Success of Starknet Airdrop Amid Controversies
The highly anticipated Ethereum layer-2 solution, Starknet, has experienced a surge in demand during its airdrop, which has caused its fully diluted market cap to exceed $20 billion. Developers of Starknet distributed around 700 million STRK tokens out of a total supply of 10 billion to various stakeholders including Ethereum solo and liquid stakes, developers and users of Starknet, and projects and developers from outside the Web3 ecosystem. Within the first 90 minutes of the airdrop, 45 million STRK tokens were claimed, and this number has now surpassed 220 million. Participants have until June 20, 2024, to claim the remaining tokens.
Despite the excitement shown by investors, the price of STRK tokens has fallen from its initial high of $7 on the Binance crypto exchange to $2. The protocol still maintains a significant valuation. Currently, the total value locked in the Starknet protocol is $57 million.
On the same day, Banteg, a developer at Yearn Finance, accused Starknet developers of including airdrop squatters in the eligibility list for the airdrop, despite previous warnings. Banteg noted that only the squatters’ data was used, without considering the renames. The developers of Starknet assured that the renamed developers would not be left out, and more information regarding this issue is expected in the coming days. Previously, Banteg had warned that out of the 1.3 million wallet addresses eligible for the STRK airdrop, approximately 701,544 addresses were linked to repeat or renamed GitHub accounts controlled by airdrop squatters.
Airdrop hunters are individuals who aim to profit from airdrops by farming tokens, hoping they will increase in value. These hunters often use scripts to consolidate numerous addresses into just a few. In the past, it was revealed that airdrop hunters had consolidated $3.3 million worth of tokens from the Arbitrum (ARB) airdrop into just two wallets that they controlled, despite the airdrop being distributed to 1,496 wallets.
5 thoughts on “Success of Starknet Airdrop Amid Controversies”
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These developers need to take responsibility for their mistakes.
Starknet developers should have done a better job with the airdrop eligibility list.
What a mess! The developers really messed up with this airdrop.
Airdrop hunters sure know how to seize opportunities! Consolidating $3.3 million worth of tokens from the Arbitrum airdrop into just two wallets? That’s some serious skill! Impressive tactics, but also a reminder of the challenges faced in airdrop distribution.
Wow, the demand for Starknet is through the roof! The surge in demand during the airdrop is mind-blowing. With a fully diluted market cap of over $20 billion, Starknet is setting the bar high!