After seeing a surge in the number of active wallet addresses around the announcement of the airdrop last week, Starknet has seen that number drop significantly in recent days as the actual drop approaches.
The Starknet airdrop made headlines last week not only because of its sheer size, but also because of the frustration some community members felt after finer details were revealed. Starknet plans to hold an airdrop tomorrow, February 20th and distribute STRK tokens to almost all regions. 1.3 million eligible wallets.
Last week’s news led to a significant spike in active addresses on Starknet. It went from fewer than 20,000 addresses on February 9 to a recent high of 226,576 addresses on February 14. This is the date that Starknet revealed full details about the upcoming drop.
As of 5 days after the announcement, the daily total is approx. 70,000 According to data from Starkscan Explorer. While last week’s surge was a significant increase above average, Starknet has seen much larger daily highs in the past (approximately 386,000 active wallets as of July 28, 2023).
Trading volume also spiked last week but has returned to more normal levels. February 14th was the network’s best day over the past month, with over $122 million in volume, but as of yesterday, volume had fallen by half, with volume just under $61 million on February 18th. This was a very typical day, according to Starkscan data.
Despite the recent ebb and flow in active wallets, the total value of assets locked on Starknet remains relatively unchanged. Dipilama On the day of announcement, the total value of the protocol (TVL) was reported to have reached $55.26 million. It now stands at $54.35 million.
Despite many community members objecting to the way the airdrop criteria is being handled, it doesn’t seem like too many of them have put their money where their mouths are and actually left the protocol.
One of the main points of contention in the airdrop announcement was the token unlock schedule. This will reward team members just two months after the token was launched. Cryptocurrency projects often have much longer cliffs for team token vesting. Sometimes even years after release. StarkWare CEO Eli Ben-Sasson dismissed the complaints in an interview last week. decryption.
“Unlocking it for the team and early investors… is one of the aspects where we can be non-standard,” Ben-Sasson said. “But we build differently and see things a little differently.”
Starknet has been a highly anticipated airdrop on Crypto Twitter for several months. The decline in active addresses may reflect airdrop farmers who invested in token distribution but ultimately moved on to greener pastures, i.e. chains that have not yet released their tokens.
Editor: Andrew Hayward
