The official Starknet ethereum address made seven cross-chain transactions ahead of the anticipated launch of STRK, the protocol's native token expected in the second quarter of 2024.
Starknet transferred less than three STRK tokens between the ethereum mainnet and the project's layer 2 network, according to data seen on block explorer Starkscan. The move was likely part of an on-chain testing exercise for the ethereum-based scaling solution before the developers launched the ERC-20 cryptocurrency.
<img decoding="async" width="1024" height="666" src="https://crypto.news/app/uploads/2024/01/Screenshot-181-1024×666.png” alt=”Starknet”/>
Transactions for users and network participants indicate progress towards the launch of STRK, which may be accompanied by an airdrop and community rewards. The Starknet Foundation revealed 1.8 billion STRK tokens destined for its distribution plan in December last year.
Half of that amount was designated as network rebates to reward users already transacting on the L2 chain, crypto.news noted. Recipients of the Early Community Member Program will also receive a share of around 50 million STRK coins when the token is launched.
Additionally, STRK will add additional public services following a critical community vote on January 8. Delegates approved STRK as a valid transaction fee payment currency in a two-token gas structure alongside Ether (eth).
According to a Starknet Foundation committee, STRK should launch in April 2024, barring delays or technical issues. Built by Israel-based blockchain startup Starkware Industries, the L2 network implements zero-knowledge cumulative technology to scale the ethereum network.
The idea is to decongest the ethereum mainnet by providing an alternative transaction chain with cheap fees and faster settlement, while maintaining security and transparency on the chain. Starknet had more than $169 million in total value locked as of January 15. L2Beat confirmed.
