Starknet Bridges Over 500K Unique Wallets From Ethereum With $65 Million Deposits

Key Points:

• Over 500,000 wallets have bridged to Starknet from Ethereum, depositing over $65M on the network.
• ETH is the dominant bridged asset, accounting for nearly 75%.
• JediSwap is the top protocol by total value locked, with more than 2x the TVL of second place and the only non-AMM is the lending protocol zkLend.

Over 500K unique wallets bridged to Starknet, depositing $65M. ETH dominates bridged assets. JediSwap leads in TVL.

According to Nansen’s report, over 500,000 unique wallets have bridged to Starknet from Ethereum, depositing a total of over $65 million on the network. The majority of these wallets have bridged very low amounts, with 60% of depositors bridging between $1 and $100, and 94% of depositors bridging less than $1,000.

In terms of wallet age, most wallets (~75%) are less than one year old. The breakdown is as follows: 24.5% of wallets are 1-year-old or older, 41% are between 3-12 months old, 26.6% are between 1-3 months old, 6.78% are between 1 week – 1 month old, and 1.1% are less than 1 week old.

ETH is the dominant bridged asset, accounting for nearly 75% of all assets bridged, largely due to it having by far the highest maximum cap imposed by StarkWare. JediSwap is the top protocol by total value locked, with more than 2x the TVL of second place, and the only non-AMM is the lending protocol zkLend – the native L2 money-market protocol built on Starknet. The relatively low TVL can be largely attributed to the restrictions imposed on the network.

The platform has recently announced the release of Alpha V0.12.0, which aims to enhance performance and scalability. The update targets Starknet’s Sequencer to address throughput and latency challenges. This is a significant milestone in Starknet’s journey to scale Ethereum.

While it is still in its infancy with limited performance, there is relatively significant activity, and updates like Starknet 0.12 are expected to improve TPS in Q3. Deposits on Starknet greatly accelerated from mid-March when the deposit caps were raised again.

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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