Starknet’s token, STRK, was first airdropped on 20th February, 2024, with more than 700 million tokens being distributed to over 1.3 million addresses. If you were wondering what STRK is all about, you’re at the right place!

About Starknet first!

We could start this off with an Iron Man pun, but you’ve heard it at least 3000 times.

Starknet is a layer 2 network developed by StarkWare that allows dApps to scale massively without disturbing the Ethereum network. The aim is to achieve low cost transactions and high efficiency through STARK technology.

If you want to read more about Starknet or learn how to use the Starknet network on tanX, read this blog.

What is the purpose of Starknet token?

Starknet, according to their recent blog about the tokenomics of STRK, says that it primarily serves three purposes.

1. Transaction Fees: It can act as an alternative token for paying fees on Starknet, as the only option available previously was Ether.

   
   

2. Staking: Starknet says that certain services of the network might require the staking of their token. The specific services and required protocol changes are currently being discussed, and are planned to be implemented in the year 2024-2025.

   
   

3. Governance: Holding Starknet tokens will enable members of the community to vote on proposals that Starknet puts forward.

   
   

How is the Starknet token performing?

Here is where our Seasoned Trader comes in! Aryan shares his insights on the token’s performance thus far and its market movement in the near future.

The Starknet token made quite the splash with its debut on Binance, reaching an impressive high of $7.7. However, as is often the case with new listings, the initial fervor settled, and the price found a more sustainable range between $1.5 to $2.

Since February 21st, the Starknet token has been forming a contracting triangle, with a solid support level emerging around $1.7. Despite fluctuations, the lows consistently hovered around this mark.

Breaking out of the contracting triangle on March 5th, the token surged to $2.5 before undergoing a corrective phase. Currently, the price is in a phase of consolidation.

Maintaining above $2.1 could pave the way for further gains, potentially reaching $3. Conversely, a breach of the $2 support level might see a retest of $1.7.

How to make the most of Starknet tokens!

1. Deposit funds: After choosing the Ethereum network on tanX, you can deposit Starknet tokens. You can also obtain them by exchanging USDT for STRK.

   
   

2. Trade seamlessly: Place your trades through the STRK/USDT pair. Don’t forget to enjoy the benefits of low fees and fast transaction speeds while using tanX.

   
   

3. Withdraw your profits: Select Starknet token from the Assets section and withdraw to enjoy your funds.

   
   

What’s Starknet looking to do in 2024?

After a successful 2023, Starknet’s roadmap for 2024 aims to enhance efficiency and scalability on the network while cutting down on costs. This includes fee reductions, enabling v3 transactions through Starknet tokens, Proto-Danksharding, and so on.

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