Ethereum Mainnet Witnesses Test Transactions Initiated by Starknet L2
Ahead of the expected launch of STRK, the native token of the Starknet protocol, the official Starknet Ethereum address has conducted seven cross-chain transactions. These transactions involved the transfer of less than three STRK tokens between Ethereum’s mainnet and the project’s layer-2 network. The purpose of these transactions was likely to test the on-chain functionality of the Ethereum-based scaling solution before the introduction of the ERC-20 cryptocurrency.
The completion of these transactions is a positive sign of progress towards the launch of STRK. It is expected that the launch will be accompanied by an airdrop and community rewards. In December of last year, the Starknet Foundation announced that it had set aside 1.8 billion STRK tokens for distribution. Half of this amount was designated for network rebates, which will be used to reward users who are already transacting on the L2 chain. Additionally, participants in the Early Community Member Program will receive a portion of the 50 million STRK coins upon the release of the token.
Furthermore, following a community vote on January 8, STRK is set to have additional utilities. Delegates approved STRK as a valid transaction fee payment currency, alongside Ether (ETH), in a two-token gas structure.
The Starknet Foundation committee has set a target launch date for STRK of April 2024, assuming there are no delays or technical issues. Starknet, developed by Israeli-based blockchain startup Starkware Industries, utilizes zero-knowledge rollup technology to scale Ethereum’s network. The goal is to alleviate congestion on Ethereum’s mainnet by offering an alternative transaction chain with lower fees and faster settlement times, while maintaining on-chain security and transparency. As of January 15, Starknet had over $169 million in total value locked, according to L2Beat.
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