Starknet futures surge ahead of 700m token airdrop

As Starknet gears up for its highly anticipated $STRK token airdrop on Feb. 20th, the perpetual futures market for $STRK is witnessing a surge in trading activity.

The anticipation of the airdrop has injected volatility into the trading of $STRK-USD futures. The current mark price for $STRK hovers around $1.78, reflecting a subtle 24-hour price decline of 1.14%.

Despite this slight downtrend, the market’s sentiment doesn’t appear to be dampened, as indicated by the past day’s buy/sell volume ratio, where buy orders outweigh sell orders at 55% to 45%. This could suggest that traders are optimistic about the $STRK’s prospects post-airdrop.

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$STRK-USD perpetual futures | Source: Aevo

The open interest of over $750,000 in the $STRK-USD pair signifies a positive engagement from traders, who maintain their positions in anticipation of price movements triggered by the airdrop. Open interest in the context of $STRK futures refers to the total number of contracts that are currently active or open in the market.

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The Starknet Foundation is an Ethereum layer-2 scaling solution. The $STRK token airdrop will start on Feb. 20 and run until June 20. Over 700 million tokens will be distributed to many participants, including Starknet users, Ethereum stakers, and non-Web3 open-source developers.

With this initiative, approximately 1.3 million wallets stand to benefit, marking a step towards allocating a total of 1.8 billion $STRK tokens. Ethereum stakers and developers without prior Starknet affiliations will also be eligible for this airdrop.

Read more: Ethereum perpetual futures open interest reaches record high