425 million STRK tokens were claimed as Starknet's on-chain metrics skyrocketed

The market witnessed strong demand for Starknet's newly released STRK tokens as a full 72% of them were claimed in the first 24 hours after the massive airdrop.

Tokenflow data shows that more than 497,000 individual users have received 425 million tokens, and while the price has dropped to $1.77 from a peak of $5, funding rates in the futures market remain positive, a sign that see bullish sentiment in the market.


Source: Tokenflow

STRK is the native token of Starknet, a layer-2 network that aims to use zero-knowledge cryptography to scale the Ethereum blockchain by bundling off-chain transactions, reducing fees, and accelerating transactions.

Demand for claiming tokens is very high when compared to about 55% in the first 8 hours of the Jupiter airdrop in January and 77% in the first day of Arbitrum in March 2023.

Data from Voyager.online shows that daily transactions on Starknet hit a record high of 1.06 million on Tuesday, with a peak of 45.2 transactions per second as investors frantically claimed airdrops.

With this data, Starknet has surpassed other layer-2 networks such as Arbitrum and Optimism, reaching 874,000 and 486,000 respectively.


Starknet Trading | Source: Voyager.Online

Another way to evaluate network activity is to examine Cario, Starknet's native smart contract language.

Cario steps measure the number of computational steps that occur on the blockchain in a given period of time. On Tuesday, Starknet recorded 7.8 billion Cario steps, matching the record high set in November.

Transaction data

The trading volume in the last 24 hours was 1.6 billion USD. According to CoinGlass, open interest, a measure of the notional value of all open derivatives positions, has skyrocketed to more than $150 million.

Funding rate on Bybit is at +9, signaling that futures traders are bullish on STRK, despite heavy spot demand due to airdrop claimants liquidating their positions.

On the liquidation front, traders have generated over $7 million in liquidated positions across both long and short trades, and the token remains volatile despite high liquidity on exchanges like Binance. Typically, higher levels of liquidity indicate lower levels of volatility.


STRK Open Contract | Source: Coinglass

Market depth on Binance at 2%, a measure of the amount of capital needed to move tokens by 2% in either direction, ranges from $1.38 million to $1.53 million.

Data from DefiLlama shows that the total value of assets locked (TVL) on Starknet increased sharply from 40 million USD on February 1 to 73.57 million USD on February 22.


Source: DefiLlama