Binance Adds Support for Starknet, a New Ethereum Scaling Solution

Binance, a major cryptocurrency exchange, has announced its support for Starknet (STRK), a new Ethereum layer-2 scaling project.

Token Distribution and Claiming

Starknet recently launched its first token allocation, distributing over 700 million STRK tokens to nearly 1.3 million addresses. Eligible individuals have four months to claim their tokens, with unclaimed tokens to be distributed in future rounds.

Binance Seed Tag

Binance has assigned a seed tag to STRK, indicating its lower liquidity and higher volatility potential. Users holding STRK will need to pass quizzes every 90 days to demonstrate their understanding of the risks involved.

Starknet Technology

Starknet is a decentralized validity rollup, a type of scaling solution that executes transactions off-chain and records the data on Ethereum. Unlike optimistic rollups, which assume transactions are valid, Starknet uses zero-knowledge proofs to verify validity.

Market Performance

STRK, currently ranked 60th by market capitalization, has declined by over 53% since its launch price of $3.55. It is currently trading at $2.05.

Disclaimer: This article does not constitute investment advice.