StarkNet Token (STRK) which is the token that powers the StarkNet Layer 2 scalability solution for Ethereum has risen 13% in the last 24 hours with a price tag of $0. 41475.

It has catapulted STRK into the list of giants among the cryptocurrencies today, signalling increasing demand for Layer 2 scaling solutions, which may hold the key to liquidating Ethereum’s scalability issues.

This surge in a short time has made StarkNet Token’s market capitalization of $738,169,533, which has boosted confidence in StarkNet technology and its overall contribution to Ethereum platform. StarkNet developed by StarkWare operates on zk-rollup technology and allows batching of many transactions of Layer 2 in batches before being transmitted to the Ethereum mainnet thus enabling low gas fees and high TPS.

The price movement today is in line with other Layer 2 solutions to take hold as Ethereum struggles with throughput and higher transaction fees during periods of congestion. These are factors that have created an interest for developers and users hence the high demand for STRK token for using StarkNet.

The latest achievements can be explained by the constant development of the platform and the emergence of new StarkNet ecosystem projects. Currently, the team behind StarkNet has been quite busy within the development of many aspects, including UX, the integration of new projects, and the creation of a strong community of developers. Such developments have led to an increase in the use of decentralized applications (dApps) that depend on StarkNet technology hence increasing adoption and price value of the tokens.

Furthermore, the revival of attention to Ethereum scaling solutions in a broader crypto market could also have contributed to the STRK’s performance. As more users and developers look for alternatives to high gas fees on the Ethereum mainnet, according to community sentiment, Layer 2 solutions such as StarkNet will potentially embrace a large percentage of this share of the market.

But it should also be pointed out that even with today’s elevated levels, STRK is far from reaching its all-time price of $75. 8286. These variations are important for reminding that cryptocurrency investments are highly unpredictable and may turn from the most promising investments to the highly disappointing ones within the shortest time possible. People especially investors should be very careful when approaching the market especially when deciding on which investment to undertake.

This makes it ever crucial for Layer 2s such as StarkNet as the Ethereum ecosystem expands in the future. The advantage of the platform is that it offers scalability while at the same time compatible with the Ethereum mainnet making it a significant participant in the continuing process of combating blockchain scalability challenges.

These Ethereum upgrades and demand for low-cost transactions might further cause StarkNet and its token-STRK, to gain more acceptance in the next couple of months.

For the future prospects, investors and analysts will be focusing on the performance of StarkNet Token as a development. The success of the platform in the long run will therefore depend in the ability to attract more projects, expand the base of users and expand on the innovations that it provides.

While the Layer 2 space gets congested with competition, StarkNet’s technological edge along with the increasing popularity of the ecosystem it is building may make it a strong contender to bring Ethereum & blockchain technology to mass adoption.