Training note, written on 27 September 2026 from data as of 25 September 2026. Not part of the published series.

Starknet: the price is rising but capital is flat

Luca Valente — dictated note, lightly edited

Starknet is a second-layer network on Ethereum that uses the STRK token. There are 37 chains in the group. The price is rising but capital is flat; TVL is flat too, so what we are watching is a rise without an increase in capital. The price did +22.9 points against the group, but TVL fell 3.5% while in the group it rose 14.2%, so there is a spread of almost 18 points. Capital has been flat since 20 May, even though the price rose 22.9 points on the group. Stablecoins lost 3.3% while in the group they are flat. Transactions rose slightly, 3.9%, but in the group they rose 5.2%, so here too, against an increase, there is still a spread, even if use is roughly in line with the group.

Why could the price be rising? Because there are transactions that over 14 days rose 19.7%. Open interest is 11.7 million, but this level alone does not show whether derivatives contributed to the rise; its cause remains unclear.

What happened to stablecoins on 18 September: there is a hole in the data, and when the hole came back it made +1,544.6%, so there is a figure that is a bit shaky, out of line. And on development there is no code repository.

Now, by the end of October we would want to see a TVL more than five points of spread above the group. At that point my doubts about a price that is not supported would fall. So: a higher TVL, these stablecoins, whose data on DefiLlama still need to be verified, and a price that either settles or keeps running, but in that case I would want to see it followed by rising capital.

Data: DefiLlama, GitHub; 30-day sums for flows, end-of-window for stocks; peer group: 37 chains, one product per family; as of 25 September 2026.

Peer group: 37 chains tracked by DefiLlama and growthepie (who they are). 'Net of the group' is the 30-day change minus the group's median.

Not financial advice. This is a research note based on public on-chain data.