“Web 3.0 Cryptocurrencies: Exploring the Success and Controversies of the Starknet Airdrop”

Starknet Airdrop Causes Controversy as Market Cap Surpasses $20 Billion

The highly anticipated Ethereum layer-2 solution, Starknet, has seen a surge in demand for its airdrop, resulting in the protocol’s fully diluted market cap surpassing $20 billion. However, this milestone has not come without its share of controversies.

On February 20, the developers of Starknet allocated 700 million STRK tokens out of a total supply of 10 billion to reward various stakeholders, including Ethereum solo and liquid stakes, developers, and users. Within the first 90 minutes, 45 million STRK tokens were claimed, and the number has since risen to over 220 million.

Despite the initial excitement from investors, the price of STRK tokens has fallen from its opening high of $7 on Binance to $2. This drop in price, however, has not affected the protocol’s high valuation, with a total value locked of $57 million currently.

Allegations of Airdrop Squatters and Controversy Surrounding Starknet

On the same day as the airdrop, Banteg, a developer at Yearn Finance, raised concerns about the eligibility list for the airdrop. He alleged that Starknet developers had included airdrop squatters (or hunters) in the list, despite prior warnings. Banteg also pointed out that some developers who had renamed their accounts were not initially included in the list, but the Starknet team has since confirmed that they will not be left out.

These controversies have sparked discussions about the fairness and transparency of the airdrop process, with some questioning the decision to include airdrop squatters. Despite these issues, the excitement and demand for the Starknet airdrop remain high, showcasing the growing interest in the world of Web 3.0 and its potential for lucrative opportunities.

The developer of Yearn Finance previously issued a warning that approximately 701,544 out of 1.3 million eligible wallet addresses for the STRK airdrop were linked to airdrop squatters who had multiple or renamed GitHub accounts.

Airdrop hunters have the goal of profiting from airdrops by collecting tokens in the hopes of their value increasing. Some professional airdrop hunters use scripts to merge numerous addresses into just a few. In March of last year, it was revealed that airdrop hunters consolidated $3.3 million worth of tokens from the then Arbitrum (ARB) airdrop, which was distributed to 1,496 wallets, into only two wallets that they controlled.