Starknet (STRK) Establishes GameFi Development Fund

In an effort to promote its gaming ecosystem, the company behind Starknet has recently established a gaming committee with an operating fund of up to $120 million.

This committee comprises 6 experts from Starknet Foundation, StarkWare, Unstoppable Games, Focus Tree, Cartridge, and Loot Realms. The organization will follow a three-stage roadmap: analysis, planning, and execution to expand the GameFi ecosystem on Starknet.

Additionally, Starknet Foundation has pledged to allocate 50 million STRK tokens – equivalent to around $120 million – to fund the committee’s proposals.

GameFi has always been one of the hottest topics in the cryptocurrency space. Starknet’s move comes as the GameFi sector is regaining momentum after more than two years of silence.

While Bitcoin continues to reach new highs, the GameFi sector is also experiencing significant growth. The total market capitalization of the entire sector has increased by 30% in the past 24 hours, reaching $32 billion.

For Starknet, the project has conducted an airdrop of 700 million tokens to users and contributors from the early stages. Despite facing negative sentiments and trading fluctuations, the TVL of this layer-2 solution has tripled.

Chart STRK

The price of STRK surged to $7.7 immediately after being listed on Binance. However, it then experienced significant sell-offs, pushing the price down to $1.7 over the past 3 weeks. Recently, the price has begun to recover, reaching $2.5.

Charts of STRK on TradingView at 9:28 AM on March 12, 2024.