Starknet’s Enormous Airdrop: Allocating 728 Million Tokens to 1.3M Addresses
Starknet, the layer-2 network of Ethereum, has made history by initiating an innovative airdrop, distributing 728 million tokens to 1.3 million addresses. This airdrop is widely regarded as the largest one so far this year, with the pre-launch price of Starknet’s STRK tokens on Aevo reaching $1.80.
Despite experiencing a surge to $5 on Kucoin after the release, the price eventually settled at $3.50. With a total token supply of 10 billion, STRK boasts an impressive fully diluted value of $35 billion. However, considering the circulating supply and price, the current market capitalization stands at $2.32 billion.
In terms of token allocation, 50.1% goes to the Starknet Foundation, 24.68% to early contributors, and 32% to StarkWare employees and partners. These tokens will gradually unlock on a monthly basis over a span of 31 months, starting from April. Since its launch in November 2021, Starknet has accumulated a total value locked of nearly $55 million, as reported by DefiLlama.
Several major players in the industry have shown their support for Starknet. Amber Group has acquired 1 million $STRK tokens, depositing 200,000 of them on Bitfinex. This acquisition demonstrates their confidence in Starknet’s ecosystem. Wintermute and Flow Traders have also followed suit by injecting liquidity with investments of 2 million and 2.5 million $STRK tokens, respectively. The involvement of these prominent firms like Amber Group, Wintermute, and Flow Traders adds credibility and liquidity to the $STRK market.
However, despite these positive developments, Starknet has experienced a drop in active users recently, mainly due to controversies surrounding the Starknet Provisions Program airdrop. The number of active users initially surged from under 20,000 to over 220,500 on February 14th but dropped to around 84,000 on February 19th. The controversy revolves around the criteria for the airdrop, which excluded users with less than 0.005 Ether in their accounts on November 15, 2023.
Starknet acknowledges these concerns and has pledged to address them. Another point of contention is the token unlock schedule, which rewards investors and contributors with 1.3 billion STRK in April, just two months after the launch. Despite the decrease in user activity, the total value locked in Starknet remains at $54.18 million, indicating ongoing market activity and interest.
Overall, the airdrop of STRK tokens utilized contracts on Starknet, Ethereum, GitHub, and StarkEx. Market analysts are closely evaluating the trajectory of $STRK in comparison to tokens like $TIA and $ARB. The participation of major market makers has sparked discussions on the potential impact on $STRK’s momentum and future performance.
Tags:
Altcoins
Price Analysis