Sui, Pyth Network, Avalanche, Arbitrum and Aptos are set to release vested crypto tokens in May, according to data tracker Token Unlocks.
Avail Data Availability Integrated by Arbitrum, Optimism, Polygon, StarkWare, ZkSync
The chains’ users will be able to opt in or out to use Avail for data availability, to stash the reams of data produced for all their transactions taking place.
Starknet, an Ethereum Layer 2, Plans ‘Parallel Execution’ to Mimic Solana’s Speed Feature
The new feature, described as “multitasking for rollups,” is on Starknet’s project road map for the second quarter of 2024, released Wednesday.
Debating Dencun: Will Ethereum’s Big Update Help or Harm the Network?
While Ethereum’s rollup-centric roadmap could help the ecosystem reach new levels of scale, some developers think relying on third parties to improve access to Ethereum could backfire.
Ethereum Fees Set to Drop for Arbitrum, Polygon, Starknet, Base. But How Much?
Leading figures behind layer-2 teams told CoinDesk how Ethereum’s upcoming Dencun upgrade will affect their networks.
StarkWare Unveils New ‘Stwo’ Cryptographic Prover That’s ‘Blazingly Fast’
The upgraded prover should lead to faster and cheaper transactions, according to StarkWare. The news comes just a week after StarkWare and Polygon announced Circle STARKS, a new type of cryptographic proof.
Starknet’s STRK Jumps After Developer StarkWare Agrees to Delay Token Unlocks
StarkWare, the developer behind the Ethereum layer-2 blockchain Starknet, had come under heavy criticism for the unlocking schedule for its new STRK tokens.
Polygon, StarkWare Tout New ‘Circle STARKs’ as Breakthrough for Zero-Knowledge Proofs
Circle STARKs are supposed to accelerate the proving process for zero-knowledge rollups, according to a white paper published by Polygon Labs and StarkWare.
The Protocol: Restaking Tokens Are Exploding, and Restaking Isn’t Even Live
In this week’s issue of our weekly blockchain tech newsletter, Sam Kessler explores how “liquid restaking tokens” or LRTs are remaking decentralized finance. PLUS: Starknet’s STRK airdrop, Stellar’s smart-contract facelift and bitcoin’s supply crunch.
STRK Tokens Claimed Hit 420M in a Day as On-Chain Metrics Soar
More than 490,000 individual wallets claimed 420 million starknet (STRK) tokens in the 24 hours after the highly anticipated airdrop went live, with the token’s market cap remaining above $1.2 billion.
Starknet’s STRK Drops 53% Amid Token Issuance Criticism
The tokens started trading at around $5 apiece, exchange data shows, but fell ahead of significant token unlocks planned in the months ahead.
Starknet Trading Debut Sees Initial Excitement Fade As STRK Plummets Over 50%
In a highly anticipated move, Starknet (STRK), an Ethereum (ETH) roll-up protocol, commenced trading on prominent cryptocurrency exchanges including Binance, Bybit, Bitfinex, and OKX on Tuesday.
The token’s launch was accompanied by an airdrop, distributing a staggering 728 million tokens to over one million addresses, making it one of the largest airdrops of the year. However, the initial excitement was dampened as the token experienced a significant retracement of 53.8%, plummeting to a current price of $2.04.
However, to better grasp the protocol’s capabilities and assess its potential future price actions, it is crucial to delve into the underlying technology and the buzz surrounding this player within the top 60 cryptocurrencies, boasting a substantial market capitalization of $1.4 billion.
Unveiling Starknet
Starknet operates as a Layer 2 solution, offering scalability and Ethereum-level security by generating STARK proofs off-chain, which are relayed on-chain.
Developed by StarkWare Industries, a blockchain firm based in Israel, Starknet was specifically designed to address Ethereum’s scalability concerns. The protocol was fully launched in February 2022 as a permissionless Layer 2 network, allowing developers worldwide to build decentralized applications on its infrastructure.
StarkWare also developed another platform called StarkEx, which has been live since June 2020. However, StarkEx is a permissioned network tailored to specific decentralized app (Dapp) requirements.
