Crypto Exchange Binance Announces Support for New Ethereum Layer-2 Scaling Altcoin Starknet (STRK)

Top global crypto exchange Binance has rolled out trading support for the new Ethereum (ETH) layer-2 scaling project Starknet (STRK).

Starknet kicked off its first token allocation on Tuesday.

The project plans to distribute more than 700 million Starknet tokens to nearly 1.3 million addresses.

Eligible individuals and groups will have four months to claim their tokens, and unclaimed STRK will be distributed in future rounds.

Binance attached a seed tag to STRK. The exchange applies seed tags to lower-liquidity tokens that have more volatility potential, and users who own assets with tags are required to pass quizzes every 90 days to ensure theyre aware of their inherent risks.

STRK, which is already the 60th-ranked crypto asset by market cap, is down more than 53% from its launch price of $3.55. The token is trading at $2.05 at time of writing.

TheStarknetis a decentralized validity rollup, otherwise known as a zero-knowledge (ZK) roll-up.

Rollups are solutions that execute transactions outside of Ethereums blockchain but record the transactional data. Thetwo typesof rollups are optimistic rollups and ZK rollups. Optimistic rollups automatically assume transactions are valid, while ZK rollups run computations off the chain and then submit a validity report.

Don’t Miss a Beat Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE3

This article was originally reported on The Daily Hodl.