INTRODUCTION
StarkNet Blockchain, a Layer 2 platform, gained prominence around 2022. Despite the surrounding buzz, it currently appears as a potential underdog. Over time, Layer 2 solutions have evolved from mere concepts to significant domains.
According to Token Terminal, the Layer 2 market’s capitalization (based on circulating supply) is valued at $19.85 billion, with a daily active user base of 840k.
It is good to note that Starknet has a Total Value Locked (TVL) of $40 million USD and 61.76k daily active users, Defilama.
In this article, we will explore everything available online on StarkNet and its current journey.
TABLE OF CONTENTS
UNCOVERING THE FUNDAMENTALS AND INNOVATIONS OF STARKNET’S LAYER 2 SOLUTION.
What is StarkNet?
Operating as a Layer 2 solution, StarkNet enhances scalability and security akin to Ethereum. It generates STARK proofs off-chain and later submits these proofs on-chain.
As a Validity-Rollup (or ZK-Rollup) Layer 2 network over Ethereum, StarkNet allows dApps to scale immensely without compromising security. It bundles transactions into an off-chain computed STARK proof, which is then sent to Ethereum as a single transaction.
This process ensures higher throughput, swifter processing, and reduced costs while maintaining Ethereum’s robust security.
NAVIGATING THE STARKNET ECOSYSTEM: DISCOVERING KEY CONTRIBUTORS AND REVOLUTIONARY DEVELOPMENTS
Bridging assets to Starknet
The StarkNet website mentions eight bridges facilitating asset transfers between StarkNet and other chains or exchanges, like Ethereum, Binance Smart Chain, Polygon, and Avalanche1.
These include:
StarkGate: The primary bridge between StarkNet and Ethereum.
Orbiter Finance: My preferred bridge, enabling transfers across different Layer 2 networks.
Rango: A comprehensive cross-chain DEX and bridge aggregator.
Layerswap: Facilitates crypto movement between exchanges and Layer 2 networks.
Others include Chaineye Mini Bridge, Rhino.fi, and Owlto Finance. For a detailed guide on bridging, visit [Link to Bridging Video].
Setting Up a Wallet on StarkNet Blockchain
The two primary wallets on StarkNet are Argent X and Braavos.
- Argent X, known for its ease of use, security, and open-source nature, is the most popular.
Other notable wallets include:
- Braavos: A smart wallet with advanced security and UX features.
- OKX: A leading Web3 multi-chain wallet supporting various blockchains and dApps.
- MetaMask Snaps: A MetaMask plugin for managing StarkNet assets?
For the latest StarkNet wallet list, see link to updated wallet list.
Decentralized Applications on Skarknet
Decentralized Exchanges
- Ekubo offers concentrated liquidity and extensibility for optimal pricing.
- Jediswap is a community-driven, fully permissionless AMM.
- MySwap is StarkNet’s pioneering AMM.
Other Decentralized Applications
- ZKlend, a DeFi platform serving as StarkNet’s liquidity layer, facilitates lending, borrowing, and trading.
- StarkNet ID provides a unified profile across the ecosystem.
- Banxa, a leading fiat-to-crypto on-ramp, has been operational since 2014.
For more dApps and innovations, see link to Dapps list.
POTENTIAL AIRDROPS IN STARKNET
Airdrops are commonly used by decentralized applications as a means of rewarding users and builders and for marketing purposes. The launch of the StarkNet token $STRK is closer than ever before.
In early December 2023, they announced the allocation of 1.8 billion $STRK tokens, which are currently non-tradable.
StarkNet stated that approximately ‘900 million $STRK tokens have been allocated to the foundation’s Provisions Committee to reward past and future contributions by users and community members.
Additionally, a further 900 million tokens are dedicated to user rebates,’ as reported by CoinDesk.
CONCLUSION
StarkNet represents a significant advancement in Layer 2 solutions, offering a robust, scalable, and secure platform for decentralized applications.
Its growing ecosystem, marked by innovative dApps, strategic partnerships, and a strong community, positions StarkNet as a key player in the future of blockchain technology and decentralized finance.
As StarkNet continues to evolve and expand its offerings, it will undoubtedly play a pivotal role in shaping the landscape of Layer 2 solutions and the broader blockchain ecosystem.