STRK token launch targets 1.3 mln users, US$1 billion valuation

StarkNet’s STRK token airdrop is poised to reach nearly 1.3 million addresses, which is expected to debut with a market capitalization of over US$1 billion.

The token’s distribution, which is scheduled for Feb. 20, is set to the largest initial airdrop in history, according to crypto media outlet Unchained.

StarkNet is a decentralized Ethereum scaling solution that uses zero-knowledge rollups to enhance transaction efficiency and reduce costs.

StarkNet’s technology, developed by StarkWare, aims to address the scalability issues faced by the Ethereum network by processing transactions off-chain before bundling them back to the main Ethereum blockchain. This process, known as a rollup, helps to alleviate congestion and high transaction fees on the Ethereum network.

Ethereum’s congestion issues have recently been a focus point for investors recently, due to the network’s rising transaction fees.

The surge in transaction costs on the Ethereum network is attributed to the growing popularity of ERC-404 tokens, which has led to increased network congestion. ERC-404 is an experimental and unofficial Ethereum token standard that has recently caught the attention of the crypto community.