Starknet Token STRK Begins Trading at $5 After Mammoth Airdrop

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Fully diluted value of STRK reached as high as $50 billion with an initial market cap of $3.64 billion.

Starknet token, the Ethereum rollup, has commenced the distribution of 728 million tokens to approximately 1.3 million addresses, marking it as the largest airdrop of the year. The pre-launch perpetual futures of Starknet’s token {{STRK}} were initially priced at $1.80 on the decentralized futures platform Aevo. Shortly after release, the token reached a peak of $5 on Kucoin, only to experience volatility and settle back at $3.50 in its opening phase.

Despite having an initial total supply of 10 billion tokens, the fully diluted value (FDV), representing the theoretical market capitalization if the entire supply were in circulation, is $35 billion. However, the current market capitalization, calculated by multiplying the circulating supply by the current price, stands at $2.32 billion.

Starknet token has allocated 50.1% of STRK’s supply to the Starknet Foundation for community airdrops, grants, and donations. Additionally, 24.68% of the total supply will be distributed to early contributors and investors, while 32% is designated for StarkWare employees, consultants, and developer partners. These tokens will be gradually unlocked over 31 months, starting from April.

Starknet, functioning as a layer-2 network utilizing zero-knowledge cryptography, enables decentralized applications to scale on the Ethereum blockchain. This is achieved by aggregating off-chain transactions into a proof submitted to Ethereum, aiming to enhance transaction processing speed and reduce associated fees. Layer 2 networks, built on top of the base blockchain (layer 1), serve to alleviate bottlenecks in the overall blockchain system.

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