Starknet started its distribution of 728 million STRK tokens to about 1.3 million wallets Tuesday morning. STRK, the native token for the layer 2 blockchain network, already has a market capitalization of nearly $1.6 billion and a fully diluted valuation (FDV) of $20.1 billion, according to data from CoinGecko. This makes STRK the 10th largest token by FDV at the time of publication. 

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FDV is calculated by multiplying the current price of a cryptocurrency by the total number of tokens in its supply. A token’s market cap, on the other hand, is another financial metric that refers to the value of the current circulating supply of a token, not taking into account tokens that are locked or reserved for future development. 

By FDV, STRK is situated ahead of tokens from well-established blockchain networks, such as Arbitrum, Optimism and Avalanche. 

Higher FDV Than Its Rivals but Lower TVL

While Starknet’s FDV is higher than the aforementioned blockchain networks, the total value locked (TVL) in its smart contracts stands at $56.75 million, much smaller than Arbitrum’s $3 billion, Optimism’s $895 million and Avalanche’s $915 million. TVL refers to the amount of cryptoassets people have deposited into a blockchain network. 

Starknet is a zero-knowledge rollup for Ethereum that aims to secure low-cost transactions that execute in a fast and timely manner. According to its website, eligible addresses will have until June 20 to claim their allocations for STRK.  

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STRK trading has been volatile since people started claiming STRK tokens about four hours ago, debuting at $4.41 and decreasing about 50% at press time to $2.14, per CoinGecko. 

“Some five million STRK were claimed in the first five minutes alone… with a million tokens claimed every minute over the first half hour of claiming,” according to a Starknet Foundation press release shared with Unchained.