Starknet’s STRK skyrockets to $7 on Binance while millions of tokens are redeemed during airdrop event.

Starknet, an Ethereum layer-2 scaling protocol, commenced the distribution of its native network token on February 20. Within the first 90 minutes of the launch, eligible users claimed over 45 million STRK tokens, while the token also started trading on major exchanges. Following its listing on Binance, STRK traded at over $7 and surpassed $5 on KuCoin, with a market capitalization exceeding $2.1 billion. More than 1.3 million wallets, including those of Ethereum solo and liquid stakers, Starknet developers and users, and projects and developers from outside the Web3 ecosystem, are eligible to claim the native token. The Starknet Foundation has outlined the token provision and introduced a dedicated portal for individuals to check their eligibility and receive STRK tokens. The foundation plans to allocate more than 700 million tokens across nine categories, which will be used for governance and transaction fees. Starknet also intends to introduce staking of STRK tokens in the future. As one of Ethereum’s major layer-2 scaling solutions, Starknet utilizes zero-knowledge (ZK) rollup technology to process transactions and smart contract functions off-chain. Cryptographic proofs are then submitted to Ethereum to ensure the security of its underlying blockchain. The protocol has addressed concerns over the eligibility criteria for the STRK airdrop, and is working on a resolution for users who were not initially deemed eligible. The cryptocurrency community has been cautioned to be vigilant against scams and malicious links.