The Layer2 projects of the Ethereum network are currently thriving, attracting a large number of TVLs in the ecosystem. StarkNet is a new Layer2 solution with zkRollup technology with the StarkWare ecosystem that is generating community interest. So what’s so special about Starknet? Let’s find out with Allinstation through this article.
What is StarkNet?
StarkNet is a Layer2 solution on the Ethereum network that applies the zkRollup technology model, allowing any dApp to work. Ensuring transactions still go through while scaling the ecosystem is at the core of Starknet’s mission.
Operate and scale without limits without compromising Ethereum’s synergies and security.
The operating system & StarkNet contract are written in Cairo programming language. This is an iterative language that supports scaling dApps and Smart Contracts without being limited by business logic.
What is StarkWare?
Starkware is also known as StarkWare Industries, founded in January 2018 by Eli Ben-Sasson – Co-founder of STARK & ZCash. StarkWare helps improve the scalability and privacy of blockchains by using STARK technology to deploy and verify zero-knowledge proofs.
Products of StarkWare
Floating products of StarkNet
Cairo: Cairo is the common computational programming language of Starkex & Starknet. All protocols & dapps built on Starkex & Starknet will use Cairo.
SHARP: SHARP is a system that allows to collect a set of (different) Cairo Programs to create a proof for all of them, then put this proof on Ethereum so that it is verified by a STARK verifier, reducing gas fees for transactions.
VeeDo: VeeDo is a trustless randomness feature verifiable thanks to STARK technology (roughly translated as trustless lottery), this feature is similar to Chainlink’s VDF.
StarkEx & StarkNet: Starkex is a customized version of Starknet for Trading (Specific L2), while Starknet is a full version – permissionless decentralized ZK-Rollup.
Outstanding parameters (December 17, 2022)
Block Committed: 142,051;
Blocks Verified: 142,034;
Transaction number: 14,447,851;
Wallet activation fee: $0.53;
NFT mint fee: $0.06;
Remittance fee: $0.02;
Programming language: Cairo.
The parameters can be monitored at StarkNet explorer: zkscan.io
StarkNet Ecosystem
DEX
Featured DEX projects on StarkNet:
Starkswap: A DEX built on StarkNet. The project’s alpha testnet is promised to launch in the first quarter of 2022.
Jediswap: Currently the project is running testnet and you can try the project’s product. This is another DEX on Starknet.
mySwap: Currently the project is running testnet and you can try the project’s product. This is a DEX on Starknet.
Zigzag: A DEX built on StarkNet, operating on an orderbook mechanism.
ZKX: is a perpetual exchange on StarkNet, currently hidden
ZKEX: is a multichain L2 Orderbook AMM-DEX with unlimited access and liquidity on connected blockchains
Lending
Lending projects on the StarkNet ecosystem include:
Aave: can be considered as the largest DeFi bank currently, Aave chose Starknet as the next L2 to operate. In the future, two phases will be implemented: “bridge aTokens with StarkNet. Protocol Aave to StarkNet”.
Maker DAO: MakerDAO is committed to making DAI active on the StarkNet network
Curve Zero: is a protocol that provides fixed-rate loans for a term of 6/12/24 months.
zkLend: Money-market lending project on StarkNet. Currently, no product of the project has been released to users, nor has a testnet launched.
The lending segment is an important part of any ecosystem to increase the efficiency of the capital in the system. Having the activity of lending will open up the possibility of developing more applications in the future such as derivatives, or farm leverage, etc. in this fledgling ecosystem.
Ecosystem
Infrastructure
Infrastructure projects on the StarkNet system include:
Bridges: Suez, Qasr, Kubri,,… are bridges under development and in testnet phase to bring cash flow to StarkNet.
Explorer: on the system already has and supports tracking transactions as well as information in the system is relatively easy because there are many chart visualize activities on the system (for example, the chart shows the total amount of wallets, total transaction volume, …).
Wallet: to store assets, interact with applications on the system, and the most popular is still Metamask.
Infrastructures for DAO:
Snapshot, Zorro Protocol – infrastructure applications for DAO voting are in development.
