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In an impressive showcase of growth, StarkNet, a prominent Layer-2 scaling solution for Ethereum, has seen its total value locked (TVL) soar to a staggering $1.32 billion shortly after the launch of its native token, STRK. This development propels StarkNet into the elite group of Ethereum Layer-2 networks, marking it as the fourth of its kind to surpass the $1 billion TVL milestone.
Data from L2Beat, a platform that monitors and analyzes Layer-2 protocols, highlights the composition of StarkNet's TVL. A significant portion, approximately 83.65%, is attributed to its newly released native token, STRK. Ethereum (ETH) makes up 11.41% of the total, while stablecoins account for 3.78%, showcasing a diverse range of assets contributing to StarkNet's growing ecosystem.
STRK market performance
The market's response to the STRK token listing was in line with typical asset behaviors observed in similar scenarios. Initially, the token's price surged as traders and investors clamored to take advantage of the new listing, leading to a sharp increase in market activity. However, following this initial enthusiasm, the price of STRK underwent a correction, decreasing slightly as early investors began to secure profits and the market sought a new price equilibrium.
As of the latest updates, the price of STRK stands at $1.88, experiencing a minor decline of 1.59% over the past 24 hours. Correspondingly, the 24-hour trading volume has also decreased by 39.58%, currently recorded at $289,735,182. With a market capitalization of $1,372,279,288, STRK is currently ranked as the 57th largest crypto in the market.
StarkNet leverages STARK, the most secure and scalable cryptographic proof system, to provide solutions that meet the demands of high-volume and complex computations without sacrificing security or decentralization. The recent achievements of StarkNet highlight the increasing adoption and importance of Layer-2 solutions in addressing the scalability challenges faced by the Ethereum blockchain.