Second-layer blockchain Starknet experienced a sharp drop in the price of its token after the airdrop and listing. According to CoinMarketCap data, over the past 24 hours, the token’s price has fallen by more than 17%. The price drop occurred after listing on large centralized exchanges (CEXs) including Binance and KuCoin.
At the opening of trading, the price of STRK was $2.38 and soon increased to a record $3.66 in less than an hour. At the time of writing, STRK is trading at $1.94, 47% below its Feb. 20 peak.
The drop in the coin’s value may also be due to the recent airdrop of STRK tokens. On Feb. 20, the StarkNet team unlocked 728 million STRK tokens (7.3% of the issue) for more than 1.3 million wallets as part of the airdrop. Early adopters of StarkNet and StarkEx, as well as members of the Ethereum community, including the authors of the EIP and some developers, are eligible for the airdrop.

The token airdrop also caused the number of active users on the Starknet network to plummet. On Feb. 14, 2024, the number of active wallets on the network crossed the 225,000 mark. Later the project team announced they would distribute tokens, with 1.3 million users set to receive rewards. On the day of token distribution, the number of active users dropped to 84,260.

#starknet #crd #Write2Earn #news #strkusdt

Introduction:
In a recent roundtable discussion at StarkWare, experts delved into the intricacies of designing the fee mechanism for StarkNet. The conversation centered around four key questions, each addressing a crucial aspect of the protocol's fee structure.
1. Protocol Level Resources:
The discussion initiated by questioning whether StarkNet should adopt Ethereum's gas-based approach for resource units or explore alternatives considering underlying resources like bandwidth, storage, and execution.
2. Converting Operations to Resources:
The need to convert StarkNet operations into resources was addressed, focusing on Cairo, the programming language of StarkNet, and its division into lib funks. Each lib funk requires pricing in resource units, necessitating a clear mapping of operations to these units.
3. Structure of User Bids:
When users initiate StarkNet transactions, understanding the structure of bids becomes crucial. Should users provide a maximum budget or opt for a pay-per-unit model? The discussion underscored the importance of users' comprehension of bid structures and whether they can omit certain resources.
4. Charging Mechanism for Bids:
Determining how users are charged for their bids emerged as a pivotal consideration. Drawing parallels with Bitcoin and Ethereum 1559, the discussion explored charging mechanisms—whether users pay what they bid or adhere to a fixed block price per unit gas.
Detailed Discussion:
The participants emphasized the distinction between marginal costs and fixed costs in transactions. Efficiently spreading fixed costs over a larger number of transactions improves overall efficiency, with a proposed reverse pricing strategy to avoid wasting resources on proofs for relatively empty blocks.
The tradeoff between latency and efficiency was explored, acknowledging the challenge of finding the right balance to shield users from the complexities of optimization processes. The goal is to provide users with the optimal tradeoff between security and cost without requiring them to actively engage in these considerations.
Highlighting the importance of L2 consensus and its eventual verification on L1, the discussion acknowledged the challenges posed by the speculation market. Balancing demand and efficiency is critical to ensure the protocol's stability and user experience.
The discussion also delved into the role of external entities, proposing a futures market to manage the risk associated with gas fees. The inclusion of a piggy bank funded by the futures market aims to relieve provers and L1 posters from covering expenses, ensuring a fair and risk-mitigated process.
Conclusion:
The roundtable concluded with a focus on the necessity of a well-defined algorithm within the protocol to manage risk and prevent manipulation. Whether a generic futures market or a closely tied market to the protocol is preferred remains a consideration. Ultimately, the goal is to establish a fee mechanism that is simple, relatively inexpensive, and promotes user awareness while ensuring the stability and efficiency of the StarkNet protocol.
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StarkNet is a permissionless decentralized Validity-Rollup (also known as a “ZK-Rollup”). It operates as an L2 network over Ethereum, enabling any dApp to achieve unlimited scale for its computation – without compromising Ethereum’s composability and security, thanks to StarkNet’s reliance on the safest and most scalable cryptographic proof system – STARK.
StarkNet is airdropping 700 million STRK to various early StarkNet and Ethereum users in the form of provisions. Starknet users, developers and community contributors, StarkEx users, Ethereum protocol contributors and stakers and developers of select non-crypto open-source projects are eligible for the airdrop. Users can now visit the below eligibility page to check if they are eligible. The claim will go live on February 20th, 2024, at 12pm (UTC), and eligible participants will need a Starknet wallet to claim the STRK tokens.
Step-by-Step Guide:
Visit the StarkNet airdrop eligibility checking page - provisions.starknet.io/Scroll down and connect your wallet.If you’re eligible, the number of STRK tokens you can claim will be displayed.Eligible users are:Starknet users who’ve performed more than five transactions in total, were active for three months or more, transacted with $100 volume or more, and had 0.005 ETH or more in their account by November 15th, 2023Starknet early community membersStarknet developersStarkEx users such as users of dydx, Immutable, Sorare and rhino.fi who’ve performed at least eight transactions before June 1st, 2022Ethereum contributors such as Ethereum Protocol Guild members, Ethereum developers and EIP AuthorsETH stakers who’ve staked ETH with Ethereum’s proof-of-stake (PoS) model up until the Merge (September 15th, 2022) including solo stakers, stakers who used liquid-staking mechanisms or centralized exchanges and stakers who didn’t use a liquid staking mechanism or centralized exchange but aren’t considered solo stakers according to Rated Network.Open-source developers who’ve committed at least three times before November 15th, 2023, and with at least one commit between January 1st, 2018, and November 15th, 2023, to one of the top 5,000 GitHub projects (ranked by GitHub stars)The claim will go live on February 20th, 2024, at 12 pm (UTC) and will be available to claim until June 20th, 2024.You will need a Starknet wallet like the Argent wallet to claim the STRK tokens.

