Starknet grows rapidly, expectations for NFT events and version upgrades

Expansion of Starknet

Ethereum’s (ETH) L2 network, Starknet, has a locked-up total asset value (TVL) of over $10 million, expanding tenfold in the past two months.

Starknet is a permissionless L2 network that uses ZK rollup technology. Eliminate network congestion by utilizing zero-knowledge proofs and processing some transactions off-chain.

Starknet is developed by Israeli company StarkWare, which raised 22.7 billion yen ($165 million) from notable investors such as Sequoia, Paradigm and Andreessen Horowitz. The valuation reached $8 billion when it raised a $100 million Series D round in 2022.

Starknet runs multiple decentralized applications (Dapps), such as Braavos and JediSwap, which are highly rated for their ease of use and security. In addition, NFT (non-fungible token) events such as “Starknet Journey Map” are also held to increase user engagement. These events are an opportunity for users to become deeply involved in the Starknet ecosystem.

Source: DeFillama

Starknet’s TVL skyrocketed from around $1,449,000 in March 2023 to over $10 million in May, just two months later. The growth rate has reached more than 10 times.

In March 2023, the initial stage of Starknet’s decentralized operation began, but the airdrop (free distribution) of its own token “STRK” has not yet been carried out, and the implementation plan has not been clarified. do not have.

However, of the initial token supply of 10 billion STRK, 5.01 billion STRK, or about 50.1%, has been allocated to the Starknet Foundation. The foundation will operate these tokens for the purpose of promoting decentralization of the network. Therefore, it can be said that there is a high expectation that some tokens will be airdropped to early contributors and users.

connection:Ethereum L2 “Starknet” to start decentralized operation

Starknet Journey Map

It’s not clear if it had a direct impact on Starknet’s user numbers or Total Value Locked (TVL), but efforts have begun to encourage at least some user activity.

For example, Braavos, a self-managed wallet that runs on Starknet, launched an NFT event called “Starknet Journey Map” on May 17th. In this campaign, participants can earn limited edition NFTs by completing specific challenges over 5 weeks.

In the first challenge, participants must raise their “Starknet Pro Score” to 10% or higher. The Starknet Pro Score is displayed within the Braavos wallet and reflects a user’s usage of dApps on Starknet.

Also, for Argent wallets, the “Starknet Xplorer” campaign will be held. Participate in 8-week missions and NFT mints.

Ready to claim the second NFT in your Xplorer journey?

Important: Due to major network congestion, it may take a few hours for your NFT to appear in your wallet after minting. Please be patient and wait for it to appear.

Claim using the link below https://t.co/OwJztWzGWn

—Argent (@argentHQ) May 18, 2023

Furthermore, looking at Starknet’s development plan, an upgrade to version 0.12 is scheduled for June 2023, which is expected to greatly improve network throughput, that is, data processing capacity. Given these developments, interest in Starknet may be on the rise.

connection:Ethereum L2 ‘Starknet’ Unveils Roadmap for 2023

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