Starknet’s STRK token has fallen to an all-time low of $0.48, a dramatic decline from its all-time high of $2.63 in March, as the Ethereum layer 2 solution continues to face significant challenges following its airdrop in February. Despite efforts to revitalize the network, such as the Starknet DeFi Spring 2.0, a program to incentivize liquidity, key metrics have been persistent declining.

The network’s total value locked (TVL) has now plummeted to 211,700 ETH after reaching an all-time high of 456,000 ETH post-airdrop in February, representing more than a 50% drawdown. In dollar terms, Starknet’s TVL stands at $687.2 million, with more than half of that, or $347 million, in its own token, STRK.

Read more: Starknet-Based ZKX Protocol Shuts Down Citing Low Usage and Token Value

Moreover, the network’s daily active addresses have dropped to less than 10,000, significantly lower than its zk-rollup competitors, as per growthepie. For comparison, Scroll has around 70,000 daily active addresses, zkSync Era around 125,000, and Linea around 600,000.

“The metrics show a lack of user community,” wrote Aylo (@alpha_pls), a researcher at alpha please, on X. “A lot of funds have been raised for both StarkNet ($100M at an $8B valuation in 2022) and eco projects,” which highlights that the substantial funding has not translated into sustained user engagement.

The handling of Starknet’s airdrop has been widely criticized. The eligibility requirements excluded many active users, leading to discontent within the community. Additionally, some projects that initially showed promise have either shut down or migrated to other platforms. This week, ZKX, the main decentralized perpetual exchange on Starknet, shut down, indicating further trouble.

Starknet’s DEX volume is currently the lowest among all major blockchains. at less than $10 million per day recently. By comparison, Scroll’s 24-hour volume stands at $38 million, zkSync Era’s at $17.7 million, and Linea’s at $31.5 million, according to DefiLlama.

Read more: Starknet Usage Is Way Down Post-Airdrop, Showing No Signs of Stopping

Despite these challenges, there are areas of potential growth. DeFi projects based on Starknet such as Ekubo, Vesu, Nimbora, and AVNU are still garnering interest, according to Ollie Armitage, who works for Starknet’s main wallet Argent. Additionally, Armitage pointed out that StarkWare’s ongoing research into Bitcoin and its gaming initiatives could offer some hope for future development.

“Starknet is in a tough spot, but there’s still plenty to be excited by,” Armitage wrote.