Starknet’s 700 million STRK token airdrop began on Tuesday, February 20th. Over 400 million tokens were claimed in just a few hours. “Airdrop hunters” and concerns about fairness have tarnished interest in airdrops on Starknet.
Starknet’s STRK token plummeted from a $7 launch to $1.89 on Binance, sparking concern among holders and investors. Despite a promising start, the token’s value has decreased by 19.66% over the past day. With a market capitalization of $1,373,162,136, STRK currently ranks 55th in market capitalization. Additionally, this token has seen significant trading volume, with $1,787,548,852 recorded in transactions in the last 24 hours.
STRK price chart: CoinMarkertCap
STRK Token Airdrop allocation and controversy
However, the excitement surrounding the airdrop was soon overshadowed by controversy and criticism. Accusations have emerged within the community claiming that despite prior warning, Starknet developers included “airdrop hunters” in their eligibility list. These individuals, who are known to seek profit by claiming tokens from multiple addresses, have raised legitimate concerns about the integrity and security of the distribution process, as well as fairness.
One painful example is blockchain analytics company Lookonchain. reported A single user received 1.43 million STRK tokens (about $3 million) across 1,361 separate wallets. This raises further concerns about process manipulation. This case highlights potential opportunities for individuals to exploit loopholes in eligibility standards. This also calls into question Starknet’s security processes and whether they are a top priority for layer 2 networks.
Rekt Fencer, a prominent cryptocurrency insider, shared a post stating that an individual received a 10,000 STRK token airdrop in return for developing a program aimed at “sybiling” Starknet and sharing it on GitHub.
“Guy wrote a script on sybil starknet, shared it on GitHub, and received a $10,000 STRK airdrop for his efforts. Best cryptocurrency? “
– Rekt Fencer (@rektfencer)
Despite the STRK controversy, the network’s token airdrop attracted significant attention, with TVL reaching $58.14 million and 24-hour trading volume exceeding $48 million. The protocol’s diluted market capitalization exceeds $20 billion, reflecting strong investor confidence in the project.