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Starknet’s native token, STRK, has experienced a volatile start.
According to data from CoinMarketCap, the coin’s average peak across exchanges following Monday’s airdrop rose to as high as US$3.43 but has fallen to US$2.03 as of 1 p.m. ET.
The token traded higher on some exchanges, including $7 on Binance, according to Cointelegraph.
The Ethereum layer-2 scaling protocol began distributing 728 million STRK tokens to over 1.3 million addresses on Tuesday.
The token’s fully diluted value reached US$35 billion, with an initial market cap of US$3.64 billion.
The airdrop saw millions of tokens claimed within the first 90 minutes, with real-time data showing over 45 million STRK tokens secured by eligible users. Starknet’s token provision portal opened to allow individuals to check their eligibility and claim their tokens, which will be used for governance and transaction fees on the network.
The Starknet Foundation has allocated 50.1% of STRK’s supply for community airdrops, grants, and donations, with the remainder distributed to early contributors, investors, employees, consultants, and developer partners.
The launch of STRK is a significant event for Starknet, which utilizes zero-knowledge rollup technology to process transactions and smart contract functions off-chain, enhancing the scalability of the Ethereum blockchain.