What is StarkNet? Information About STRK Token

One of the prominent layer-2 projects on Ethereum since 2020 is StarkNet. It has gained significant attention and received enthusiastic support from Vitalik Buterin. So, what is StarkNet? Is investing in STRK token worthwhile? Let's dive into it and find out!

What Is Starknet Azc

What is StarkNet?

StarkNet is a decentralized Layer-2 network on the Ethereum blockchain, developed by StarkWare. StarkWare, a software development company based in Israel, specializes in cryptographic proof systems to improve scalability and security for blockchains. They have also collaborated with Immutable X on the Polygon blockchain project.

Strk 1

StarkNet launched on the Ethereum Mainnet in June 2020 and processed over 50 million transactions on private and public Ethereum test networks before its Mainnet release. StarkNet enables decentralized applications (dApps) to operate at scale while maintaining Ethereum’s security.

StarkNet Products

  • StarkEx: A refined version of StarkNet specifically designed for handling transactions on Layer 2. In contrast, StarkNet is a full, decentralized, and permissionless version.
  • Cairo: A common programming language for both StarkEx and StarkNet. All protocols and applications built on these platforms use Cairo. However, Cairo is not compatible with EVM, which can pose challenges for developers.
  • SHARP: A system that aggregates different Cairo programs to create a single proof for all of them. This proof is then uploaded to Ethereum for verification by a STARK verifier, reducing gas costs for transactions.
  • VeeDo: A verifiable random function using STARK technology, similar to Chainlink’s VDF.
  • StarkGate: A bridge developed by the StarkNet team that allows users to transfer assets between StarkNet and Ethereum, as well as other Layer 2s like Polygon, Arbitrum, and Optimism.

StarkNet Highlights

  • Cairo Programming Language: The primary language for developing and deploying dApps and smart contracts.
  • Scalability: Generates STARK proofs off-chain and validates them on Ethereum without compromising security.
  • Developer Support: Provides tools and contracts that facilitate easy and efficient project deployment.
  • ZK-Rollup Technology: Connects Layer 1 and Layer 2 securely and efficiently.

StarkNet Ecosystem

Ecosystem

DEX

  • Starkswap: Expected to launch alpha testnet in Q1 2022.
  • Jediswap: Mainnet launched with TVL of $4.1 million.
  • mySwap: TVL of $2.1 million.
  • Zigzag: DEX operating on an orderbook mechanism.

Related: What is a DEX? Everything You Need to Know About Decentralized Exchanges

Lending

  • zkLend: A money-market lending project under development.

Infrastructure

  • Bridge: Includes Suez, Qasr, and Kubri in testnet phase.
  • Explorer: Supports tracking transactions and information in the ecosystem.
  • Wallets: Argent X and Braavos for storing assets and interacting with applications.
  • DAO: Snapshot, Zorro Protocol, and Bibliotheca for DAO voting and NFT Loot projects.

Gaming/NFT

  • Gaming Projects: Dope Wars, Influence, Realms, and more.
  • NFT Marketplaces: Mint Square, NFTflow, and Briq.
  • Game Development Platform: ImmutableX.

Other Projects

  • Yield Aggregator: Fuji DAO.
  • Derivatives: Project ZkX.
  • Launchpad: ZkPad.
  • Betting: iBetYou.

Project Team

Team
Team

The development team of StarkNet is primarily composed of members from StarkWare, along with influential individuals in the blockchain industry. Here are some key members:

  • Eli Ben-Sasson: Co-founder and CEO of StarkWare, with extensive experience in technology and blockchain, and a leading researcher in ZK-Rollups and cryptography.
  • Oren Katz: COO of StarkWare, responsible for managing and organizing the company’s business activities. He has extensive experience in corporate management and plays a key role in StarkWare’s strategic development.
  • Avihu Levy: CPO of StarkWare, responsible for product development and management. He has deep knowledge of blockchain technology and leads the development of StarkWare’s products and services.

StarkWare also has a large team of over 40 other talented and experienced engineers in the blockchain field, who play a crucial role in developing and maintaining the StarkNet ecosystem, ensuring its robust and stable operation.