Bibliotheca – dedicated infrastructure for Loot – NFT project on Ethereum.
Gaming/NFT
Gaming/NFT projects on StarkNet include:
Gaming projects on StarkNet: Dope Wars, Influence, Realms,
Game of Blocks, Eykar, bitmapbox, Phi Φ, The Ninth.
NFT Marketplace Project:
Oasis – the first NFT Market project on StarkNet, currently testingnet.
Mint Square – a platform for NFT issue on StarkNet is in testnet stage.
NFTflow – a liquidity generator for NFTs.
Briq – an application that supports building NFT on StarkNet.
Game building platform on StarkNet: ImmutableX is a gaming development platform on StarkNet. This is the platform that receives a lot of market attention, because it is the leading gaming platform on StarkWare.
Overview of the main token StarkNet (STRK)
Token metrics
Token Name: StarkNet.
Ticker: STRK.
Blockchain: Ethereum.
Token Standard: Updating.
Contract: Updating.
Token Type: Utility, Governance.
Total Supply: Updating.
Circulating Supply: Updating.
Token Utility
Staking
Pay transaction fees (Fee) on StarkNet
Governance (Governance)
Token Allocation
Token Allocation
Foundation: 10%
Community Provisions: 9%
Community Rebates: 9%
Grants: 12%
Donations: 2%
Unallocated: 8.1%
Investors: 17.0%
Core Contributors: 32.9%
StarkNet Token (STRK) was just Deployed on Ethereum Mainnet on November 16, 2022. Currently, the information and the token sale to the community have not been announced. None of the $STRK tokens will be tradable until further notice by the StarkNet Foundation.
StarkNet Roadmap
Roadmap of the project was updated on December 14, 2022 with achievements and future plans such as:
StarkNet Alpha Planets Testnet (June 14, 2021): Alpha system supports users through SmartContract.
StarkNet Alpha Mainnet (November 29, 2021): StarkNet allows any dApp to interact on the protocol without compromising Ethereum’s composability and security
Update StakNet Alpha 0.10.0 Mainnet (September 5, 2022): This is a network scaling version on Ethereum.
StarkNet Token Deployed (November 16, 2022): StarkNet token (STRK) is built on the ETH network, for the development of StarkNet mechanisms.
In the coming time, projectwill focus on improving the performance of upgrading factors:
New Rust implementation for Cairo-VM: To optimize the performance of virtual machines.
Re-implementing the Sequencer in Rust: Take advantage of the benefits of Cairo-rs without going through a Python-Rust connection
Team
Team
Eli Ben-Sason: Eli is the Co-founder of StarkWare, and the Chairman of the Board of Directors of the company. Eli was involved in the development of FRI and Zerocash, and is the Co-Founder of Zcash Company.
Uri Kolodny: Uri is Co-Founder and CEO at StarkWare, and a member of the company’s Board of Directors. Uri has co-founded several technology companies, among them OmniGuide, Mondria.
Investors & Partners
To date, StarkWare has raised $111M (equity) since its inception.
In addition, Starkware also received a $12M grant from the Ethereum Foundation to expand the Ethereum network: Seed Round (1/2018) – $6M USD, Series A (10/2018) – $30M USD, Series B ( 3/2021) $75M USD.
project Partners
Starkware is invested by many funds in the market through many investment rounds and cooperation from some prominent names such as: Nethermind, Consensive, Infura, Ledger, …
During the time, project has successfully completed the plans set out in advance and always implemented everything on schedule. Currently, basic DeFi applications have been launched and continuously improved to be more complete than our Mainnet system.
Existing infrastructure pieces also appear in full, including applications for launchpad, yield aggregatorm, gaming/NFT
You can find opportunities in upcoming projects in the basic areas of DeFi because when new projects launch, there are many opportunities for farming, liquidity mining and retroactive for users in the ecosystem.
Above is the basic information Allinstation has provided you with about StarkNet and the project’s $STRK token. Let’s learn and evaluate the project to make the most informed investment decisions. Wish you luck!!!
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