Compilation of the original text: Deep Tide TechFlow
Compilation of the original text: Deep Tide TechFlow
Today we will explore the top ten projects in 2023 based on the most promising Ethereum Layer 2 ecosystem - Starknet. Includes protocols for trading and liquidity, NFT platforms, and other projects related to the Starknet ecosystem. let's start!
What is Starknet?
Starknet is a decentralized L2 protocol based on ZK-Rollup technology, an ultra-secure mechanism through which the inputs used by off-chain provers are not exposed on the blockchain.
It is based on a highly scalable cryptographic proof system called STARK, which enables dapps to achieve infinite scale without compromising Ethereum's composability and security.
Starknet contracts and the Starknet operating system are written using Cairo, which supports the deployment of almost all business logic. According to DeFiLlama, the value locked (TVL) on the chain has grown by 4,000% to over $11,000.
$STRK Token
On November 16, 2022, Starknet announced the deployment of $STRK, Starknet's native token, on the Ethereum mainnet.
$STRK will be used for voting, staking, and paying fees. Tokens held by the Starnet (StarkWare) core team and other contributors will be locked for 4 years and will be gradually distributed after one year. Currently, the distribution of tokens is still to be decided.
Cairo
account abstraction
account abstraction
Currently, if you want to open a self-hosted and decentralized wallet like Metamask, Trust, or Phantom, you have to remember your seed phrase and private key. If you forget them, you will lose your funds forever, which is a huge problem in attracting new users to the world of Web3 and DeFi.
Account abstraction was born to solve this problem. It solves this problem by creating smart contract based wallets. This advanced innovation has become popular in the Starknet ecosystem and has been implemented in projects like Argetnt X and Braavos.
Alright, now that we have learned about the Starknet chain, let's see the top 10 projects for 2023 on Starknet.
1/ Argent X
Category: wallet
Status: Mainnet
Introduction: Braavos is a smart contract self-hosted wallet based on Starknet, using account abstraction technology. It is available on iOS, Android, and browsers, providing a seamless Web2.0 user experience. And it's developing new features to help users get rid of seed phrases while making account recovery easier. In addition to the wallet, they also plan to provide services such as staking and lending. Braavos also supports account segmentation, which separates long-term (high amount) savings from daily (low amount) consumption by supporting withdrawal limits and withdrawal delay times. Recently, they announced that the contracts for their wallet accounts have been open-sourced.
3/ Orbiter Finance
Field: cross-chain bridge
Status: Mainnet
Introduction: Orbiter Finance is a decentralized cross-Rollup Layer 2 cross-chain bridge protocol that only has contracts on the target network. It supports low-cost, instant transfers between the ETH mainnet, zkSync, and Arbitrum.
In Orbiter Finance, there are two roles: sender and maker.
When the sender initiates a transfer, the market maker will provide corresponding liquidity.
Smart contracts ensure the security of this process.
If the transfer fails due to the bad behavior of the market maker, the sender can initiate an arbitration request to the contract. After the arbitration, the sender will obtain the market maker’s deposit and obtain excess compensation.
4/ Starkgate
Category: cross-chain bridge
Status: Pre-Testnet
Introduction: Starkgate is an Ethereum↔Starknet token cross-chain bridge developed by StarkWare. Each supported token can be linked to L1 and L2 cross-chain bridge contracts, and these bridges communicate through Starknet's messaging mechanism to help users transact with ETH and ERC-20 tokens on L1. This is made possible by the Starknet Alpha network and its STARK-based computational compression capabilities.
5/ JediSwap
Category: DeFi
Status: Mainnet
Brief: JediSwap is a permissionless and composable AMM on Starknet. In JediSwap, users can exchange with 0 gas fees without losing custody of their funds. The only fee associated with it is the 0.3% exchange fee. Currently, this fee is distributed proportionally to those who provide liquidity.
To test JediSwap on Starknet's testnet, you need to first acquire test tokens on Goerli and then transfer them to Starknet using the Starkgate bridge.
6/ Nostra
Category: DeFi
Status: Testnet
Introduction: Nostra is building Starknet's liquidity layer, consisting of three products: Nostra Money Market, UNO (the first Starknet native stablecoin), and Nostra Swap.
The Nostra currency market is the core product of the liquidity layer, which can continuously provide liquidity within the ecosystem. It also provides earnings for Nostra Swap and UNO minters.
Nostra Swap is a next-generation stablecoin trading platform to support the peg and growth of UNO. LPs that provide liquidity on Nostra Swap can also earn income from lending their stablecoins on the Nostra money market, as well as transaction fees.
UNO is the first Starknet native stablecoin. It is overcollateralized by ETH with interest, allowing all minters to accumulate their ETH yields while fully utilizing UNO within the Starknet ecosystem. UNO will be used in various scenarios, including DeFi, games, NFT, real-world payments, etc.
7/ Starknet [.] id
Category: NFT
Status: Mainnet
Introduction: Starknet.id is Starknet's ENS (Ethereum Name Service). Users can mint their Starknet identities for free as their Starknet passports and on-chain delegates. Users can also attach any data to a Starknet identity, from social media accounts at Web2 to ENS domain names at Web3. The team plans to build an ENS bridge, a Starknet identity dashboard, and more.
8/ ZKX
Category: DeFi
Status: Testnet on March 14th
Brief: ZKX is the first perpetual futures exchange on Starknet with self-custody and true community governance. The protocol aims to provide further scalability through a decentralized network of nodes and an upgraded trading experience, offering perpetual swaps and derivatives to any user on Starknet and Ethereum. ZKX's mission is to democratize global benefits to anyone, anywhere in the world through the services it provides.
9/ zkLend
Category: DeFi
Status: Testnet
zkLend is an L2 money market protocol built on Starknet that combines the scalability of zk-rollup, faster transaction speeds, cost savings, and the security of Ethereum. The protocol offers a dual solution: a permission- and compliance-focused solution for institutional clients, and a permissionless service for DeFi users — without sacrificing decentralization. Currently in the testnet stage.
10/ Brine
Category: DeFi
Status: Testnet
Introduction: Brine is a cross-chain decentralized exchange. To account for slippage, they trade using an order book model instead of an automated market maker (AMM) model. The platform charges a fixed 0.1% transaction fee, but does not charge any gas fees.
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