Activity on Starknet, including active wallets and trading volume, has seen a notable decline as the anticipated airdrop event approaches, following a surge in interest following last week’s announcement.
Starknet, which garnered significant attention last week due to its upcoming airdrop, is set to proceed with distributing STRK tokens to nearly 1.3 million eligible wallets on February 20. The initial announcement led to a sharp increase in active wallet addresses on Starknet, rising from less than 20,000 on February 9 to a peak of 226,576 on February 14, coinciding with the release of detailed information about the airdrop.
However, in the days leading up to the airdrop, the number of active wallets has since decreased to around 70,000, signaling a decline from the peak but still above pre-announcement levels. Similarly, trading volume experienced a spike on February 14, reaching over $122 million, but has since returned to a more typical level, with less than $61 million on February 18.
Despite fluctuations in active wallets and trading volume, the total value of assets locked on Starknet has remained relatively stable, according to DefiLlama data, hovering around $54-55 million.
Criticism arose within the community regarding the airdrop criteria, particularly concerning the token unlock schedule, which would see team members receiving rewards just two months after the token’s launch—a departure from the longer vesting periods common in the industry. StarkWare CEO Eli Ben-Sasson defended the decision, stating that the project operates differently and views things from a unique perspective.
While Starknet’s airdrop had been highly anticipated in the crypto community, the decline in active addresses leading up to the event may indicate a shift in focus among users, possibly toward other platforms yet to release their tokens.