Starknet’s STRK token surges to $7 on Binance while millions of tokens are claimed during airdrop event.

Starknet, a layer-2 scaling protocol for Ethereum, has commenced the distribution of its native network token on February 20th. Within the first 90 minutes, eligible users were able to claim over 45 million STRK tokens through the provisions portal. The token quickly started trading on major exchanges, such as Binance and KuCoin. Its price soared to over $7 on Binance and surpassed $5 on KuCoin, while CoinMarketCap data showed it consistently trading between $3 and $4. The market capitalization of STRK reached a value of over $2.1 billion.
More than 1.3 million wallets are eligible to claim the native token, including those belonging to Ethereum solo and liquid stakers, Starknet developers and users, as well as projects and developers from outside the Web3 ecosystem.
The Starknet Foundation has released details of the token provision, along with the launch of a dedicated portal that enables individuals to check their eligibility and receive STRK tokens. A total of 700 million STRK tokens will be allocated across nine categories for governance and transaction fees. In the future, Starknet plans to introduce staking of STRK tokens.
Starknet is a leading Ethereum L2 that has pioneered zero-knowledge (ZK) rollup technology. This protocol allows off-chain processing of transactions and smart contract functions, with cryptographic proofs submitted to Ethereum to ensure the security of its underlying blockchain.
The eligibility criteria for the STRK airdrop, a concern raised by Starknet and Ethereum community members, have been addressed by the layer-2 scaling protocol. Starknet’s active user base has grown as users aimed to become eligible for the airdrop campaign.
Starknet acknowledged feedback from community members and network users who felt excluded due to certain provisions criteria. The foundation is actively working on a resolution for users who did not meet the eligibility requirements.
Furthermore, the wider cryptocurrency ecosystem has been cautioned about potential scams and malicious links.
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