Starknet L2 initiates test transactions from Ethereum mainnet

The official Starknet Ethereum address made seven cross-chain transactions ahead of the anticipated launch of STRK, the protocol’s native token expected by Q2 2024. 

Starknet transferred less than three STRK tokens between Ethereum’s mainnet and the project’s layer-2 network, per data seen on block explorer Starkscan. The action was likely part of an on-chain test exercise for the Ethereum-based scaling solution before developers rolled out the ERC-20 cryptocurrency.

The transactions for users and network participants indicate progress toward STRK’s launch, which may accompany an airdrop and community rewards. The Starknet Foundation revealed 1.8 billion STRK tokens earmarked for its distribution plan in December last year. 

Half that amount was designated network rebates to reward users already transacting on the L2 chain, crypto.news noted. Beneficiaries of the Early Community Member Program are also set to receive a portion of some 50 million STRK coins when the token is released.

Furthermore, STRK is set to onboard additional utilities following a pivotal community vote on Jan. 8. Delegates approved STRK as a valid transaction fee payment currency in a two-token gas structure alongside Ether (ETH). 

According to a Starknet Foundation committee, STRK should launch by April 2024, barring any delays or technical hiccups. Built by Israeli-based blockchain startup Starkware Industries, the L2 network deploys zero-knowledge rollup technology to scale Ethereum’s network. 

The idea is to decongest Ethereum’s mainnet by providing an alternative transaction chain with cheap fees and faster settlement while retaining on-chain security and transparency. Starknet had over $169 million in total value locked as of Jan. 15, L2Beat confirmed.