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The second-layer scaling solution for Ethereum, Starknet (STRK), has been listed on Binance, reaching an immediate market capitalization of $2.4 billion.
As one of the most anticipated Ethereum scaling solutions, Starknet's listing signifies the increasing popularity of second-layer technologies.
With meme coins also driving market interest, and meme Kombat (MK) having reached its $10 million presale target, will it be the next company to be listed on Binance?
After its initial appearance on Binance, Starknet's trading volume surged, reaching over $1.6 billion. Starknet has various spot trading pairs on Binance, including against USDT, BTC, FDUSD, and TRY.
Deposits began at UTC 12:00, while withdrawals and trading started from UTC 13:00.
The trading volume of STRK skyrocketed almost immediately, reaching $1.6 billion since the token's listing. Starknet's developers employed various token distribution methods, including airdrops and qualification plans.
The Starknet Foundation distributed over 700 million out of the reserved 900 million STRK tokens, benefiting those who helped secure Ethereum and contributed to the open-source ecosystem of Starknet. Future plans include offering more community incentives and initiatives.
However, due to regulatory reasons, STRK distribution does not apply to U.S. entities.
With a strong genetic foundation and robust community support, Starknet seems poised for further development. Despite a 47% decrease in the price of STRK since its peak yesterday, given the token's limited trading time of less than 24 hours, fluctuations are expected as the market stabilizes.
Starknet, as an effectiveness aggregator, processes off-chain Ethereum transactions before submitting cryptographic proofs to the mainnet, reducing congestion on Ethereum and enabling faster, cheaper transactions. Starknet uses "STARK proofs" to facilitate this setup, providing robust, long-term security compared to other protocols.
Additionally, Starknet introduces Cairo, a specially crafted programming language for easier writing of STARK proof computations.
Unlike certain second-layer scaling solutions, Starknet remains entirely permissionless and decentralized. This flexibility for developers is akin to building directly on the Ethereum mainnet while still benefiting from Starknet's massive scaling capabilities.
Starknet currently processes 500 transactions per second (TPS) and aims to reach millions of TPS, catering to the scale needed to support mainstream usage of dApps and digital services.
If Starknet can leverage the ongoing hype surrounding its Binance listing, some members of the crypto community believe it may become the preferred solution for Ethereum.
With Starknet listed on Binance, attention is now turning to other emerging projects that could follow a similar trajectory. One potential candidate is Meme Kombat, which has swept the cryptocurrency world with its unique combination of memes, betting, and decentralized finance (DeFi).
Having reached its $10 million presale funding goal, the native MK token appears set to be listed on exchanges shortly.
Distinguished from many meme coins, Meme Kombat stands out with innovative features such as AI battles between popular meme characters and lucrative betting rewards of up to 99% APY.
This combination of gaming elements and passive income aims to create a thriving community and achieve long-term success. Moreover, Meme Kombat has garnered support from leading cryptocurrency YouTubers and analysts, indicating confidence in its potential.
For instance, YouTuber Michael Wrubel, with his 310,000 subscribers, suggested that Meme Kombat could be the "next 100x meme cryptocurrency."
With Meme Kombat achieving its presale funding goal, interested investors have one last opportunity to purchase MK tokens at a price of $0.279 before they are listed on exchanges.
The official exchange for the initial listing has not been disclosed yet. However, early investors in Meme Kombat's Telegram channel have begun speculating that Binance or another top-tier platform may support the first official MK trading pair.
With only 13 days remaining until MK is listed, all eyes are on this trending token to see how it performs in the open market. |
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Post time 28-2-2024 12:52:41