📝 Editor’s Note:
Welcome to the second installment of OurNetwork's two-part series covering Layer 2s. In this issue we have Oğuz covering Starknet, peter covering Polygon, Philipp covering BOB, and TheLaughingMan covering Katana.
Let's get into it.
– ON Editorial Team
ON–356: Layer 2s Part 2 🚅
Starknet | Polygon | BOB | Katana
Starknet 🌀
👥 Oğuz | Website | Dashboard
📈 Pre-Airdrop Accounts Are Returning to Starknet
Starknet’s total value locked (TVL) peaked at $1.53B in March 2024 but since then has been bleeding, falling to levels of $410M, driven by net outflows in wstETH (-$5.4M in Dec 2024) and USDC (-$15.4M in June 2025). STRK token inflows were primarily token unlocks rather than new capital. TVL declined however, suggesting capital rotation rather than sustained growth. Stablecoin withdrawals and ETH outflows indicate real capital leaving the platform.
The number of unique users has been declining even more than TVL since the STRK airdrop, which happened on Feb. 19, 2024. However, growing rumors about the criteria for the second airdrop have renewed interest in Starknet, especially among early users who missed out on the first airdrop.
