STRK falls 56.8% in four weeks as Starknet rally unwinds
STRK loses most of its September and October gains
Starknet's STRK token fell 56.8% in about four weeks to Nov. 7. Much of its September and October rise has reversed, according to calculations by The Defiant using CoinGecko data.
STRK traded at about $0.0403 at 11 a.m. ET on Nov. 7. That compares with $0.0934 at noon ET on Oct. 10. The period covered 28 days plus 10 seconds.
Key numbers from the past month
- STRK: down 56.8% from Oct. 10 to Nov. 7.
- Bitcoin: down 8.8% over the same period.
- Ether: down 10.9% over the same period.
- STRK in the latest week, Oct. 31 to Nov. 7: down 11.8%, compared with 2.4% for bitcoin and 0.6% for ether.
- Starknet DeFi TVL: $164.8 million on Oct. 10, down to $35.8 million on Nov. 7.
- Starknet DEX volume: $7.6 million on Nov. 6, compared with $41.4 million on Oct. 10.
TVL means total value locked. It is the dollar value of assets placed in DeFi apps on a network. A DEX is a decentralized exchange where users trade directly from their wallets.
How the price compares with the earlier rally
The current price is well below $0.1182, the level reported on Oct. 11 when STRK had gained 322% in four weeks. It is still above the roughly $0.0280 starting level on Sept. 13. The figures compare prices at set points in time. They do not show an uninterrupted fall.
Extended's move explains the sharp TVL drop
Starknet is an Ethereum Layer 2 network. That means it is a separate blockchain built to work alongside Ethereum.
DefiLlama snapshots show Starknet TVL fell from $157.8 million on Oct. 22 to $42.1 million on Oct. 23. That was the largest step down in the period.
Perpetuals exchange Extended moved settlement from Starknet to Circle's Arc blockchain on Oct. 22, according to its updated documentation. Perpetuals are derivative contracts based on crypto prices. Extended said accounts, balances and positions were carried over automatically.
TVL is measured in dollars. It can change when asset prices change, not only when users add or remove assets. The move also changed where Extended's assets are counted. The fall should not be read simply as money leaving DeFi.
What the Starknet poll did and did not approve
A non-binding poll closed on Oct. 22. The Starknet Foundation said 93.52% of voting power supported research into an independent, post-quantum Layer 1. Post-quantum refers to technology designed to resist future quantum computing threats.
The poll did not approve a move away from Ethereum. Its text said a yes vote did not approve a transition. The network's proposed shift remains at the research stage.
What happens next on the Layer 1 research
The Foundation said a joint working group with StarkWare will examine the technical needs and trade-offs. The group will publish its findings in the governance forum.
If the research supports moving forward, detailed proposals would follow. Those proposals would go to further community votes, the Foundation said.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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