Alright, let's get one thing straight: I'm tired of these "crypto is back!" narratives. Every time Bitcoin sneezes, some "analyst" starts predicting Lambos for everyone. So, forgive me if I approach this Starknet (STRK) situation with a healthy dose of skepticism.
The Curious Case of STRK's "Success"
So, the STRK token is supposedly "surging." Up 20% today, they say. Big deal. Let's not forget this thing is still down 96% from its opening price back in February 2024. Down 96%! That's not a surge; that's a dead cat bounce after falling off Mount Everest. It's like celebrating a guy who lost 200 pounds but still weighs 400.
And here's the kicker: this "surge" is happening right before a massive token unlock. 127 million STRK hitting the market? That sounds like a recipe for a price collapse, not a rally. Are people really this gullible? Or is there something else going on here?
Oh, wait, here it is: "Starknet continues to reach new staking milestones." 900 million STRK staked, worth over $150 million. Okay, that's... something. 20% of the circulating supply locked up. But is it genuine belief in the project, or just people chasing those sweet, sweet staking rewards? Let's be real, in crypto, "community" often translates to "show me the money."
And then there's this gem: "STRK’s strong price action comes as privacy tokens such as Zcash (ZEC) and Monero (XMR) outperform the rest of the market." Oh, so now we're hitching our wagon to the privacy coin trend? Desperate much?
Digging Deeper: Bitcoin and Outages
Okay, so maybe there's something to this Bitcoin liquidity reward program. Investors pouring in, chasing yield. Eli Ben-Sasson, CEO of StarkWare, is quoted as saying people are excited to "borrow against their Bitcoin, invest, and put more of their lives into a system where they truly own it." As reported by DL News, Bitcoin on Starknet? Why investors poured $276m into the layer 2 blockchain, investors have indeed shown interest in this program.
Translation: "We're dangling shiny objects in front of Bitcoin hoarders to juice our numbers."
It's like offering free beer at a timeshare presentation. Sure, people show up, but are they actually interested in buying? And how long will they stick around once the free beer runs out?
And speaking of things running out... let's not forget that nine-hour outage back in September. A nine-hour outage! That's not exactly confidence-inspiring, is it? They upgraded to a new version, "Grinta," and the whole thing went belly up. Two blockchain reorgs? Sounds like a clown show. They launched another piece of tech, the S-two prover. Great.
But here's the real question: if Starknet can't handle the load now, what happens when (or if) it actually gets popular? Are they building a real, scalable solution, or just a house of cards waiting to collapse?
Then again, maybe I'm the crazy one here. Maybe Starknet really is the future of DeFi. Maybe I'm just too jaded to see the potential. But color me skeptical.
Privacy Perps: The Last Hope?
Then there's this "Privacy Perps" thing launching on December 1st. Full order and position privacy. They're hoping this will attract big traders who want to keep their moves secret. Which, let's be honest, sounds more like a haven for tax dodgers and money launderers than a legitimate financial ecosystem.
I mean, sure, privacy is important. But is total privacy really what we want in a financial system? Seems like a recipe for all sorts of shenanigans. And what happens when the regulators come knocking? Will Starknet fold, or will they fight? Offcourse, if it brings in more users, and thus more demand, then maybe the starknet token price will increase.
