Airdrop hype sends Starknet deposits to $56m all-time high

Airdrop hype sends Starknet deposits to $56m all-time high
The total value locked on Starknet just hit an all-time high as users await the STRK token airdrop. Credit: AndriiKoval / Shutterstock
  • The total value of crypto assets on Starknet hit an all-time high of $56 million.
  • The upcoming STRK airdrop is part of The Starknet Foundation's strategy to distribute over 1.8 billion tokens to foster Starknet's growth and adoption.

Metrics for Starknet are surging as users anticipate the upcoming STRK token airdrop, although an official date has not yet been announced.

Starknet is an Ethereum layer 2 network that uses zero-knowledge proofs to achieve low cost transactions. Transactions on Starknet are usually around ten times cheaper than on Ethereum, according to data from L2Fees.

The total value of assets deposited on Starknet-based protocols just reached an all-time high of $56 million. Of this, $16.7 million is deposited in Nostra, a Starknet native dApp that lets users lend, borrow and swap crypto.

The total value of crypto assets on Starknet just hit an all-time high of $56 million.

The total trading volume on Starknet has also increased, reaching levels not seen since November.

Stay ahead of the game with our weekly newsletters

This is largely driven by Ekubo, another Starknet-native protocol, that generated $15.5 million in volume in the last 24-hours and over $70 million in the last week.

Daily volume on Starknet hits its highest level since November 2023.

The reason for these increases could be attributed to the upcoming Starknet airdrop.

Starkware, the company behind Starknet, launched the Starknet token on the Ethereum Mainnet in November 2022. However, the token currently cannot be transferred between wallets and therefore cannot be bought and sold.

In November 2023, an airdrop claim page linked to Starknet’s official domain was discovered by pseudonymous X user, Cryptophile, before being quickly deleted.

Join the community to get our latest stories and updates

In response, the Starknet Foundation, a nonprofit set up to help develop Starknet, said in an X post that the information on the claim page was not final.

“The cut-off for any criteria used to determine who may receive tokens or how many tokens is in the past and no actions or activity now can impact eligibility in any way,” the foundation said.

Airdrop rumours grow

Airdrops have been a key driver in the crypto market so far in 2024 with big names like Dymension, AltLayer, and Manta already distributing token airdrops to their communities.

Starkware’s STRK token airdrop could be the next in this trend.

On February 7, Argent Labs, the firm behind the ArgentX Starknet wallet, posted on X stating the Starknet airdrop is coming soon and the STRK token is now viewable within the wallet.

In a December X post, the Starknet Foundation also confirmed a STRK token airdrop was coming.

“We have plans to allocate over 1.8 billion STRK tokens across multiple initiatives to drive the adoption and growth of the Starknet blockchain. The first is about to start soon,” the post read.

Starknet has raised over $282 million from venture capital firms including Paradigm, Sequoia Capital, and Polychain Capital, among others.

It is currently the ninth-largest layer 2 network by total value of crypto assets deposited into its protocols, according to data from DefiLlama.

Ryan Celaj is DL News’ New York-based Data Correspondent. Reach out with tips at ryan@dlnews.com.

Related Topics