Despite initiatives aimed at boosting network usage and slashing expenses after Ethereum’s “Dencun” enhance, Starknet has viewed a famous lower in user suppose.

The dropoff for the Ethereum layer 2 follows its mid-February airdrop, with day-to-day active addresses now averaging about 20,000, a significant fall from the over 100,000 active customers recorded from August to December 2023. This decline in engagement comes on the heels of efforts to spice up user suppose, corresponding to Starknet’s “DeFi Spring” program, supposed to distribute 40 million STRK to participating DeFi protocols over six to eight months. However the stride has yet to noticeably affect network participation.

The airdrop sparked controversy over its eligibility requirements, specifically the stipulation that customers wanted to connect no longer lower than 0.005 ETH in their wallets on November 15, 2023. The requirement excluded many active customers who had no longer met the ETH threshold, because they were desirous about adding liquidity to decentralized exchanges on Starknet.

Neighborhood response has been mixed, with some customers feeling unfairly skipped over of the airdrop — despite their contributions to the network.

The hot “Dencun” enhance, which considerably diminished transaction expenses on Starknet and numerous other Ethereum L2s, didn’t revitalize network usage as powerful as some projections posited.

Records from L2BEAT shows that the network is within the within the meantime processing around 1 transaction per second, while the historic average has been around 3 and 6 transactions per second, which speaks to a steep overall decline.

Furthermore, the entire tag locked (TVL) measured in ETH has additionally been declining, falling from 450,000 ETH on March 29 to 330,000 ETH by April 16. The network TVL stands at $1.67 billion, however, notably, the STRK token makes up 85% of the entire TVL.

STRK hasn’t been performing well, both. It has plummeted to an all-time low of $1.26, almost half its tag on the time of the airdrop, when it turned into around $2.