What Is Strike (STRK)?

Strike is an autonomous and decentralized market for trading currencies. Notably, Strike is an open-source project built on the Ethereum platform. The space seeks to offer variable-based rates for supplying digital asset collaterals to the protocol. Collateral means an asset that a lender accepts as security for a loan. Similarly, variable-based rates are offered for borrowing digital assets from the protocol with over-collateralized assets. In fact, the tokenization of digital assets onto the Strike protocol intends to unlock liquidity from that asset. Tokenization is the mechanism of transforming valuables into digital tokens usable on a blockchain application. Liquidity is with which an asset can be transformed into ready currency without influencing the market price. Strike enables users and developers to supply and use digital assets onto the platform to seek to earn from dynamic rates provided by the protocol.

Strike seeks to enable users to control all native digital assets on a noncustodial protocol. Noncustodial means a setup where users directly hold the private keys. Also, while doing so, users aim to earn a variable rate based on the market demands of the asset. With the Strike protocol's decentralized nature, users and developers can access liquidity on-demand from their supplied collateral. A peer-to-peer network, the protocol is operated by a series of smart contracts. Smart contracts are just like regular contracts. However, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain. Strike users interact with the Strike (STRK) utility token to govern and operate the platform with consensus.

Strike tokens (STRK) are designed as utility tokens for consumptive use on the Strike protocol. According to the whitepaper, STRK is deployed and built on the Ethereum blockchain. Also, Strike is an ERC-20 based asset. The token enables users to vote on and create proposals. Besides, STRK allows holders to partake in liquidity mining incentives on the platform.

Overall, Strike seeks to enable users and developers to build decentralized finance (DeFi)-based applications on the Ethereum blockchain. 

History

The maximum total supply of Strike tokens is 6,540,888.