Starknet Price Jumps 9% as Vitalik Buterin Unlocks $470K in STRK Tokens
Ethereum Co-Founder Vitalik Buterin Unlocks $470K Worth of STRK Tokens, Resulting in a 9% Surge in Starknet Price.
Key Takeaways:
- Starknet Token Price Jumps 9% as Vitalik Buterin Unlocks $470K in STRK Tokens.
- Recent Starknet ecosystem developments include the Starknet Bolt Upgrade, enhancing speed and cost-effectiveness.
- The platform now boasts higher TPS capacity, more frequent blocks, and faster transaction confirmation time.
The STRK token, which fuels Starknet, a prominent decentralized Validity Rollups protocol, has seen significant gains in the past day. This surge followed Vitalik Buterin, the co-founder of Ethereum, unlocking 1.268 million STRK, valued at approximately $470,000, from the Starknet LockedTokenGrant contract.
Starknet Price Surge Following Vitalik Buterin's Token Unlock
According to the recent report, this latest transaction from the crypto billionaire pushes his total Starknet token holdings to 2.113 million STRK, worth $830,973 at the price of $0.3933 at press time.
In addition to the Starknet price increase, the layer 1 token has also experienced a 176.21% rise in trading volume over the past 24 hours. According to Hedge With Crypto data, the 24-hour trading volume is $116,967,544.
At the time of this report, the relatively new project had a market capitalization of $697 million, a total value locked of about $236 million, and a stablecoins market cap of around $89 million, as DefiLlama shows. In terms of price performance on the last day, it holds the second position in positive price performance, trailing only Injective (INJ).
StarkNet is a permissionless decentralized zero-knowledge (ZK) Rollup, operating as a layer two network over the Ethereum mainnet. The sharp price reaction of StarkNet tokens to the unlock was most likely influenced by Vitalik Buterin, one of the most respected personalities in crypto. Besides ETH, STRK tokens are his most valuable crypto asset holding. Buterin was one of the early StarkNet investors.
Notably, Vitalik Buterin clarified that he has never sold off his major cryptocurrency holdings except for donating to Web3 projects and other similar purposes. Therefore, he will likely continue to hold the STRK token.
Related: What Is Vitalik Buterin’s Net Worth?
Impact of Recent Starknet Developments and Upgrades
In addition, the recent increase in the price of STRK can be attributed to the exciting developments within the Starknet ecosystem.
On August 28, 2024, the Starknet Bolt Upgrade was launched on the mainnet, introducing two significant upgrades: parallel execution and block packing.
These improvements have notably enhanced Starknet's speed and cost-effectiveness, ultimately drawing in more users and developers to the platform.
Implementing the Starknet Bolt upgrade has specifically bolstered the performance of decentralized applications (dApps) on Ethereum by enabling faster transactions, parallel execution, and block packing.
These enhancements collectively improve transaction speed and reduce costs, resulting in a smoother and more efficient network.
“With higher TPS capacity, more frequent blocks, and faster tx confirmation time, Starknet is now smoother than ever,” the Starknet team boasted.
According to reports, the upgrades allowed for a peak of 508 TPS on the testnet. Meanwhile, the mainnet still processes under one transaction per second because there is little demand for Starknet block space.
Joseph Alalade
Joseph has been actively involved in crypto for over half a decade, focusing on Web3 education for both technical and non-technical audiences. He is particularly interested in writing about trending Web3 updates, regulatory developments, and other exciting stories. He loves trading and analyzing crypto charts, and delving into technical documentations.
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