TVL StarkNet (STRK) Soars To $1.32 Billion After Token Launch

The impressive growth of StarkNet, a renowned Layer 2 scaling solution for Ethereum, saw its total value locked (TVL) soar to $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, making it the fourth of its kind to cross the $1 billion TVL milestone. According to analytics platform L2Beat, a significant portion, approximately 83.65%, comes from the recently released native token STRK. Ethereum (ETH) makes up 11.41% of the total and stablecoins make up 3.78%, showcasing the diverse range of assets contributing to the growing StarkNet ecosystem.

The market reaction to the listing of STRK tokens was consistent with typical asset behavior observed in similar scenarios. The token’s price initially rose as traders and investors clamored to take advantage of the new listing, leading to a surge in market activity. However, after this initial enthusiasm, the STRK price underwent a correction, moving slightly lower as early investors began to take profits and the market searched for a new price equilibrium.

As per the latest updates, STRK price is at $1.88, down marginally by 1.59% in the last 24 hours. Accordingly, the 24-hour trading volume also decreased by 39.58% and was recorded at $289,735,182 at the time of writing. With a market cap of $1,372,279,288, STRK is currently the 57th largest cryptocurrency on the market.

Image: Bitcoin Sistemi