The new Ethereum L2 token, Starknet (STRK) is here! ChangeHero joins dozens of platforms that support it on launch. In this article, find more information about the Starknet token and how to swap out the STRK airdrop.
What is Starknet?
StarkNet is a Layer-2 scaling solution for Ethereum developed by StarkWare. It aims to increase the scalability and reduce the costs of using the Ethereum network. StarkNet is a technology that helps make Ethereum faster and cheaper to use.
StarkNet uses zk-STARKs (Zero-Knowledge Scalable Transparent ARgument of Knowledge) technology to provide scalability and privacy on Ethereum. It uses special encryption tricks to process transactions off the main Ethereum network, then submits succinct proof for these transactions on the mainnet. This reduces congestion and fees, making transactions quicker and more affordable.
StarkNet supports smart contracts and dApps, same as Ethereum, so developers can build decentralized applications that benefit from its scalability. By leveraging the Ethereum mainnet for security, StarkNet maintains decentralization while offering a solution to Ethereum’s scalability challenges. It’s ideal for decentralized exchanges, gaming platforms, and any applications needing fast and low-cost transactions on Ethereum.
STRK Airdrop: Hot or Not?
A week ago, the Starknet Foundation shed some light on its token distribution after a long period of anticipation. Surprisingly, not only Starknet contributors are eligible but also Ethereum stakers even with no exposure to Starknet prior. The users, contributors, and community members are obvious recipients but who qualifies as a “StarkEx user”? They include users of such popular dApps as Immutable, dYdX, and Sorare, among others, so checking the eligibility on the official website is recommended! Even GitHub developers are a category, although so far it has led to unsurprising results.
In the first phase, which will last from February 20 to June 20, 1.8 billion STRK tokens will be airdropped. The time window is fair but the first-come-first-serve impression from the program creates FOMO, and some users are wary of such tactics. If you were unfamiliar with the project until the buzz around the airdrop started, you may not even know what is everyone suddenly after. And as always is the case with cryptocurrencies, any asset is worth looking into in advance.
STRK airdrop claiming will start at 12PM UTC today!
— Lookonchain (@lookonchain) February 20, 2024
On-chain data shows that #Wintermute may be the market maker, having received 2M $STRK and deposited 500K $STRK to #Binance.
Teneo: 3AC Liquidation received 134.18M $STRK and is the 9th largest holder.
Address:… pic.twitter.com/xPSuyYX7eV
The on-chain analysis of the first STRK distributions shows a lot but the takeaway from Lookonchain’s post is basically:
- The initial liquidity is not very high, some volatility and slippage may occur;
- One of the largest holders is the liquidator of an infamous failed crypto fund 3 Arrows Capital.
🪂 R U Excited For $STRK ?
— Gautamgg.eth/sol 🇮🇳❤️ (@Gautamguptagg) February 20, 2024
💔 I m not - After Eligible in 2 wallets..
😶Bec most of the folks not eligible for #Airdrop After Holding 0.005 Eth + Follow All criteria before snapshot)..
😐 Not Fair Distribution At 1st Time & They Annouced 2nd #Airdrop - lmao pic.twitter.com/UlEz5CisFu
Users report not receiving the airdrop despite being eligible. Of course, the possibility of negative press should not be ruled out but it can also point to the lack of transparency in the process.
Be alert for scams around token claims and Provisions, including fake links and accounts impersonating Starknet. There is no public sale of Starknet tokens (STRK) by the Starknet Foundation or any other entity.
— Starknet Foundation (@StarknetFndn) February 20, 2024
There is also a surge of misinformation and spam in the social media at the moment. Here comes your friendly reminder to not click any links, at least without verifying them first. The best course of action would be to use the official website (double-check the URL and avoid looking it up in a search engine!) or the exchange that supports it if you already have an account.
How to Exchange STRK for Other Cryptos on ChangeHero?
If you seek where to offload the STRK you just received, you can do it today on ChangeHero! But before that, make sure you bridge your claimed STRK to the Ethereum blockchain on StarkGate:
After you have withdrawn it to Ethereum, you can now exchange STRK for BTC, ETH, USDT, and other cryptocurrencies on ChangeHero. The process is as simple as always:
- Choose the currencies on the home page, amounts, and the type of exchange. Provide your wallet address in the next step, and check the amounts;
- Double-check the provided information, read and accept the Terms of Use and Privacy Policy;
- Send a single transaction in the cryptocurrency you will be exchanging. Fixed Rate transactions have a 15-minute limit;
- All done? Now we are doing all the work: confirming the incoming transaction and performing the exchange as soon as it arrives;
- Once the exchange has been processed, your crypto is immediately on the way to your wallet.
We do our best to ensure the flow is understandable and the process works as intended. But stuff happens, so ChangeHero’s customer support is ready to assist you 24/7 in the chat widget on our website or through the email: [email protected].
Please note that currently, you can only swap STRK to other coins and tokens. The swaps to STRK are coming soon, so stay tuned!
Conclusion
The Starknet token airdrop that starts today got a lot of attention in the crypto community. Whether you are an avid airdrop farmer or a lucky user who turned out to be eligible, we are happy to help you with turning your STRK into a cryptocurrency of your choice!
We hope you find this guide helpful! Read more handy articles on our blog and get updates on our social media: Twitter, Facebook, Reddit, and Telegram.