Investors

StarkNet’s funding rounds are as follows:

  • May 10, 2018: Raised $6 million (equity) from investors like Pantera, Naval Ravikant, MetaStable, Floodgate, Polychain, Vitalik Buterin, Zcash Co-founder, Arthur Breitman, Da Hongfei, Bitmain, Elad Gil, Fred Ehrsam, Linda Xie.
  • July 16, 2018: Received $12 million from Ethereum Foundation.
  • October 31, 2018: Raised $30 million (equity) from Paradigm (Led), Intel Capital, Sequoia, Atomico, DCVC, Wing, Consensys, Coinbase Ventures, Multicoin Capital, Collaborative Fund, Scalar Capital, Semantic Ventures.
  • March 24, 2021: Raised $75 million (equity) from Paradigm (Led) and other investors.
  • November 26, 2021: Raised $50 million from Sequoia (Led) and other investors.
  • May 25, 2022: Raised $100 million, led by Coatue and Greenoks.
  • July 1, 2022: Raised $9.5 million, led by Alameda Research.

What is STRK Token?

What Is Starknet

Basic Information about STRK Token

  • Token Name: Starknet
  • Ticker: STRK
  • Blockchain: Ethereum
  • Token Standard: ERC-20
  • Contract: 0xCa14007Eff0dB1f8135f4C25B34De49AB0d42766
  • Token Type: Utility, Governance
  • Total Supply: 10B
  • Circulating Supply: To be updated

STRK Token Allocation

Allocation
Allocation

STRK Token Release Schedule

Vesting
Vesting

STRK Token Use Cases

According to the use cases published in the project’s whitepaper, the STRK token will be used in the following scenarios:

  • Governance: STRK token holders can vote directly or via delegation on all changes to the StarkNet protocol. This ensures community involvement in decisions about the operation, security, and maintenance of StarkNet. Governance rights may include adjusting technical parameters, protocol upgrades, or proposing new rules.
  • Transaction Fees: STRK can be used to pay gas fees on StarkNet in the future, replacing the current use of Ethereum (ETH). This can optimize transaction processes and reduce transaction costs on the StarkNet network.
  • Staking: A staking mechanism using STRK tokens can ensure the security and stability of StarkNet. Users can stake STRK to participate in securing and verifying transactions on the network. By staking, they can earn rewards or profit by supporting network operations.

STRK Token Trading

STRK Token is available on most major exchanges like Binance, Gate.io, OKX, ByBit, and others.

Trading

StarkNet Airdrop Information

On December 1, 2023, StarkNet announced a limited time snapshot for the airdrop, and after this period, user activities would not be counted for the announced airdrop.

On February 14, 2024, StarkNet officially announced that over 1.3 million eligible user wallets would receive an airdrop totaling 700 million STRK tokens (equivalent to 7% of the maximum total supply).

However, the STRK airdrop has sparked considerable debate within the cryptocurrency community.

Roadmap

StarkNet has reduced transaction fees, integrated Ethereum’s EIP-4844 to lower Data Availability costs from the StarkNet network to Ethereum, and launched v3 transactions.

Currently, StarkNet is enhancing performance and launching a “Transactions fee market” to increase gas fees and enable faster transactions.

Related: Starknet (STRK) Establishes GameFi Development Fund

Similar Projects

StarkNet is a Layer-2 project on Ethereum, similar to Arbitrum, Optimism, and Manta.

Project Information

Conclusion

StarkNet is emerging as a promising Layer-2 solution within the Ethereum ecosystem, allowing dApps to scale operations without worrying about costs and speed. The combination of ZK-Rollups technology and Ethereum’s security creates a robust and secure platform for building and deploying decentralized applications.

Importantly, the airdrop of STRK tokens to over 1 million user wallets not only provides free access to the project but also demonstrates its commitment to the community. However, investment always comes with risks, so understanding the information and conducting careful research before making decisions is crucial.

Do you understand StarkNet after reading the article “What is StarkNet? Information About STRK Token“? If not, leave a comment below for answers!

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    Good idea

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    Anonymous

    StarkNet team is best

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