRK into Binance Margin, Binance Futures, and Binance Auto-Invest. This will increase accessibility and usage for traders and investors.
Binance Simple Earn in particular is now offering its members the opportunity to participate in STRK Flexible Products. As a result, it will make it possible for users to receive rewards through various investing options.
Lookonchain, a prominent provider of on-chain data analytics discovered a significant airdrop event involving 1,432,800 STRK tokens valued at $3 million.
Over 1,361 wallets received this airdrop, indicating widespread participation in the distribution of the digital assets. According to Lookonchain’s analysis, beneficiaries across 1,361 wallets transferred their allotted STRK tokens to a predefined wallet address identified as “0x027c…9078” after the airdrop.
According to the transfer behavior, it appears that recipients quickly claimed their airdropped tokens and then consolidated their holdings into a single wallet address. Starknet is a Layer 2 solution that provides scalability and maintains Ethereum-level security.
By generating STARK proofs off-chain and transferring them on-chain during transaction processing, it achieves this. StarkWare Industries, an Israeli blockchain company developed Starknet specifically to tackle Ethereum’s scalability issues.
Starknet accomplishes the validation of transactions on the Ethereum network by using STARKs, a cryptographic proof method. STARKs, in contrast to existing zero-knowledge rollup methods that make use of SNARKs, provide quantum robustness and promise a variety of benefits to scalability.
In addition, Starknet plans to allocate 50 million STRK tokens to the promotion of DeFi protocols, which will ultimately lead to an increase in Total Value Locked (TVL).
There is a possibility that these protocols, which operate on Starknet, will distribute additional tokens to users via airdrops.
The annual percentage yield (APY) for first staking is currently set at 12%, which encourages users to stake their tokens rather than sell them.
Despite this, some people expressed dissatisfaction that they did not receive the airdrop.