Ethereum rollup Starknet soared to a fully diluted value (FDV) of $7 billion within a few minutes of its listing. The initial market cap started at an impressive $5.1 billion, setting the stage for a volatile and eventful opening.

Notably, Starknet initiated a distribution of 728 million tokens to approximately 1.3 million addresses, marking it as the largest airdrop of the year. 

The token entered the market trading as high as $7 on Binance mere minutes after its release. However, in the unpredictable nature of its debut, the token saw a dip to $2.28.

It's crucial to note that the current market cap, calculated by multiplying the current circulating supply by the present price, stands at $1.663 billion.

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Token Distribution and Allocation

Over 1.3 million wallets are eligible to claim STRK, encompassing Ethereum solo and liquid stakers, Starknet developers, users, and external Web3 ecosystem projects and developers. The distribution breakdown allocates 50.1% of STRK's supply to the Starknet Foundation for community airdrops, grants, and donations. 

Meanwhile, 24.68% will go to early contributors and investors, with an additional 32% assigned to StarkWare employees, consultants, and developer partners.

Real-time data showcased a rapid pace of airdrop claims, with eligible users securing more than 45 million STRK tokens in the first 90 minutes of the allocation. The latest reports indicate that 104.7M $STRK tokens have already been claimed.

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Starknet's Userbase Dynamics

The stellar listing performance contrasts with Starknet's recent userbase fluctuations. After a surge to over 220,500 active users on February 14, attributed to anticipation around the Starknet Provisions Program airdrop, the network experienced a rapid decline. 

Details of the airdrop, scheduled for February 20, triggered a 65% drop in the user base, settling at just over 84,260 active accounts on February 19.

The layer-2 scaling protocol has addressed concerns over eligibility criteria for the STRK airdrop, as active users surged in anticipation of participating in the campaign.

As one of Ethereum's prominent Layer 2 solutions utilizing zero-knowledge (ZK) rollup technology, Starknet reportedly processes transactions and smart contract functions off-chain, providing cryptographic proofs to Ethereum for enhanced security guarantees.