#crypto #starknet #Airdrop #ethereum #Write2Earn

Starknet, a Layer 2 (L2) Ethereum scaling solution, has announced the launch of its decentralized operation. Starknet is a scaling solution that allows developers to build complex smart contracts with lower gas fees and faster transaction times.

It was announced last year, but its decentralized operation has been highly anticipated by the Ethereum community. With this new development, the community will be able to vote on how Starknet operates, which is a major step towards greater decentralization.

However, there is a catch. Since the STRK token, which is used for delegation, has not yet been launched, delegators will need to apply in order to participate. Nevertheless, this is a major milestone for the platform, and marks the beginning of a new era of decentralized operation for Starknet.

The first phase of Starknet Governance is focused on protocol upgrades, and the first vote on Starknet’s protocol upgrade, Starknet Alpha v0.11.0, is coming up soon. During this phase, every Starknet version upgrade will be deployed on the Goerli Testnet, giving voters a 6-day period to examine and test the upgraded version as it runs on Goerli. The community can then vote on whether to approve or reject the upgraded version for Mainnet deployment.

The Starknet Foundation has delegated a portion of its voting power to a broad group of independent delegates, with a focus on promoting broad participation of involved and informed community members in Starknet governance during the first phases. In particular, the Foundation has chosen its first vote delegates based on criteria such as high involvement, proven track-record of contribution to Starknet, and technical expertise.

However, the Foundation acknowledges that its decisions regarding selecting delegates may not be flawless, and that talented and excellent community members may not have been chosen while less suitable delegates were. Nevertheless, this is only for the first vote, and the Foundation’s delegation represents only 10% of the currently available voting power.

To make the process of connecting token-holders with delegates more convenient, Starknet has launched a Delegates Discovery page where delegates can edit their profiles, verify their ETH address, and add delegate interests. This will enable token-holders to easily connect with delegates and participate in the voting process.

The launch of decentralized operation for Starknet marks a major milestone for Ethereum and the wider cryptocurrency community. It is a step towards greater decentralization, and will give the community greater control over how the platform operates.

#eth #starknet #crypto2023 #ethereum #Layer2

This article was republished from azcoinnews.com