Ethereum has been around for a while and has established itself in the crypto space. Even so, its high transaction fees tend to put some people off, and long term, this has posed quite a challenge to its stability. To deal with this challenge StarkWare developed StarkNet, Ethereum’s layer-2 scaling solution.
For some time, there have been rumors that StarkNet will release its own token. Since the rumors are likely true that Starknet will soon be dropping its native token, we have compiled a comprehensive guide on everything you need to know about StarkNet, including how you can access the token once it is available. Â
Understanding StarkNet
StarkNet is a decentralized scaling solution for Ethereum that works like a secondary network or layer on Ethereum. Using STARK, its secure and scalable system, StarkNet enables Ethereum to increase its computational power while maintaining its compatibility and layer 1 levels of security.
This is a cost-effective solution that results in high throughput and low gas costs, making verification of solutions much simpler and quicker. In other words, STARK condenses several transactions into one, reducing the data that needs to be stored on the blockchain.
As a Validity Rollup Layer 2 solution, STARK’s work is to prove computational integrity. StarkNet uses Cairo as its native language, and this is used to write its OS and any contracts.
So far, StarkWare has successfully raised $100 million. This was made possible by Greenoaks Capital and Coatue during its Series D funding round.
StarkNet team
StarkWare Industries, headquartered in Israel, operates as a software company boasting a workforce of 70 individuals, complemented by an expansive group of adept blockchain programmers and engineers. The core thrust of the company centers around cryptography as its primary area of expertise.
Over the course of its evolution, StarkNet has engaged in partnerships with esteemed blockchain consultants, notably Joesph Lubin, the visionary CEO and founder of ConsenSys, the ingenious creators behind MetaMask.
Preparing for StarkNet Airdrop
StarkNet was launched last year in November and is anticipated to release its native token $STRK up for sale. The token is designed for paying transactional fees, voting, or staking.
The initial token release will be around 10 billion, some of which will be for ‘community provisions’ or the users and programmers who have created dApps using StarkNet. After the 10 billion are distributed, StarkNet will mint more if the community needs more.
Though there is no official communication of StarkNet’s airdrop, the expectations are high that this will happen this year, and some partners such as Argent, their native wallet partner, have communicated the same.Â
The best way to position yourself to get the $STRK airdrop and earn different rewards is to interact with its protocols, such as using their DApps. Let’s look at what you can do to get ready.
Create StarkNet ID
Just like other crypto projects, StarkNet requires you to register with a unique ID. You can create your own ID on the StarkNet ID page. This ensures each person gets one airdrop. You will need to connect Argent or Braavos wallet to StarkNet’s mainnet. You can go a step further and connect your socials to your ID to position yourself better to receive the airdrop.
Create Wallets
For you to successfully interact on the platform, you will need a wallet. Only two wallets are compatible with StarkNet- Argent X and Braavos.Â
Argent X
With a user base exceeding 400,000 within the StarkNet ecosystem, Argent X stands as a decentralized wallet of choice. This wallet integrates two-factor authentication, ensuring that transactions require authentication or originate from a trusted source before any processing.Â
The wallet is available as a web/browser extension on Google Chrome and Mozilla Firefox, and you can download it as an extension. Once you download the extension, click on it to deploy. When it’s done, the StarkScan test net will open in another window where you can see any transactions.
Braavos
The Braavos wallet is available for download on Chrome, Firefox, Android, and iOS. This self-custodial wallet provides users with features that facilitate swift account recovery and abolish seed phrases. The wallet also supports withdrawal limits and time delay, which allows users to separate between long-term and everyday usage.
Bridge to StarkNet
A main requirement for the StarkNet airdrop will be to bridge to the network from the Ethereum mainnet. One way to do this is by connecting your wallet to StarkGate, StarkNet’s official bridge. While a MetaMask wallet is not compatible with StarkNet, you will still need one to bridge Ethereum from ECR mainnet to the Starknet network.
First, visit the Starkgate Bridge and click on the top right corner where you can see the ‘Connect Ethereum wallet’ and ‘Connect Starknet wallet’. Click on it, select MetaMask, and follow the instructions to connect your Argent and Ethereum wallets. If you don’t have a Metamask wallet, you will need to set one up by following the process.
When you’re done, you will then have to send ETH from mainnet, and when the airdrop is live, you will receive some tokens. What you get from the StarkNet airdrop will depend on how many dApps you use and how much ETH has been bridged to StarkNet.
Trade on a StarkNet DEX
After bridging your ETH tokens, you can go ahead and trade. You can interact with one of the three StarkNet’s native decentralized exchanges- JediSwap, 10kSwap, or MySwap. These DEXs allow you to safely transfer tokens on the platform.
All you need to do is go to any DEX on StarkNet, connect your wallet, and swap any tokens. When you swap, go to the pool page and add the tokens to a liquidity pool.
Mint NFTs
Minting NFTs is one of the best ways to prepare for StarkNet’s airdrop, which you can do on Aspect or Mint Square. Here, you will find unique Starknet NFTs. For free, you can start by minting your StarkNet identity. This will be your StarkNet passport. If you do not want to invest a lot, you can start with cheaper NFTs. This will still make you eligible to receive the $STRK tokens.
Bridge out
Bridging out can also position you to receive the StarkNet airdrop since you will be hedging your bets should the airdrop fall on either side. If you choose to bridge funds back, you can use a platform like Orbiter Finance.
Consider a StarkNet Money Market
Here’s an alternative approach you can consider to fulfill the airdrop prerequisites: Engage with a money market similar to StarkNet’s zkLend, which enables you to both deposit and lend funds on the StarkNet platform while also generating a yield.
Finally
As StarkNet figures out how the tokens will be distributed, the above ways will help you prepare and position yourself to receive the tokens once they are up for sale. Though airdrops are a great investment, you will still need to take all precautions as several Starknet Airdrop Scams are doing the rounds. To avoid being swindled, always confirm any news on StarkNet’s official links.Â
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