StarkNet token soars after deployment on Ethereum

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Altcoins
StarkNet token soars after deployment on Ethereum

A few days after Starkware announced its deployment on Ethereum, STRK transactions hit an all-time high of 26,344.

StarkNet token experiences higher transaction volume

Amidst the roller coaster situation of the crypto industry in the past weeks, Starkware announced that it had deployed StarkNet’s ERC20 token contract on the Ethereum mainnet. A few days after the announcement, the StarkNet token experienced an exponential spike in transaction volume as the token recorded an all-time high of 26,344 transactions on the daily timeframe as of press time, according to data presented by Orbiter Finance.

StarkNet is not the only token experiencing high transaction volumes, according to data from Orbiter Finance. Asides from STRK, other tokens also show good market vibes as they record high transaction volumes on the daily chart. Tokens like Optimism, zkSync, and Arbitrum also recorded high transaction volumes. Arbitrum recorded about 304880 transactions, Optimism about 318,779 transactions, and zkSync recorded 65,696 transactions at press time. This shows that there might still be a flicker of hope for the crypto market as users and traders are still actively transacting with crypto.

Starkware deployed on Ethereum mainnet

Starkware announced on Wednesday that StarkNet’s ERC20 token contract is deployed on the Ethereum mainnet, a move that is expected to shift the company’s operation closer toward decentralization.

“Today, StarkNet is taking another step towards decentralization. The StarkNet token is now on Ethereum. Recapping quickly: STRK will be used as a staking token for participation in StarkNet’s consensus mechanisms, as a Governance token, and for paying transaction fees.” StarkNet said.

STRK will be utilized as a staking token for participation in StarkNet’s consensus mechanisms, as a Governance token, and for paying transaction fees.

Starkware is an Israeli company that creates layer-two Ethereum blockchains with zk-STARKs for computational security. 

Announced in July, the StarkNet Token was designed to help StarkNet achieve decentralization through voting, staking, and fee payments. The token launch is high profile due to the network’s active developer community and the $8 billion valuation awarded to StarkWare during a funding round earlier this year.

The scalability issues of the Ethereum blockchain, which result in slow throughput and high gas, or transaction fees as the number of transactions rises, are addressed by StarkWare’s technology. Hundreds of transactions off the main blockchain are bundled using the company’s roll-up technologies to lessen the computational load.

The StarkNet Foundation will receive 5.01 billion new tokens, or 50.1% of the total supply, according to a recent statement by StarkWare.

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