Starknet’s launch on February 14th grabbed significant attention, mainly because of its rewarding program. Early participants received more than 700 million STRK tokens, the project’s own cryptocurrency.
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Yet, the launch faced controversies. Some community members claimed that the Starknet team sold off a large portion of their tokens, causing STRK’s price to fall below $2. Moreover, there were reports of problems with token distribution, adding to investors’ concerns and uncertainties.
Analyzing Starknet’s Development Activity
For a deeper insight into Starknet’s current status and future outlook, it’s essential to consider various indicators. One such metric is development activity, often measured by tracking code commits on public GitHub repositories linked with the network.
However, a worrying trend emerges when observing this metric. Data indicates a decrease in developer activity, suggesting a potential slowdown in the creation of new features and functionalities.
STRKUSD trading at $2.004 on the daily chart: TradingView.com
While this decline doesn’t necessarily spell doom for Starknet, it does raise valid concerns about the project’s long-term growth trajectory.
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Positive Signals for Starknet’s Future
Despite some negative sentiments, data from Santiment, an on-chain analytics platform, presents a more optimistic outlook. The stablecoin supply held by whales, referring to large investors, on the Starknet network has shown an upward trajectory, reaching 54 at the time of writing.
This increase indicates a boost in buying power among whales, potentially reflecting their confidence in Starknet’s future. This vote of confidence could potentially lead to a surge in STRK’s price. Moving forward, Starknet’s price could either stabilize or see a significant increase.
Also Read: StarkNet (STRK) TVL Surges to $1.32 Billion After Token Launch
Simultaneously, Starknet’s climb to the fourth position among all launched Layer 2 projects on the Ethereum blockchain is noteworthy. This rise is fueled by a remarkable 194% surge in Total Value Locked (TVL) to $1.32 billion.
This rapid ascent not only underscores Starknet’s growth but also highlights the increasing confidence and adoption within its user base.
Starknet’s TVL Surge and Growth Narrative
The surge in Total Value Locked (TVL) underlines Starknet’s appeal, with users actively depositing and staking crypto assets. This activity contributes to the establishment of a robust ecosystem around the platform.
Starknet’s remarkable growth goes beyond mere statistics. It narrates the story of a platform gaining prominence in the competitive landscape of Layer 2 scaling solutions.
This ascent indicates that Starknet is not merely riding a wave of hype but is substantiating its value proposition. It potentially positions itself as a significant player in the Ethereum ecosystem.
As of the latest update, STRK was trading at $2.00, marking a 3.7% increase in the last 24 hours, according to data from Coingecko.
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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
