Starknet, an Ethereum Layer 2 scaling solution, shows impressive growth in 2024, according to a report by blockchain analytics platform Messari.
Growth of TVL on Starknet
The network’s total value locked (TVL) has surged by 550% year-to-date, reaching $252 million, largely driven by the public launch of the STRK token in February 2024. Starknet’s ecosystem is also expanding in the sectors of DeFi, gaming, and infrastructure.
DeFi Spring and Its Impact
One of the standout initiatives propelling this growth is the DeFi Spring program, aimed at incentivizing participation across Starknet’s decentralized finance protocols. The first phase of DeFi Spring distributed 40 million STRK tokens between February and October 2024, resulting in a 300% quarterly TVL increase in Q1 2024.
Stablecoin Market on Starknet
Starknet’s stablecoin market grew 64.1% quarter-over-quarter, with USDC and USDT dominating over 98% of liquidity.
Starknet is showing significant progress in 2024, fueled by the successful launch of the STRK token and strategic DeFi initiatives.
