Starknet Unveils Massive Airdrop: 1.3 Million Addresses Receive Tokens in Record Distribution

Starknet's STRK token soars and plummets in volatile debut as layer-2 solution aims to revolutionize Ethereum scaling.

Ethereum rollup Starknet has embarked on what is being hailed as the largest airdrop of the year, distributing 728 million tokens to approximately 1.3 million addresses.

Trading of Starknet's STRK pre-launch perpetual futures commenced at $1.80 on the decentralized futures platform Aevo. However, moments after its release, the token surged to $5 on Kucoin, only to experience volatility, settling back to $3.50 during its opening hours.

With an initial total supply of 10 billion tokens, the fully diluted value (FDV) of STRK reaches $35 billion. Nonetheless, the current market capitalization, calculated based on the circulating supply and current price, stands at $2.32 billion.

Of the token supply, 50.1% has been earmarked for the Starknet Foundation for community airdrops, grants, and donations. Early contributors and investors will receive 24.68%, while 32% has been allocated to StarkWare employees, consultants, and developer partners.

Token unlocking will occur monthly over 31 months, starting from April.

Starknet operates as a layer-2 network leveraging zero-knowledge cryptography, enabling decentralized applications atop it to scale Ethereum blockchain operations. By aggregating transactions off-chain into proofs submitted to Ethereum, Starknet aims to expedite transaction processing and reduce associated fees. Layer 2 networks, built atop base blockchains (layer 1), aim to alleviate congestion and enhance scalability.

Having launched in November 2021, Starknet has garnered nearly $55 million in total value locked (TVL), according to DefiLlama, signifying growing adoption and trust within the Ethereum ecosystem.