Today, the listing of the STRK token, the crypto of the Starknet project, is also coming to Binance.
Indeed, the start of trading on the famous platform is set for 1:00 PM UTC on February 20, 2024.
The news was announced through a statement on the official exchange website.
Summary
STRK arrives on Binance: the official listing of the crypto
The STRK token of Starknet will be tradable on Binance in four pairs, STRK/FDUSD, STRK/USDT, STRK/BTC, and STRK/TRY.
Now, as has been the case for some time, the reference stablecoin within the Binance ecosystem has become FDUSD (First Digital USD), after the failure of the BUSD project, while the other exchange pairs involve the two most traded cryptocurrencies in the world and curiously also the Turkish lira.
The deposits of STRK tokens on Binance have already been enabled, while withdrawals will only be enabled tomorrow.
Binance warns that STRK is a relatively new token, and therefore carries a higher than normal risk. For this reason, it will likely be subject to high price volatility.
Furthermore, Binance will apply its seed tag to the STRK token.
This tag is applied to innovative projects that may have higher volatility and risks compared to other listed tokens, and it requires that in order to access trading of tokens marked with the seed tag on Binance, users will have to pass some quizzes and accept the Terms of Use.
These quizzes have been introduced to ensure that users are aware of the risks before exchanging such tokens.
The STRK token airdrop
The claim of Starknet’s STRK tokens has been started only today.
It was announced six days ago, and with today’s airdrop, STRK tokens can already be claimed, cashed out, and traded.
Binance is not the first exchange to allow the trading of these tokens, as it was preceded by two other major exchanges, Bybit and KuCoin.
The impact of Binance’s crypto listing on Starknet (STRK) price
Indeed, the STRK token already has a market price.
The debut took place at around $2.4, with an almost immediate increase to over $2.6. In the following minutes, it also rose to $2.7 before reaching a peak of $7.7 on Binance at the opening of trading. It then dropped back to $3.
The launch is actually not causing excessive volatility, although it may still be a bit too early to say.
Note that while the STRK token has only been on the markets since today, the Starknet project has been around for much longer.
The Starknet Project
Starknet is actually a layer-2 of Ethereum that actually wouldn’t need its own native token to work.
It is worth noting that after last week’s announcement, activity on the Starknet layer-2 had increased significantly, but then it decreased a lot.
The point is that the airdrop announcement had made a lot of news, attracting a lot of attention to Starknet in particular for the size of the drop (1.3 million eligible wallets).
On February 9th there were only 20,000 active addresses on Starknet, but on the day of the announcement they suddenly jumped to over 220,000.
It was a real boom generated by the announcement alone, so much so that five days later they stabilized around 70,000 per day. However, the highest daily peak is still that of July 28, 2023 when they were about 386,000.
The volume of transactions on layer-2 also increased last week, but then returned to more normal levels in the following days: on February 14th it was over 122 million dollars, but yesterday it had dropped to about half.
Even the TVL in DeFi has undergone a similar dynamic, rising to 57 million dollars on February 14th and then dropping below 54 million dollars yesterday. However, today it has already risen to 56.7 million.
Note that at the beginning of the year it was 37 million, and in July 2023 it was 15 million.
