What is Starknet (STRK)?

aising over $300M and hosting one of the largest airdrops in crypto history, Starknet has made its mark and is ready to scale Ethereum to great heights.

The question is, what makes Starknet (STRK) superior to competing Layer 2 networks?

What is Starknet (STRK)?

Starknet (STRK) is an Ethereum Layer 2 network that first launched at the end of 2021. The goal has always been the same. Power the Ethereum mainnet with unlimited scalability by utilising STARK technology.

How does Starknet work?

Simply, Starknet is a Validity-Rollup, however, most of us will know this as a zero-knowledge Rollup (ZK-Rollup). So in layman’s terms, it is a Layer2 network for Ethereum that allows for faster and cheaper transactions by facilitating them off-chain!

Technically, Starknet is not a ZK-Rollup as it requires dApps to launch using Starknet’s native programming language called Cairo. The Cairo language is specifically designed for ZK-Rollups enabling you to do everything you can do on the EVM but with so much more!

Starknet Ecosystem

Starknet’s Ecosystem has been growing exponentially since day one and we can see a huge suite of powerful decentralised applications built using Cairo, the native language built by StarkWare. Not only that but, Ethereum (EVM) smart contracts can be translated through Cairo!

Within the thriving Starknet ecosystem are 125+ dApps that were either built or integrated, with many that you’d recognise. Here are some popular choices within the community:

JediSwap

Ekubo

Orbiter Finance

Dmail

And many more!

Starknet Token (STRK)

STRK is the native token used to participate in governance, stake to earn rewards and to be used as the gas token. As a Layer 2 network for Ethereum, naturally, we use ETH to pay gas and we still can, however, now we have the option to use STRK to pay for network fees!

Conclusion

At the time of writing, STRK is currently priced at $1.89 with a market cap of $1.38B! As we know, the STRK token is still very new and is still in price discovery. StarkNet is well prepared for the bull run and the STRK token could very well see many green candles…

Without a doubt L2 networks will thrive in the next bull run and STRK could be the token to lead the pack. There has never been a bull market with L2 tokens and we’ve never seen so many Layer 2 networks in existence then we have now. The question is, who comes out on top?

Starknet has had a strong launch and the network has already processed 100+ million transactions with an average of 3.07 transactions per second. It’s possible that users are preparing for the second airdrop round or users are just enjoying the cheap and fast transactions…

Official Starknet Links

Starknet X

Starknet Website

Disclaimer

The content provided in this article is strictly intended for informational purposes. Nothing said in this article is financial advice. It is important to proceed with caution and diligence when using cryptocurrencies. Always invest what you are prepared to lose and remember that you are entirely responsible for your assets and investments. The author and the publication do not endorse or recommend any of the cryptocurrencies, protocols or strategies in this article.