• Starknet's TVL surged 550% to $252 million in 2024, boosted by the launch of the STRK token.
• Participation within the DeFi Spring program and various protocols led to a 300% improve in quarterly TVL.
• Starknet's stablecoin market grew 64.1% quarter-over-quarter, with USDC and USDT controlling over 98% of the liquidity.

Starknet, an Ethereum Layer 2 scaling resolution, is poised for spectacular progress by 2024, based on a report from blockchain analytics platform Messari.

The community's whole worth locked (TVL) has surged 550% year-to-date to $252 million. That is primarily as a result of public launch of STRK tokens in February 2024. The Starknet ecosystem can also be increasing throughout DeFi, gaming, and infrastructure.

One of many standout initiatives driving this progress is Starknet’s DeFi Spring program, designed to encourage participation throughout its decentralized finance protocols. The primary section of DeFi Spring distributed 40 million STRK tokens between February and October 2024, leading to a 300% quarterly improve in TVL in Q1 2024.

Section 2, which started in October 2024, noticed an extra 50 million STRK tokens allotted to liquidity suppliers.

Starknet DeFi TVL Development and STRK Token Distribution

Notably, Starknet's DeFi TVL reached an all-time excessive of $330 million in Q2 2024, however noticed a slight decline in Q3 in step with the broader market correction. Ta. Nonetheless, when measured on a STRK foundation, DeFi TVL elevated over 100% quarter-on-quarter to $571 million. Numerous participation in DeFi protocols has been a key issue on this enlargement.

Starknet's DeFi ecosystem at the moment consists of 4 main protocols: Nostra, Ekubo, zkLend, and Nimbora. These protocols helped elevate the DeFi variety rating from 3 to 4 in Q3 2024.

One other vital improvement is the launch of STRK staking beginning in December 2024. This allows group participation in community governance and safety.

Starknet's native token, STRK, was first launched on Ethereum in late 2022, however was made publicly accessible by way of the Starknet Basis's provisioning program in February 2024. This system distributed over 700 million STRK tokens to roughly 1.3 million eligible addresses.

Particularly, the market worth of STRK isn’t at an awesome degree, particularly for early holders. The token has fallen 72.87% since March and is at the moment buying and selling at $0.637. Nonetheless, this represents a big 30% enchancment over the previous 4 weeks.

Starknet Stablecoin Development

Starknet's progress can also be mirrored within the stablecoin market, whose market capitalization elevated 64.1% quarter-on-quarter to succeed in $97.9 million by Q3 2024. USDC and USDT dominate stablecoin liquidity on Starknet, accounting for over 98% of the market.