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Cryptogambling / Guidelines for claiming Starknet’s STRK token airdrop on Binance

Guidelines for claiming Starknet’s STRK token airdrop on Binance

Publish Date: 21/02/2024
two gold bitcoins sitting next to a binance sign - Ethereum and Bitcoin next to the Binance logo, tags: starknet's strk - unsplash

two gold bitcoins sitting next to a binance sign – Ethereum and Bitcoin next to the Binance logo – unsplash

Binance has introduced trading for Starknet’s STRK token, available in pairs STRK/FDUSD, STRK/USDT, STRK/BTC, and STRK/TRY. With FDUSD (first digital USD) becoming Binance’s reference stablecoin, the exchange pairs involve the widely traded cryptocurrencies and the Turkish lira.

While STRK deposits are already enabled, withdrawals will commence on February 21. Binance highlights the token’s newness, signaling potential high risk and volatility. The platform will apply its seed tag to STRK, indicating innovative projects with increased risks, requiring users to pass quizzes and accept Terms of Use before trading. These measures aim to ensure users are aware of potential risks associated with STRK.

STRK tokens are now available for claiming, cashing out, and trading.

Before Binance, two other major exchanges, Bybit and KuCoin, had already enabled trading for these tokens.

Guide to Claim Your Token

Here is a quick guide to prevent you from hitting multiple walls.

Check Your Eligibility

Before you start the claiming process, ensure you meet the eligibility criteria. You must have completed KYC verification on Binance and hold a valid Binance account. The airdrop is available to users in all supported regions except those subject to sanctions.

Navigate to the Airdrop Center

Log into your Binance account and go to the “Markets” tab on the top menu. Select “Airdrops” from the dropdown menu, then click the “Go to Airdrops” button. You’ll find the Starknet STRK airdrop listed there if you are eligible.

Claim Your Tokens

Click the “Claim Now” button next to the Starknet STRK airdrop. Follow the prompts to connect your wallet and confirm the transaction details. Ensure you have sufficient BNB or other supported tokens in your account for gas fees.

Check Your Balance

After a few minutes, log back into your Binance account and go to your “Wallet” tab. In the “Spot Wallet” section, locate the STRK token balance at the bottom of the list. Congratulations! You’ve successfully claimed your Starknet STRK tokens on Binance.

Keep in mind that the airdrop distribution is ongoing and may take some time to complete for all eligible users. If you encounter any issues during the claiming process, refer to the Support Center or contact customer service for assistance.

The Starknet organization emphasizes that they do not ask for users’ private keys or seed phrases under any circumstance. Do not share these details with anyone, even if they claim to be from the Starknet or Binance teams. Always double-check that you are on the official Binance website and any links provided by Binance are authentic.

The Starknet Endeavor

Starknet, a layer-2 solution for Ethereum, theoretically doesn’t require its native token. Following last week’s airdrop announcement, activity on Starknet’s layer-2 experienced a significant surge, although it later subsided. The announcement garnered widespread attention, resulting in a spike from 20,000 to over 220,000 active addresses on the day of the announcement, stabilizing at around 70,000 per day.

Transaction volume on layer two also increased temporarily, reaching over $122 million on February 14 before halving in the subsequent days. DeFi’s Total Value Locked (TVL) mirrored a similar trend, rising to $57 million on February 14, dipping below $54 million the next day, and recovering to $56.7 million today. Notably, at the beginning of the year, TVL stood at $37 million; in July 2023, it was $15 million.

Despite the launch, volatility has not been exceptionally high, although it might be premature to make definitive conclusions.Β It’s crucial to acknowledge that although the STRK token is newly introduced to the market today, the Starknet project itself has a longer history.

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