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Significant developments continue to emerge in the crypto market following airdrop events. Accordingly, Ethereum-based Layer-2 scaling solution Starknet managed to rise after the airdrop event and token launch at the beginning of the week. Starknet now stands out as the fourth Layer-2 project in the Ethereum ecosystem to cross the $1 billion Total Value Locked (TVL) threshold.
Significant Development in Starknet
Starknet, along with the STRK airdrop event and the subsequent token launch, has managed to secure a significant position in the crypto ecosystem. The protocol rewarded its initial users with more than 700 million tokens out of the 1.8 billion tokens allocated for the airdrop event.
The Starknet airdrop event concluded successfully, but there were a few inconsistent and previously unseen processes, such as some users receiving millions of STRK tokens. A sudden sell-off by some token holders led to a significant price drop after the launch. Like the launch of other known Ethereum Layer-2 networks, Starknet’s debut was eventually supported by many top-tier cryptocurrency exchange platforms, including Binance.
According to data from L2Beat, Starknet currently has a TVL of $1.31 billion, which is an increase of over 620% since its launch. Statistics show that Starknet is currently trailing only Arbitrum One with a TVL of more than $12.82 billion, OP Mainnet with $7.51 billion, and Manta Pacific, which stands out with $1.83 billion locked in smart contracts.
Starknet continues to make significant strides in Ethereum scalability using zk Rollup technology. This move has attracted many new capital inflows to the platform, including through top smart contracts such as Orbiter Finance and Rango Exchange.
What’s Happening with STRK?
The Starknet (STRK) token has faced significant selling pressure since its launch. At the time of writing, the token is trading at $1.92, up 1.27% in the last 24 hours. Despite some upward movements, data indicates that many airdrop recipients are still selling their tokens, and there has been a drop of more than 30% in trading volume, resulting in a trading volume of $293,675,333.
Amid these broad price declines, the launch of the STRK token has proven to be relatively successful, and its market value is currently calculated at $1.39 billion. As seen on Binance, with advanced contract trading integration, Starknet may overcome the ongoing downward trend in the near future.
