StarkNet Ecosystem: Top 5 Potential Projects
Key Points:
The StarkNet ecosystem is a very promising ecosystem, with many native projects of various types being constructed. As a horse grows in the direction of non-EVM, StarkNet is considered the next Solana in the Layers.
Yet, since the number of multichain projects to StarkNet is limited, this method allows investors to have more investment options in this ecosystem. Now, let’s take a look at some of the prospective projects that are being constructed and developed on the StarkNet ecosystem.
StarkNet is an Ethereum Layer 2 solution in the form of a ZK-Rollup solution.
Unlike popular Layer 2 scaling solutions such as Optimism and Arbitrum, which employ Optimistic Rollup technology, StarkNet uses Zero-Knowledge Rolupp, which helps confirm transactions without relying on other parties, guaranteeing the Ethereum network’s decentralization. Moreover, because of the benefit of Zero-Knowledge Rollup, withdrawal times on StarkNet are quicker than those on Optimism or Arbitrum.
It functions as a Layer 2 network atop Ethereum, allowing any dApp to run, operate, and expand without affecting Ethereum’s synergies or security. This ability stems from StarkNet’s reliance on the STARK system.
StarkNet is constructed by StarkWare developers – the firm is valued at $8 billion in the most recent capital call, four times what Aptos has ever done.
The Cairo programming language is used to write the operating system and the StarkNet contract. This is a programming language that allows for the deployment and scalability of dApps or Smart Contracts independent of business logic.
ZkLend is a lending and borrowing platform that offers two products: Atemis, which is a common lending platform for all DeFi users, and Apollo, which is a product for units, companies, and people that require KYC with the platform.
The project is a StarkNet-based Layer-2 money-market protocol that combines ZK-rollup scalability, faster transaction speed, and cost reductions with Ethereum security.
zkLend is currently developing its product and has officially published a testnet version in December 2022, where people may participate in the project experience.
Besides product development, zkLend participates in physical and online events with StarkWare.
The zkLend project has received $5 million in funding from a number of significant investment firms, including Delphi Digital, StarkWare, 3AC, Alameda Research, Amber, CMS Holding, Skyvision Capital, and others.
Presently, zkLend is not a household name in the DeFi industry, but its dominant position on the StarkNet ecosystem is enough to make zkLend a hidden gem in the ecosystem.
ZKX Protocol is a decentralized derivatives exchange that allows for long/short asset trading on the StarkNet ecosystem. ZKX Protocol is akin to dYdX, Perpetual, or GMX.
ZKX enables developers to motivate the community to trade their tokens in a whole new manner by providing a liquidity mining swap architecture, decentralized node networks, and asset governance support.
The protocol uses a one-of-a-kind node network to provide scalability, speed, and reliability through the ZK rollup. The node network also supplies the exchange with a direct supply of pricing data, allowing investors to trade effectively, even at high frequency. The consensus algorithm promotes network trust and security, but users retain the ability to handle money.
ZKX also enables users to trade derivatives on StarkNet, with a built-in compensation scheme that encourages users to make numerous transactions. Funding rates are adjusted according to the volatility of the underlying asset, with a premium paid on riskier assets to encourage stakeholders to keep the order book balanced.
Based on the contributions of the bitcoin investor community, the project is still in the process of creating and polishing the product. Moreover, the project routinely participates in StarkWare-organized events in order to broaden its access to users inside the StarkNet ecosystem.
Moreover, ZKX Protocol, like zkLend, attends StarkWare events on a regular basis to support project development in particular and the StarkNet ecosystem in general. Derivatives platforms have historically, now, and in the future played a significant role in recruiting new CeFi customers.
ZKX Protocol successfully received $4.5 million in 2022 from prominent investment funds like StarkWare, Amber, Houbi Global, Crypto.com, Cluster, Haskey Capital, Gate.io, and others. This has been verified once again. While analyzing the StarkNet ecosystem, every investor should keep an eye on ZKX Protocol. Ultimately, StarkWare has awarded ZKX Protocol funding to further develop the idea.
Orbiter Finance is a market bridge that specializes in asset conversion between Layer 2 Rollup (cross-rollup Bridge).
Conversions between 14 distinct networks are now supported by Orbiter, including Ethereum, StarkNet, zkSync Era, Loopring, Arbitrum, Arbitrum Nova, Optimist, Polygon, BNB Chain, ZKSpace, Immutable X, dYdX, Metis, and Boba.
There are two items in Orbiter Finance: Sender and Manufacturer. Maker will give liquidity for each money transfer order initiated by Sender between any two chains. The smart contract will assure the safety of this procedure, while before the Maker would have to mortgage money to the contract in order to become a service provider for Sender.
Orbiter Finance will be less reliant on smart contracts than the overwhelming majority of Bridges that use the Lock – Mint – Burn process. Transfers will be done on both the sending and destination chains between ‘Sender’ and ‘Maker’ independent accounts (EOAs). ‘Sender’ is no longer required to communicate with the smart contract.
As compared to other bridges, the Sender and Maker method makes it comparatively quick to bridge assets from chain A to chain B. Nevertheless, quick transactions will be compensated for by a little higher price at Orbiter than at other bridges.
Orbiter Finance swiftly integrates well-known Layer 2 projects when they announce the launch of their mainnet or even testnet. Orbiter Finance, for example, quickly supported zkSync Era when layer 2 was published, while Linea and Polygon zkEVM just launched testnet and mainnet beta.
In Layer 2 Starknet, Jediswap is the first AMM (Automated Market Maker) application. The initiative enables users to exchange tokens on Starknet using liquidity pools.
Jediswap is one of the StarkNet ecosystem’s first decentralized exchanges, with the purpose of offering customers a quick, efficient, and safe trading experience.
Jediswap, one of the first AMMs on the Starknet ecosystem, uses ZK-rollups technology to enable users to effortlessly swap and make transactions at nearly little cost while still inheriting. Ethereum provides complete security.
With Jediswap, users are fully independent of any third party and are solely accountable for their own assets.
Jediswap just got funding from StarkWare to continue developing the product.
While the project is still in its early stages and lacks a token, now is the moment to look for an Airdrop while participating in the Testnet of this project.
Braavos is a cryptocurrency wallet built on Cairo that supports the StarkNet network.
Braavos allows users to store NFT collections in addition to fungible tokens. Not content with that, the project also incorporates capabilities akin to a decentralized exchange, enabling users to freely trade, buy, and sell coins supported by the project.
Braavos is a single app where you can purchase, sell, store, and send various tokens. Transactions are provided in a user-friendly format, such as Transaction Status, Transaction Location, Transaction Time, and Transaction ID.
The app also allows you to purchase various tokens using your credit card or Apple Pay. You may also transfer your tokens across exchanges and various blockchains.
Pantera Capital led a $10 million seed round for Braavos. According to the corporate statement, other investors include Brevan Howard Digital, Crypto.com, Road Capital, Matrixport, and Starkware.
Motty Lavie, Abraham Makovetsky, and Yoav Gaziel co-founded Braavos earlier 2022. According to Lavie, the startup’s all-equity financing ended when the market began to show symptoms of a slump.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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