Starknet Trading Debut Sees Initial Excitement Fade As STRK Plummets Over 50%
Summary
Starknet (STRK), an Ethereum roll-up protocol, started trading on major exchanges with a large airdrop of 728 million tokens. Despite a significant price drop, it has a market cap of $1.4 billion. Developed by StarkWare, it uses STARK proofs off-chain for scalability and security. The company has raised $261 million and received support from investors. A DeFi researcher sees potential in its use of STARKs and the Cairo Development Language, as well as the airdrop and DeFi incentives. The protocol plans to allocate tokens to incentivize DeFi protocols and has a utility model for the STRK token. The initial staking APY is 12%. While some did not receive the airdrop, there is potential for growth within the ecosystem.
