StrikeX priceSTRX

What is Strike (STRK)?

Strike is a decentralized and autonomous market that facilitates the trading of currencies. It is worth noting that Strike is an open-source project that operates on the Ethereum platform. The platform aims to provide variable-based rates for supplying digital asset collaterals to the protocol. Collateral refers to 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. The tokenization of digital assets onto the Strike protocol is intended to unlock liquidity from that asset. Tokenization is the process of converting valuables into digital tokens that can be used on a blockchain application. Liquidity refers to the ease with which an asset can be converted into ready currency without affecting the market price. Strike allows users and developers to supply and use digital assets on the platform to earn from the dynamic rates provided by the protocol.

How does Strike (STRK) Work?

Users of Strike can take control of their digital assets on a noncustodial protocol, where they hold the private keys. By doing so, they can earn a variable rate based on the market demands of the asset. The decentralized nature of the Strike protocol allows users and developers to access liquidity on-demand from their supplied collateral. The protocol operates as a peer-to-peer network, powered by a series of smart contracts that run on the blockchain. Strike users interact with the STRK utility token to govern and operate the platform with consensus.

What is the STRK Token?

The STRK tokens are intended for practical use on the Strike protocol, serving as utility tokens. As per the whitepaper, the tokens are constructed and deployed on the Ethereum blockchain, operating as an ERC-20 asset. With STRK, users can propose and vote on various matters. Additionally, holders of the token can participate in liquidity mining incentives offered on the platform.