We are thrilled to share that Starknet (STRK) is now listed on Coinhako!
What are Starknet and STRK?
Developed by StarkWare Industries in 2018, Starknet is a layer-2 scaling solution for Ethereum that uses zk-rollups, performing off-chain computation to increase transaction speeds and decrease costs. Starknet's innovation is the Scalable, Transparent Argument of Knowledge (STARK) technology, which uses sequencers and provers to validate transactions.
STRK is the native token on Starknet used to pay fees for submitting and processing transactions. STRK is also used to participate in community governance by “wrapping” STRK to turn it into vSTRK (voting STRK), which allows a user to vote. There are plans to use STRK as part of a future Proof of Stake (PoS) network, though Starknet has not yet transitioned to a PoS protocol.
There is a maximum supply of 10,000,000,000 STRK, and STRK has traded for US $$3.66 at its peak.
How does Starknet work?
Starknet's Layer 2 has two main components: sequencers and provers. Sequencers process and validate transactions, putting them into a queue and proposing blocks — unsuccessful transactions are not included. Once a block is finalized, it is sent to provers, who further guarantee the validity of transactions in a block. They process blocks in parallel, creating an Execution Trace and State Diff. The Execution Trace is then analyzed to identify any bad data — a small sample of transactions is used to verify the STARK proof.
Publishing to Ethereum is also easier with Starknet as it batches thousands of transactions into a single Ethereum transaction, containing the STARK proof and State Diff. On Ethereum, the node unpacks the transaction, and the Verifier smart contract examines the proof to ensure its validity. The Verifier then passes the valid proof and State Diff to the Starknet Core smart contract, which updates Starknet's state on Ethereum. The transaction is then added to a block and validated by the network.
Why does Starknet stand out?
There are several features offered by Starknet that make them attractive:
Low costs: Transactions are cheaper than Ethereum's mainnet due to efficient off-chain zk-STARK processing.
Speed and efficiency: Upcoming releases focus on optimizing transaction speed and cost-effectiveness.
Cairo: Starknet's safe and convenient language for STARK-based smart contracts.
Developer-friendly: Starknet provides a user-friendly environment for building dApps using the native Cairo language.
Account abstraction: Allows smart contracts to handle funds without users giving up control.
Volition: Enables developers to regulate Ethereum (L1) or Starknet (L2) data availability, reducing costs and improving efficiency.
Paymaster: Allows users to choose how to pay transaction fees and supports gasless transactions for better accessibility.
What can you do with STRK on Coinhako?
STRK will be available for users to trade across all swap pairs on Coinhako.
To gain access to any of these trading pairs, you can either:
- Fund your SGD wallet on Coinhako instantly with PayNow (or any other supported payment method)
- Purchase STRK instantly with Visa / Mastercard
Please note that the sending and receiving of STRK will not be available for this release.
Risk Warning on Digital Payment Token Services
Hako Technology Pte Ltd ("Coinhako") is licensed to provide digital payment token services under the Payment Services Act 2019 (No. 2 of 2019).
The Monetary Authority of Singapore ("MAS") requires us to provide this risk warning to you as a customer of a digital payment token ("DPT") service provider.
Before you pay your DPT service provider any money or DPT, you should be aware of the following.
- Your DPT service provider is licensed by MAS to provide DPT services. Please note that this does not mean you will be able to recover all the money or DPTs you paid to your DPT service provider if your DPT service provider’s business fails.
- You should not transact in the DPT if you are not familiar with this DPT. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by your DPT service provider.
- You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
- You should be aware that your DPT service provider, as part of its licence to provide DPT services, may offer services related to DPTs which are promoted as having a stable value, commonly known as “stablecoin”.
Visit: Coinhako.com/risk-disclosure for more information.