What is Strike?
The Strike token or STRK is a utility token native to the Strike protocol. The latter is a blockchain lending protocol.
STRK is based on the ERC-20 token standard and is deployed on the Ethereum blockchain.
Its core function is to serve as a governance token where 1 STRK equals 1 vote. Strike token holders can Additionally, users can also submit their own proposals, however, to do this, they must hold at least 65,000 Strike tokens.
STRK tokens were launched without a pre-sale, private sale, or public sale.
Strike is powered by another native token called sToken. When users deposit their tokens into the Strike protocol, they receive an sToken which represents the underlying token. For instance, someone who provides USDC receives sUSDC.
There is a max cap of 6,540,888 Strike tokens of which 3,000,000 was distributed upon launch. The remaining 3,540,888 Strike tokens will be distributed over a period of 8 years. You can check the current circulating supply and other statistics above.
Strike does not distribute STRK tokens to the founding team, partners, or investors, as there is none. Therefore, the project is as community-driven as possible.
Besides acquiring Strike tokens from major exchanges, users can earn them directly on the Strike platform.
Since STRK is a cryptocurrency, it can be quite volatile. In order to stay updated, you can check the STRK price history or the current Strike price on the graph above.
What are the Main Features of Strike?
Strike is a decentralized lending protocol that enables users to borrow and lend digital assets. It’s a fork of the Compound (COMP) protocol.
It’s an open-source project. This means that its codebase is publicly available for anyone to review.
There are 2 core functions on the Strike protocol - Mint and Borrow. They can be executed in over 12 markets that are currently available on Strike.
Minting happens when users deposit their digital assets into the Strike market. As mentioned above, sTokens are given to users who deposit their digital assets. By minting their digital assets, users earn interest that can be redeemed at any time.
In order to borrow on the Strike protocol, users must first provide collateral.
All transactions on the Strike protocol are charged with a gas fee which does not have a fixed rate and can fluctuate.
As discussed in the What is Strike section, Strike is governed by STRK holders. The voting process is fairly straightforward where a proposal submitted by a delegator is accepted if it receives at least 130,000 votes.
In the future, a new role called Governor will be introduced to the Strike protocol. Their sole responsibility will be to select digital assets to add to the protocol.
Moreover, Strike has launched a Bug Bounty program where independent parties are rewarded for locating and reporting vulnerabilities within the protocol. The maximum amount that can be rewarded is 150,000 US Dollars.
Who Developed Strike?
The Strike crypto project was launched in 2021. Its founders and core team members have chosen to remain anonymous.
Don't forget to keep an eye on the Strike price via the graph above if you're considering making any purchases.
