Starknet (STRK)’s on-chain activity has experienced a substantial surge, with daily transactions increasing over 300% in the last month, according to data released today by market analyst Token Terminal. Starknet is a Layer-2 scaling network developed on the Ethereum Mainnet. It utilizes ZKPs (zero-knowledge proofs) to enable rapid and low-cost transactions.
The rise in daily transaction volume on the Starknet network indicates an increase in both active and new wallet addresses. This not only shows heightened interactions of existing customers in the decentralized ZK-rollup scaling solution network, but also increased engagement of new users on the platform. This momentum signifies that Starknet is gaining popularity through active trading, an indicator of a connection between the ecosystem’s offerings and investor demand.
Starknet Daily Transactions Driven By On-Chain Activity
Starknet’s daily transaction volume has risen from about 150,000 transactions in mid-last month to almost 900,000 transactions currently, accomplishing a six times surge within 30 days. That is according to data shared by market analyst Nansen on September 9, two days ago.
The surge in daily transactions hints at a wider adoption trend in the Starknet network. This growth is supported by institutional interest in Starknet offerings. Last week, the US chartered crypto bank, Anchorage Digital, rolled out a staking service for Starknet’s native token, STRK, to fulfill investor demand for yield generation on virtual assets. Staked STRK currently produces a 7.28% APR yield, an offering that appears to be attracting investor appeal. Anchorage Digital, which has been providing STRK custodian services since January, expanded the asset’s application by launching the staking service to its customers.
Also, three weeks ago, Starknet integrated Bitcoin staking into its ecosystem. The launch enables Bitcoin holders to stake wrapped tokens, including SolvBTC, tBTC, LBTC, and WBTC, on Starknet, allowing the ecosystem to tap into BTC’s huge liquidity pool. This allows Bitcoin investors to earn STRK yields while maintaining exposure to BTC’s value. This integration is more than a technological achievement; it marks a turning point for Starknet to expand its influence in the DeFi environment. By connecting Bitcoin’s liquidity with its layer-2 scaling network, Starknet enticed both institutional investors and retail customers using Bitcoin within its network, and as a result, significantly expanded its TVL.
Starknet’s Growing Influence in the Crypto Market
The massive increase in Starknet’s on-chain daily transaction volume, as illustrated above, is a robust market indicator that the surge is fuelled by sustainable utility rather than short-term excitement. It signifies a strategic accumulation of Starknet, catalysed by long-term customers and corporate participants. The increased network activity indicates rising enthusiasm in Starknet’s ecosystem.
The amalgamation of surging daily transactions, strategic accumulation, and staking interest shows Starknet’s advancing applications. The figures above are a reflection of rising on-chain engagement on the Starknet network.