Founded in 2018, StarkWare has garnered support from renowned investors such as Sequoia Capital, Paradigm, and Coatue, solidifying its position within the industry. In a Series D funding round held in May 2022, the company raised $100 million, valuing StarkWare at an impressive $8 billion.
StarkWare has raised $261 million in funding, demonstrating strong investor confidence in its vision and technology.
With that noted, a prominent decentralized finance (DeFi) researcher who goes by the pseudonym “DeFi Ignas” has identified three key catalysts that could fuel the long-term growth of Starknet.
STRK Airdrop And DeFi Incentives
The researcher highlights Starknet’s utilization of STARKs, a cryptographic proof system, to validate transactions on the Ethereum network. In contrast to other zero-knowledge rollup solutions that employ SNARKs, STARKs offer quantum resilience and the potential for numerous scalability improvements.
In addition, DeFi Ignas believes that the use of the Cairo Development Language ensures that the protocol is resistant to “lazy copy-paste forks,” thereby increasing its “technical robustness.”
Ignas suggests that Starknet’s differentiators, such as “Quantum Resilience” and the comparison between SNARKs and STARKs, present an intriguing potential that is yet to be fully realized. By effectively communicating these distinctive features, Ignas suggests that Starknet can capture the imagination of the wider audience, generating increased interest and adoption.
Furthermore, Ignas identifies several factors that could contribute to the growth of the Starknet ecosystem. Firstly, the airdrop of STRK tokens is believed to create a “wealth effect,” attracting capital into the ecosystem.
Additionally, Starknet plans to allocate 50 million STRK tokens to incentivize DeFi protocols, which, in turn, will drive growth in Total Value Locked (TVL). Protocols operating on Starknet are expected to distribute new tokens to users through airdrops.
On top of that, the STRK token has a “robust” utility model for Ignas, serving as a means to pay gas fees, distribute voting power through delegates, and facilitate native staking for governance and security.
The initial staking Annual Percentage Yield (APY) is set at 12%, incentivizing users to stake their tokens rather than sell them. While some individuals expressed dissatisfaction with not receiving the airdrop, Ignas notes that 27% of survey respondents (3.4k people) received STRK tokens, indicating potential for growth within the Starknet ecosystem but not necessarily for the STRK token itself.
Featured image from Shutterstock, chart from TradingView.com
Starknet Token STRK Begins Trading at $5 After Mammoth Airdrop
Starknet distributed 728 million tokens to around 1.3 million addresses in what is being dubbed as the largest airdrop of the year.
The Protocol: Bitcoin’s OP_CAT, Fake Ethereum Tokens, Starknet’s Airdrop
CoinDesk’s Jamie Crawley takes a look at the suddenly-high-profile proposal to revive Bitcoin’s historic “OP_CAT” function as a way of enabling more development on the oldest blockchain. PLUS: the unofficial “ERC-404” tokens driving up fees on Ethereum and highlights from our Protocol Village column over the past week.
Starknet’s STRK Could Debut With Market Cap of Over $1B, Aevo’s Pre-Launch Futures Suggest
Starknet is set to launch its native token STRK through an airdrop of 728 million coins on Feb. 20.
Layer-2 Chain Starknet’s Much-Awaited STRK Token Airdrop Coming Next Week
The airdrop will happen on Feb.20, and eligible users have until June 20 to claim their tokens.
Layer-2 Blockchain Developer StarkWare Plans ‘Cairo’ to Verify Layer-3s
Cairo, which the StarkWare and the Herodotus developer team worked on together, is a key piece of technology that verifies proofs and posts them back to the layer-2 blockchain, instead of Ethereum’s mainnet.
Celestia Rival Avail Inks Agreement With Starkware as Blockchain Data Race Heats Up
Avail’s new “data availability” solution, currently in testing, and Madara, which is Starkware’s sequencer, are both expected to go live in early 2024. They might be used in conjunction to create new application chains or “appchains.”
StarkWare Distributing $3.5M Fees to Developers in ‘Devonomics’ Program
The developer firm, together with the Starknet Foundation, said that the program will benefit “dapp” builders and core developers of the Starknet blockchain.
StarkWare Distributing $3.5M Fees to Developers in ‘Devonomics’ Program
The developer firm, together with the Starknet Foundation, said that the program will benefit “dapp” builders and core developers of the Starknet blockchain.