STRK’s trading commences below $4 following a successful airdrop.
Starknet’s native token, STRK, made an impressive debut, reaching a peak of $3.66 on its opening day. However, it later retraced over 7% as some recipients of the airdrop decided to take profits after months of farming and contributing to the ecosystem.
With a market capitalization of $1.5 billion, STRK generated over $900 million in trading volume on its first day. It is available for trading on popular decentralized exchanges like Uniswap, as well as centralized venues such as Binance.
Starknet has plans to distribute 700 million STRK tokens to 1.3 million wallet addresses. The claiming portal, operated by the Starknet Foundation, experienced a flurry of activity when it opened at noon UTC. Within the first few minutes, more than five million STRK coins were claimed, with recipients claiming around a million tokens per minute during the initial 30 minutes.
According to a spokesperson from Starkware, over 100,000 users had claimed tokens at the time of press.
Users who are eligible to receive the airdrop have four months to claim their tokens, with the deadline set for June 20. The tokens have no lockup period and can be used for governance purposes or sold on the open markets.
In addition, holders of STRK can now use the token to pay for transaction fees on Starknet’s Ethereum-based L2 scaling solution, thanks to a proposal that approved STRK as a native gas token.
However, the airdrop announcement did lead to a decline in active users on Starknet. The number of active addresses on the network reached a peak of around 225,000 on February 14, but dropped by nearly 57% just hours before the claiming portal opened, with only over 84,200 users remaining, according to Starkscan.
Some community members expressed their dissatisfaction with the airdrop allocation, feeling that it was unfair to certain users. One participant received thousands of tokens for spell-checking text on the project’s GitHub, while another missed out on the airdrop because they had less than 0.005 ETH in their wallet when the snapshot was taken.
In response to these complaints, the Starknet team made important updates based on user feedback.
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