Crypto Basics

What is STRK?

  • 27 Jun, 2024

  • 2 Min read

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Uphold Integrates Starknet

Uphold has launched support for the Starknet mainnet, expanding our platform’s offerings to include deposits and withdrawals of the native STRK token. This integration enhances connectivity with Web3 ecosystems, adding to the growing list of supported layer 2 solutions, and allowing our users to seamlessly move between their external wallets and Uphold.

What is Starknet?

Starknet is a decentralized, permissionless Layer 2 network built on Ethereum that uses zk-STARK technology. Zero-Knowledge Scalable Transparent Arguments of Knowledge enhances both scalability and security, allowing for thousands of transactions per second without compromising decentralization or user privacy. Starknet's architecture enables it to handle complex computations off-chain and verify them on-chain, making it an attractive solution for high-throughput applications.

Key Features of Starknet

  • Scalability: Moving transactions off-chain and submitting a single proof on-chain greatly enhances Ethereum's scalability.
  • Privacy: Utilizes zero-knowledge proofs to ensure transaction privacy while maintaining the integrity and security of the network. Inputs utilized by the off-chain provider are not exposed to the network, protecting the user’s privacy.
  • Developer-Friendly: Offers a full-stack scalability solution with Cairo, a Rust-inspired, Turing-complete language specifically designed for writing STARK-based applications.
  • Governance: The network’s native token, STRK, is designed as a governance token, allowing holders to vote on issues and proposals within the Starknet ecosystem.

Starknet was developed by StarkWare Industries, originally founded in 2018 by Eli Ben-Sasson, Uri Kolodny, Michael Riabzev, and Alessandro Chiesa. Its official launch as a layer 2 network took place in February 2022.

Starknet plans to distribute 1.8 billion STRK to users and community members, beginning with its first airdrop phase, which will see the distribution of over 700 million tokens between February 20 and June 20.

Uphold and Starknet Integration

With the integration of Starknet, Uphold users can now manage their STRK tokens with ease. Here’s what this integration offers:

  • Deposits and Withdrawals: Deposit and withdraw your native STRK between your Uphold Wallet and external STRK wallet.
  • Future Support for Starknet Tokens: We are actively exploring adding support for other tokens built on the Starknet network, further enhancing connectivity with this growing ecosystem.

How to Get Started

  1. Log in to Your Uphold Account: If you don’t have an account, sign up here.
  2. Navigate to the Wallet: Select Starknet (STRK) from the list of supported assets.
  3. Deposit or Withdraw: Follow the instructions to deposit STRK into your Uphold Wallet or withdraw it to an external wallet.

Why Starknet on Uphold?

The integration of Starknet builds on Uphold’s efforts to enhance connectivity with Web3 ecosystems, joining numerous other supported networks such as Avalanche, Optimism, Arbitrum, and Stacks. Starknet’s scalability, security, and interoperability align perfectly with our goal of providing a seamless and efficient user experience.

Join us as we welcome the Starknet Network to Uphold, and stay tuned as we continue to expand our support for innovative blockchain technologies.

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Written by
  • Digital Money Platform
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