Starknet Preps for STRK Launch with Test Transactions

Starknet, a Layer 2 (L2) scaling solution for Ethereum, is making significant strides towards the launch of its native token, STRK, anticipated by Q2 2024. The Starknet Foundation’s official Ethereum address recently executed seven cross-chain transactions, transferring less than three STRK tokens between Ethereum’s mainnet and Starknet’s L2 network. These transactions, visible on Starkscan, likely represent a critical phase of on-chain testing before the ERC-20 cryptocurrency’s rollout.

This development marks an exciting phase for Starknet and its community, as it signals progress towards the much-awaited STRK launch. In December, the Starknet Foundation outlined a distribution plan for 1.8 billion STRK tokens, with half of these earmarked for network rebates to reward active L2 chain users. Additionally, the Early Community Member Program participants are set to receive a share of around 50 million STRK coins upon the token’s release.

A recent community vote on January 8 further advanced STRK’s utility by approving it as a valid currency for transaction fees, introducing a two-token gas structure alongside Ether (ETH). This decision aligns with Starknet’s mission to decongest Ethereum’s mainnet by offering a parallel transaction chain with lower fees and quicker settlement, while maintaining the core aspects of security and transparency.

As Starkware Industries, the Israeli-based blockchain startup behind Starknet, gears up for the STRK launch, the network’s readiness is evidenced by its $169 million total value locked, as reported by L2Beat as of January 15. This step signifies a move towards enhanced scalability for Ethereum, poised to benefit the broader crypto community.

Starknet’s move to test transactions from Ethereum’s mainnet to its L2 network is a pivotal step in preparing for the launch of its native token, STRK. This initiative not only highlights Starknet’s technological advancements but also its commitment to enhancing Ethereum’s scalability and efficiency. The crypto community eagerly awaits the official release of STRK, expected to bring new dynamics to Ethereum’s ecosystem.