May 30, 2024

Starknet is a highly innovative Layer2 scaling solution for Ethereum, designed to increase network capacity and performance without compromising security. As a permissionless decentralized network, Starknet uses Zero-Knowledge Rollup (ZK-Rollup) technology to enable faster and more cost-effective transactions. By leveraging the STARK cryptographic proof system, Starknet enables decentralized applications (dApps) to operate at a significantly greater scale. 

The core of Starknet's functionality lies in its ability to process and validate transactions off-chain before bundling them into a single proof that is then verified on the Ethereum blockchain. This process, known as a Validity Rollup, effectively increases transaction throughput while reducing the load on the main Ethereum network. 

This unique approach positions Starknet as a bridge between scalability and broad consensus, providing a resilient platform for dApps to thrive without being limited by Ethereum's scalability challenges.

What is the STRK token?

The STRK token is an integral part of the Starknet ecosystem, serving as the primary medium of exchange within the network. It is a fundamental part of the network's operations, governance, and consensus mechanisms, and its utility extends beyond simple transactions. As a utility token, STRK is used to pay transaction fees on the network, which were initially only payable in Ether (ETH)

With the introduction of STRK, users gained the ability to pay fees in the native token, increasing the network's flexibility and autonomy. A portion of the fees collected in STRK are converted to ETH to cover the cost of Ethereum's Layer1 gas, ensuring uninterrupted integration and operation within the Ethereum ecosystem.

Here are some other things you need to know about the token:

  • Trading Volume (24h): The trading volume of STRK in the past 24 hours is $108,869,286.
  • Circulating Supply: The circulating supply of STRK is 1.14B tokens.
  • Total Supply: The total supply of STRK is 10B  tokens.

Trade STRK

If you are looking to optimize transaction costs and participate in a network’s governance, Starknet could be a great platform to look into. To join the growing Starkent ecosystem, all you only need to do is get some STRK tokens. Head over to our trading page and secure your tokens.

! Disclaimer

The information provided in this article is for educational and informational purposes only and should not be construed as financial, tax, or legal advice or recommendation. Dealing with virtual currencies involves significant risks, including the potential loss of your investment. We strongly recommend you obtain independent professional advice before making any financial decisions. The products and services offered by Cryptology may not be suitable for all users and may not be available in certain countries or jurisdictions. The promotional materials do not guarantee any specific outcomes or profits from virtual trading. Past performance is not indicative of future results. It is important to read and understand the risks, which are explained in our Risk Disclosure Statement

Tom F.

Tom is one of the content managers here at Cryptology. While still fresh in his career he has been able to firmly place himself within the world of crypto and content creation, producing work for a number of publications including esports.net and The Times of Malta newspaper.