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Ethereum layer-2 scaling solution Starknet has announced its much-anticipated STRK token airdrop will officially launch on February 20. The token distribution aims to decentralize the network and empower community governance.
The Starknet Foundation plans to airdrop 700 million STRK tokens to over 1.3 million eligible Ethereum wallets that interact. The total token supply will be 10 billion.
Starknet leverages zero-knowledge (ZK) cryptography to enable fast and low-cost transactions while ensuring validity on the Ethereum mainnet. As a ZK-rollup, transactions occur off-chain before sending validity proofs to the chain This unique structure improves scalability and privacy without sacrificing Ethereum’s security.
The network boasts Ethereum Virtual Machine compatibility, meaning dApps can deploy on Starknet using Cairo or Solidity code. Developers gain increased speed at lower costs.
As Starknet decentralizes with its token, the community can contribute more directly to governance decisions. Network participants also gain opportunities to help secure layer 2 through currently developing staking mechanisms.
The upcoming airdrop distribution aims to encourage broader engagement and kickstart a robust token economy. With Starknet processing over 50% of all layer-2 transactions, the launch of STRK may mark a significant milestone as ZK-rollups continue gaining market share.
Starknet’s combination of scalability, security, and usability presents a promising layer-2 solution amidst Ethereum’s ongoing challenges with congestion and fees. The network hopes wider access to STRK will help further its capabilities and adoption.
Also read: Starknet’s Plan Unveiled To Distribute 1.8B Tokens As Reward
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