The distribution of 728 million Starknet tokens, dubbed STRK, to approximately 1.3 million addresses marks a significant milestone in what is hailed as the largest airdrop of the year within the Ethereum rollup community.
Prior to its official launch, STRK’s pre-launch perpetual futures on Aevo, a decentralised futures platform, were trading at $1.80. However, upon its release, the token quickly surged to $5 on Kucoin, only to experience volatility, settling back to $3.50 shortly thereafter.
With an initial total supply of 10 billion tokens, STRK’s fully diluted value (FDV), representing the theoretical market capitalization if all tokens were in circulation, stands at an impressive $35 billion. However, its current market cap, based on the circulating supply and current price, is valued at $2.32 billion.
A significant portion of STRK’s supply, 50.1%, has been earmarked for the Starknet Foundation for various community initiatives, including airdrops, grants, and donations. Additionally, 24.68% of the total supply will be allocated to early contributors and investors, while 32% has been designated for StarkWare employees, consultants, and developer partners.
Token unlocking will occur monthly over a span of 31 months, commencing in April, adding a layer of liquidity to the market over time.
Starknet operates as a layer-2 network leveraging zero-knowledge cryptography, enabling decentralised applications to scale on the Ethereum blockchain by processing transactions off-chain and submitting proofs to Ethereum, thus facilitating faster transactions and reduced fees.
Layer 2 networks, such as Starknet, are built atop base blockchains (layer 1) to alleviate congestion and enhance scalability. Since its launch in November 2021, Starknet has amassed nearly $55 million in total value locked (TVL), as reported by DefiLlama, signifying its growing significance within the DeFi ecosystem.