Starknet is a Layer 2 solution leveraging ZK-Rollup technology to enable DApp developers to operate without scalability limits while maintaining Ethereum's security. Starknet recently announced an airdrop of its native token, STRK, to over 1 million eligible user wallets. Let's explore Starknet's key features, technology, and ecosystem in this comprehensive guide.
What is Starknet?
Starknet is a decentralized Layer 2 scaling solution built on Ethereum using ZK-Rollups. It allows developers to deploy scalable DApps without compromising security. Starknet’s contracts and operating system are written in Cairo, a programming language designed for high-performance smart contracts, though it’s not EVM-compatible.
Developed by StarkWare Industries (based in Israel), Starknet also powers other notable products like StarkEx and StarkGate. On February 14, 2024, Starknet announced an airdrop of 700 million STRK tokens (7% of total supply) to 1.2 million eligible wallets.
Starknet’s Core Technology
Cairo Programming Language
- Enables scalable DApp and smart contract deployment across industries.
- Challenge: Cairo’s non-EVM compatibility may require developers to learn a new language.
zk-STARK Technology
- Zero-Knowledge Scalable Transparent Argument of Knowledge enhances privacy and scalability.
- Generates off-chain STARK proofs verified on-chain, reducing gas fees.
Sequencer & Prover Roles
- Sequencer: Processes transactions and proposes blocks.
- Prover: Validates transaction blocks and submits proofs to Ethereum.
Key Features of Starknet
- Scalability: Processes transactions off-chain while securing proofs on Ethereum.
- Developer Support: Starknet Contracts enable flexible business models.
- Interoperability: Facilitates seamless interaction between Ethereum projects.
👉 Discover how Starknet compares to other Layer 2 solutions
Starknet’s Performance Metrics
TVL and Ecosystem
- TVL: $54 million (as of February 2024), trailing behind competitors like Arbitrum and Optimism.
- Top DApps: Nostra, Ekubo, zkLend, JediSwap, and mySwap.
User Activity
- 1.2 million users bridged assets (865K+ ETH total).
- Daily activity peaked in Q2/Q3 2023 but declined post-airdrop snapshot in December 2023.
Starknet Ecosystem
Starknet’s ecosystem includes:
- DeFi, GameFi, NFTs, Bridges, and Wallets.
- Projects remain nascent but growing.
STRK Token Details
| Metric | Details |
|---|---|
| Token Name | Starknet |
| Symbol | STRK |
| Blockchain | Starknet |
| Total Supply | 10 billion STRK |
| Use Cases | Governance, fees, staking |
Token Allocation
- Early Contributors: 20.04%
- Investors: 18.17%
- Airdrop: 7% (700M STRK)
FAQs
1. How do I check STRK airdrop eligibility?
Visit Starknet’s Provisions Portal. Eligible users include early adopters, developers, and Ethereum stakers.
2. What’s STRK’s utility?
- Governance voting.
- Paying transaction fees (future update).
- Staking for network security.
3. When can I claim the airdrop?
Between February 20–June 20, 2024.
👉 Learn more about STRK’s staking mechanics
Development Roadmap (2024)
- EIP-4844 Integration: Reduces Data Availability costs.
- Fee Market: Priority gas transactions.
- Volition Mode: Lowers transaction fees.
Team & Backers
- Key Members: Eli Ben-Sasson (CEO), Oren Katz (COO).
- Investors: Paradigm, Sequoia Capital, Pantera Capital.
Conclusion
Starknet combines ZK-Rollup efficiency with Ethereum’s security, offering a promising Layer 2 solution. Its recent airdrop and growing ecosystem position it as a project to watch.
Disclaimer: This article is not investment advice. Conduct independent research before making decisions.