Ethereum layer-2 solution Starknet has begun the distribution of its airdrop, rewarding users with millions of STRK tokens valued at a whopping $5.39 billion at some point.

Starknet, an Ethereum layer-2 that uses zero-knowledge proofs to enable fast and cheap transactions, has launched the initial round of the Provisions Program today, effectively airdropping millions of STRK tokens to early users and developers.

The airdrop, which will distribute 700 million STRK to nearly 1.3 million eligible wallets, aims to reward supporters of the ecosystem as well as to incentivize more adoption. Eligible groups include StarkEx users, Ethereum stakes, StarkNet users, developers, and software contributors.

Users can ascertain their eligibility through the official verification page. To initiate the process, users are required to link their Starknet wallet and adhere to the provided instructions. Upon confirmation of eligibility, the corresponding token allocation will be displayed.

As of press time, the distribution has already begun, having started today at 12 noon (UTC). Users have until June 20 to claim their tokens. The team behind the project has noted that they would absorb unclaimed tokens and distribute them in the next rounds.

To claim the airdrop, you would need to head to the official Starknet provisions page, scroll down, and click on Claim STRK. Afterward, link your Agent X or Braavos wallet and follow the instructions outlined in the X post below.

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The initial 700 million STRK tokens to be distributed in this first round of the airdrop are part of the 900 million tokens allotted for the airdrop. In total, the team behind the project has set aside 18% of the total STRK supply, amounting to 1.8 billion, for community allotment.

As an asset, STRK serves a dual purpose as both a governance token, empowering holders to participate in shaping the future trajectory of the Starknet network through voting and as a utility token facilitating fees, rewards, and incentives within the network.

The token has already secured listing from several leading exchanges, including Binance. Upon its listing, STRK soared to $5 on KuCoin and hit a high of $7.7 on Binance. At the $7.7 high, the 700 million STRK to be distributed was worth a whopping $5.39 billion, making this the largest crypto airdrop so far this year.

Shortly after the airdrop went live, the price of the token stabilized at $2.998 on Binance and $2.86 on market tracker CoinMarketCap (CMC) amid sustained selling pressure. Per CMC data, the token currently boasts a market cap of $2 billion and a volume of $469.8 million.

Fueled by StarkWares cutting-edge zero-knowledge proof technology, the Starknet network, which launched on the main net in November 2022, seeks to tackle the scalability, cost, and privacy challenges afflicting Ethereum by facilitating cheap, fast, and private transactions.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Starknet Begins Airdrop to Distribute $5.39B, As Trading Starts on Binance - The Crypto Basic