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The Coin Weekly – Highlights from Starknet, Ternoa & Avail, EigenLayer, ERC-404, and Revolut

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Starknet Officializes its Airdrop and the Launch of the STRK Token

The Starknet Foundation confirms the launch of the STRK token airdrop on February 20th, targeting 1.3 million wallets with an estimated pre-market retail value (FDV) of 18 billion dollars.

This event marks an important milestone for the Ethereum ecosystem!

The Starknet token will be used for governance of its network, as well as a gas token for the Starknet Layer 2 and its appchains (Layer 3). In the future, the token will also be used for staking to secure the network once a system of decentralized sequencers networks is in place.

The initiative extends to various groups, including Starknet users, developers, Ethereum stakers, and, unprecedentedly, non-web3 open-source contributors, illustrating a notable effort towards inclusivity.

With an anticipated initial market cap surpassing 1 billion dollars and an initial suggested price of 1.75 dollars per token, STRK positions itself as a major introduction in the cryptocurrency market, reflecting market confidence and anticipation for Starknet’s ZK technology.

You can test your eligibility for the airdrop by clicking here or on the button below 👇

Ternoa & Avail Partner to Develop a Layer 2 zkEVM Multi-Proof Solution

Ternoa and Avail announce their collaboration to develop a layer 2 zkEVM multi-proof solution, aiming to enhance security and efficiency within the Ethereum ecosystem.

This initiative combines Ternoa’s TEE co-processor technology, specializing in confidential computing and decentralization, with Avail’s innovative approach to data availability.

Their strategic partnership is focused on improving Ethereum scalability by integrating advanced security capabilities through Avail DA’s robust infrastructure and paving the way for a new generation of decentralized applications. This synergy between the two technologies aims to establish a new standard of security for the Ethereum ecosystem, promoting the use of zero-knowledge proofs combined with advanced cryptography technologies, marking a significant step towards safer and more efficient scalability solutions.

Explosion of EigenLayer’s TVL: Over 7 Billion Dollars!

After removing its deposit cap, EigenLayer, an Ethereum-based restaking protocol, has seen its Total Value Locked (TVL) skyrocket with over 7 billion dollars.

This significant increase, tripling its value in just five days, places EigenLayer in the top five DeFi protocols in terms of TVL, surpassing giants like Uniswap, Spark, and Compound. The growth is largely fueled by key assets such as stETH, swETH, and mETH, highlighting the enthusiasm for restaking on Ethereum.

Unique in its kind, EigenLayer attracts attention without offering a native token, instead relying on a decentralized security model through an open market. This innovative approach, combined with the recent removal of TVL limits, marks a significant milestone for the staking ecosystem, suggesting a promising future for interactions between restakers and actively validated services (AVS).

ETH & ERC-404: Record-High Gas Fees

The recent introduction of the unofficial token standard ERC-404 has caused a spectacular rise in gas fees on the Ethereum network, reaching levels not seen in eight months.

On February 9th, the average gas cost skyrocketed, reaching 70 gwei per transaction and peaking at 377 gwei, unseen since May 2023. This surge is directly linked to the excitement surrounding ERC-404, launched by the Pandora project, which saw its price soar over 6,000% and generate 474 million dollars in trading volume.

Although experimental and unofficially recognized, ERC-404 aims to revolutionize the world of NFTs by enabling the creation of fractional NFTs. These can be collectively owned and used for exchanges or as collateral. Despite the high gas costs, developers are seeking solutions to optimize these fees, while platforms like Uniswap experience increased activity due to this newfound enthusiasm, highlighting the significant impact of ERC-404 on the Ethereum ecosystem.

Revolut Lists BONK and Plans to Distribute $1.2M in Memecoin

Online bank Revolut is preparing to introduce the Solana-based memecoin BONK into its cryptocurrency catalog and launch an ambitious educational campaign with 1.2 million dollars (Learn & Earn).

The initiative aims to distribute 93 billion BONK tokens to encourage users to engage and learn more about this digital currency. Aligning with giants like Coinbase and Binance, which have already welcomed Bonk, Revolut seeks to capitalize on the token’s popularity following its rapid ascent in late 2023. This approach aims to significantly expand the Bonk community, potentially adding 500,000 new enthusiasts, while promoting financial education around cryptocurrencies.

Revolut Plans a Crypto Exchange for Advanced Traders with Competitive Fees

Revolut is venturing into the cryptocurrency exchange space by testing a new platform dedicated to advanced traders, offering competitive transaction fees and sophisticated market analysis tools.

This initiative aims to complement Revolut’s existing crypto offering, differentiating itself with attractive fee structures ranging from 0% to 0.09%, as well as introducing fee-free limit orders.

This move reflects Revolut’s commitment to innovation and adapting to the needs of experienced crypto investors, while complying with the new regulations of the Financial Conduct Authority (FCA) in the UK.

News in Brief:

  • Binance: CZ’s money laundering sentence postponed to April
  • Michael Saylor’s Bitcoin bet exceeds $4 billion in profits for MicroStrategy
  • COIN: Coinbase’s stock soars on the revelation of exceptional 2023 revenue
  • Uniswap announces the launch of V4 for Q3 2024, following Ethereum’s Dencun update
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