Starknet's STRK Token to Commence Trading on Exchanges Today

Starknet, the Ethereum Layer-2 network renowned for its ZK-Rollup scaling solution, is poised to launch its native token, STRK, today. The token will kickstart trading on various centralized exchanges, including Binance, Bybit, Bitfinex, and OKX, once liquidity requirements are met. Binance has confirmed that select trading pairs will be available starting at 8 a.m. ET.

The distribution of STRK tokens will follow the opening of airdrop claims, which commence at 7 a.m. ET. This distribution involves a substantial amount of 728 million STRK, equivalent to 7.28% of the total 10 billion supply. Approximately 1.297 million wallets are eligible to claim tokens, determined from a snapshot taken in November based on network transactions and interactions.

Diego Oliva, CEO of the Starknet Foundation, emphasized the decentralized nature of the STRK token, stating that it facilitates decentralized scaling and governance of the Starknet network.

While STRK tokens are not yet live, pre-launch trading on Aevo, a decentralized derivatives exchange, is currently active with a price of $2.09, indicating a fully diluted market cap of $20.9 billion. However, the token distribution plan has faced scrutiny, particularly regarding an upcoming unlock event. Core contributors and investors of Starkware are set to receive over 1.31 billion STRK, representing 13.1% of the total supply, in a significant unlock event occurring less than two months after the token's launch. This accelerated unlocking schedule has drawn criticism from some observers.

Critics argue that unlocking such a large portion of investor tokens shortly after the token's launch could be perceived as predatory. The unlock event, initially scheduled for November 2023 after a one-year cliff following the token generation event (TGE) in 2022, was extended to April 15 due to delays in token readiness. This alteration has led to a compressed timeline between token purchase availability and investor token liquidity in the open market.

Moreover, there has been backlash from Starknet users who found themselves excluded from token provisions due to specific requirements during the November snapshot. Despite criticisms, Starkware remains committed to its distribution plan, emphasizing fairness and adherence to the established timeline.

As Starknet's STRK token enters the market, it heralds a new era for the network, offering participants the opportunity to engage in governance and contribute to its decentralized development.