Starknet Ecosystem | What is StarkNet?
Starknet Ecosystem - What is StarkNet?
StarkNet is a layer 2 solution on the Ethereum network in the form of a ZK-rollup solution. The STARK system allows any dApp to run, operate, and scale unlimitedly without compromising on Ethereum’s synergy and security. The StarkNet contract and operating system are written in the Cairo programming language – which supports the deployment and scaling of cool dApps. Let us explore the protocol’s ecosystem below.
DEX
Currently, there are four DEXs on StarkNet, including Starkswap, a DEX built on StarkNet, Jediswap, mySwap, and Zigzag, which has been built on StarkNet and operates according to the order book mechanism. Given that the AMM DEX array is the first piece that needs to be completed in any ecosystem, the StarkNet system is in the early stages of perfecting the DEX array.
Lending
So far, the main lending project on StarkNet is zkLend, a money market lending project. Currently, no products have been released to users, nor have they launched a testnet. Lending is an important element in any ecosystem to increase the efficiency of the capital in the system. This will open up the possibility of developing more applications in the future.
Infrastructure
A few infrastructure projects on the StarkNet ecosystem include bridges such as Suez, Qasr, and Kubri, all of which are under development and in the testnet phase to bring cash flow to StarkNet. The Explorer system already exists and supports tracking transactions as well as information in the network, which is relatively easy because there are many visual charts.
There is a wallet to store assets and interact with applications on the system, including Metamask and the DAO infrastructure such as Snapshot and Zorro protocol. Both infrastructure applications for DAO voting are in development.
Gaming/NFT Projects
Popular gaming projects on StarkNet include Dope Wars, Influence, Realms, Game of Blocks, Eykar, bitmapbox, Phi Φ, and the Ninth. As for NFT projects, there is Oasis, the first NFT market project on the protocol; Mint Square, a platform for issuing NFTs on StarkNet, which is in the testnet stage; NFTflow, a liquidity generator for NFTs, and Briq, an application to support the building of NFTs on StarkNet.
Also, there are game-building platforms on the protocol, such as ImmutableX, a gaming development platform. This platform has received plenty of attention around the market since it is the leading gaming platform on StarkWare.
Other Projects on StarkNet Ecosystem
A few other projects are building on StarkNet, such as Fuji DAO, the first and only yield aggregator, ZkX, a derivatives platform on the protocol; ZkPad, a launchpad; and iBetYou, a betting platform.
StarkNet Ecosystem Projections
Identity
As things stand, StarkNet is in the early stages of development where the most basic DeFi applications are still being developed. For example, the most interesting DEXes are in the testnet stage. Once these DEXes can launch various products such as liquidity mining programs, users can jump in to make some profits.
In the near future, the protocol will look to become a complete DeFi stack with operational DEXes, launchpads, yield farms, yield aggregators, lending protocols, GameFi protocols, metaverse, social networks, etc. Once this happens, users of the ecosystem can discover great opportunities for farming, liquidity mining, airdrops and more.
Notable StarkWare Products
Cairo: This is the computational programming language of Starkex and Starknet. All protocols and decentralized applications built on the ecosystem use Cairo.
Sharp: This is a system that allows one to collect a set of different Cairo programs to create a proof for all of them and then put this proof on Ethereum for it to be verified by a STARK verifier, reducing gas fees of the transaction.
VeeDo: This is a trustless random feature verifiable thanks to STARK technology which is roughly translated to a trustless lottery. This feature is similar to Chainlink’s VDF.
StarkEx & StarkNet: StarkEx is a customized version of StarkNet for trading, while StarkNet is a full version permissionless decentralized ZK-Rollup.
Investors and Partners
Starkware has plenty of investors over several investment rounds. So far, the protocol has managed to raise $111 million in equity. Also, the protocol has received a $12 million grant from the Ethereum foundation to expand the Ethereum network.
Series A was held in October 2018, where $30 million in equity was raised from Paradigm (Lead), Intel Capital, Sequoia, Atomico, Consensys, Coinbase Ventures, Scalar Capital, Collaborative Fund, and Semantic Ventures.
Then, there was a Series B fundraising held in March of last year, where $75 million was raised from Paradigm (Lead) and a few other investors.
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