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StarkNet’s Impressive Growth and Milestones
StarkNet, a leading Layer-2 scaling solution for Ethereum, has achieved remarkable growth, with its total value locked (TVL) soaring to an impressive $1.32 billion following the launch of its native token, STRK. This achievement has positioned StarkNet as the fourth Ethereum Layer-2 network to surpass the $1 billion TVL milestone, solidifying its status among the elite in the industry.
Composition of StarkNet’s TVL
Data from L2Beat, a platform that monitors and analyzes Layer-2 protocols, reveals the composition of StarkNet’s TVL. A significant portion, approximately 83.65%, is attributed to its newly released native token, STRK. Ethereum (ETH) makes up 11.41% of the total, while stablecoins account for 3.78%, showcasing a diverse range of assets contributing to StarkNet’s growing ecosystem.
Market Performance of STRK
Following the listing of the STRK token, market response was in line with typical asset behaviors observed in similar scenarios. The token’s price initially surged as traders and investors sought to capitalize on the new listing, leading to a sharp increase in market activity. However, subsequent to this initial enthusiasm, the price of STRK underwent a correction, experiencing a slight decrease as early investors secured profits and the market sought a new price equilibrium.
As of the latest updates, the price of STRK stands at $1.88, reflecting a minor decline of 1.59% over the past 24 hours. Correspondingly, the 24-hour trading volume has also decreased by 39.58%, currently recorded at $289,735,182. With a market capitalization of $1,372,279,288, STRK is currently ranked as the 57th largest cryptocurrency in the market.
StarkNet’s Technological Advancements
StarkNet leverages STARK, the most secure and scalable cryptographic proof system, to provide solutions that meet the demands of high-volume and complex computations without compromising on security or decentralization. The recent achievements of StarkNet underscore the increasing adoption and significance of Layer-2 solutions in addressing the scalability challenges faced by the Ethereum blockchain.
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