Starknet’s $2 Billion Airdrop Is Crypto’s Biggest Yet

Ethereum Layer 2 network Starknet launched its long-awaited token yesterday with an airdrop of 700 million STRK for developers and early users.

STRK debuted above $3, valuing the project above $30 billion on a fully diluted basis and putting the value of the airdrop at $2.1 billion – the largest in crypto history.

The record was previously held by Arbitrum, the leading Layer 2 with $12.4 billion in total value locked (TVL). ARB launched at a fully diluted valuation (FDV) of $13 billion, valuing its airdrop at $1.5 billion.

Nearly half a million users have claimed 424M STRK tokens so far, according to a Token Flow dashboard.

STRK is trading around $1.80 at the time of writing, implying a FDV of $18 billion. That’s almost on par with Arbitrum and oracle provider Chainlink, and higher than Optimism, the second largest Layer 2.

In terms of non-native assets deposited, Starknet ranks sixth among Layer 2s with $208 million, according to data from L2beat.