Layer-2 (L2) token Strk is today’s top gain, rising more than 20% over the past 24 hours. The rally comes amidst the surge in network activity and liquidity on StarkNet after the launch of the Bitcoin Staking network on Mainnet on September 30th.
This increased on-chain participation has updated the demand for STRK, so AltCoin could be even more attentive at a near-term stage.
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Strk surges like bitcoin staking fires in chains
Last week, StarkNet worked with Layerzero, an advanced Omni-Chain interoperability platform, to staking Bitcoin on the mainnet. The integration allows BTC to participate in the network consensus. In this consensus, STRK tokens hold a majority of 75% body weight, while BTC contributes to 25%.
Users cannot wager BTC directly on L2, but StarkNet supports wrapped BTC variants such as WBTC, LBTC, TBTC, SolVBTC, etc.
This development has resulted in a surge in user engagement and liquidity across the network. For example, the total value lock (TVL) for networks was $22,104 million, an increase of 37% since September 30th.
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TVL’s spikes show a clear increase in on-chain activity as users lock more assets and join StarkNet.
Additionally, L2 Stablecoin liquidity has increased by 13% over the past week, confirming sustained liquidity inflows into the chain. For each Defillama data, this is an all-time high of $118 million, an increase of 11% since September 30th.
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Stablecoins often act as a proxy for liquidity and user participation on the chain. Thus, since Bitcoin Staking was published, their recent StarkNet increase suggests that investors are moving their funds into the network in anticipation of higher yields and higher utility.
STRK traders target $0.25 if the Bulls hold the line
This combination of increased fluidity and increased user participation reinforced bullish sentiment around STRK. The tokens are traded beyond the supertrend indicators on the daily chart, confirming buy-side pressure among participants in the spot market.
During pressing, this indicator forms a dynamic resistance below $0.1408 STRK.
This indicator tracks the direction and strength of the price trends of an asset. It appears as a line on the price chart and changes the color to indicate trends. Green is the uptrend green and red is the downtrend green.
If the asset’s price exceeds the super trend indicator, buying pressure will dominate the market. If this trend holds, it could drive the STRK price to $0.23, above $0.1987
But a revival of profit-making could negate this bullish outlook. In that scenario, the token price could drop to $0.1012.
