Starknet, the Ethereum layer-2 scaling protocol, commenced the distribution of its native network token on 20th February, with millions of tokens claimed upon the launch of the provisions portal.
Real-time data monitoring the claims indicated that eligible users had acquired more than 45 million STRK tokens within the initial 90 minutes of the allocation.
The token began trading on several major exchanges.
STRK was traded at over £5 following its listing on Binance and exceeded £3 on KuCoin as the tokens permeated the broader cryptocurrency ecosystem.
CoinMarketCap data revealed STRK trading between £3 and £4, with its market capitalisation valued at over £2.1 billion.
More than 1.3 million wallets are eligible to claim Starknet’s native token, including those of Ethereum solo and liquid stakers, Starknet developers and users, as well as projects and developers from outside the Web3 ecosystem.
The Starknet Foundation has released an overview of its token provision alongside the launch of a dedicated portal that enables individuals to verify their eligibility and acquire STRK tokens.
Over 700 million STRK tokens are poised to be allocated across nine categories and will be utilised for governance and transaction fees. Starknet intends to introduce staking of STRK tokens in the future.
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Starknet is among Ethereum’s principal L2s that pioneered zero-knowledge (ZK) rollup technology.
The protocol facilitates the processing of transactions and smart contract functions off-chain, with cryptographic proofs submitted to Ethereum to access the security guarantees of its underlying blockchain.
The layer-2 scaling protocol has also addressed concerns raised by Starknet and Ethereum community members regarding the eligibility criteria for the STRK airdrop.
Starknet’s active users surged in recent weeks as prospective STRK recipients and airdrop farmers sought eligibility for the campaign.
A statement from Starknet subsequent to the launch of the provisions portal acknowledged feedback from community members and network users who felt “overlooked due to certain Provisions criteria.”
The Starknet Foundation affirmed that it was working on a resolution for users who were not deemed eligible.
The broader cryptocurrency ecosystem has also been cautioned to remain vigilant against scams and malicious links.
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