The StarkNet ecosystem is an extremely potential ecosystem with many native projects in many different pieces being built. It can be said that StarkNet is considered the next Solana in the Layers when it alone develops in a non-EVM direction.
But it is also because this approach helps investors have more investment opportunities in this ecosystem when the number of multichain projects to StarkNet is not many. And now everyone, let’s take a look at the potential projects being built and developed on the StarkNet ecosystem.
StarkNet Overview
StarkNet is a Layer 2 built on Zk Rollup technology with developers from StarkWare – the company in its most recent capital call is being valued at $8B, 4 times more than what Aptos did. Okay.
It can be said that among Layer 2 platforms, StarkNet is one of the four most prominent platforms including Arbitrum, Optimism and zkSync. However, StarkNet’s development orientation is completely different from its three colleagues on the other side of the battle line. While Arbitrum, Optimism uses Optimistic Rollup technology with EVM compatibility from the beginning. ZkSync develops zkEVM to be compatible with EVM to help projects on Ethereum and EVM Blockchain easily deploy on zkSync through zkEVM, in addition, most other Zk Rollup solutions are developing their own zkEVM such as Polygon. Hermez, Taiko, Scroll, StarkNet decided 80% will follow the non-EVM path and take Cairo – StarkNet’s own programming language as the focus of development.
Why 80%? Because actually StarkNet also has an EVM, but it’s simply a machine similar to Google Translate called Warp. With Warp it can translate from Sodility to Cairo, but the level of efficiency and accuracy cannot be measured and Warp certainly cannot work as well as zkEVM of zkSync, Scroll or Taiko.
However, with Cairo as the focus of development, most of the projects on the StarkNet ecosystem are completely new projects on the market and we will have many investment opportunities with the StarkNet ecosystem.
Potential Projects on the StarkNet Ecosystem
ZkLend – Reputable Lending & Borrowing platform on StarkNet
ZkLend is a Lending & Borrowing platform with 2 products: Atemis – a common lending platform for all users in DeFi and Apollo – a product for units, organizations, and individuals that must KYC with the platform. . Currently, zkLend is still in the process of developing its product and has officially launched the testnet version where users can participate in experiencing the project in December 2022.
Besides product development, zkLend is quite active in activities with StarkWare in offline and online events.
A highlight of the zkLend project is that the platform has successfully called for $5M from many large investment funds such as Delphi Digital, StarkWare, besides 3AC, Alameda Research, Amber, CMS Holding, Skyvision Capital, etc. .. Currently, zkLend’s product is not too prominent in the general DeFi market, but its leading position in the StarkNet ecosystem is enough for zkLend to be a hidden gem on StarkNet.
ZKX Protocol – The first Perpetual platform on the StarkNet ecosystem
Similar to dYdX, Perpetual or GMX, ZKX Protocol is a Derivatives platform and more specifically, Perpetual allows users to Long – Short assets on the StarkNet ecosystem.
Currently, the project is still in the product development process. What I find best about ZKX Protocol is that the project continuously edits the UI UX to suit user needs, and the community activities in Discord are also very exciting.
Besides, similar to zkLend, ZKX Protocol regularly attends StarkWare events to promote project development in particular and the StarkNet ecosystem in general. It can be said that in the past, present and in the future, Derivatives platforms play an important role in attracting new users to CeFi.
In 2022, ZKX Protocol has successfully called for $4.5M from large investment funds such as StarkWare, Amber, Houbi Global, Crypto.com, Cluster, Haskey Capital, Gate.io,… This once again confirms ZKX Protocol deserves to be on the watchlist of any investor when looking at the StarkNet ecosystem. Finally, ZKX Protocol has also received a grant to develop the project from StarkWare.
SithSwap – AMM backed by high-caliber VCs
SithSwap is a StableSwap platform with low fees, fast transaction speed, extremely low price slippage, and the platform also inherits security and decentralization from Ethereum.
SithSwap will also learn from predecessors such as Curve Finance, Wombat Exchange, and Trader Joe in establishing the veToken model but with many improvements. We also have some information about the project including:
- The development team entered the 2015 crypto market and worked with Sodility on Ethereum.
- The project hints that there will be a retroactive for early project supporters
- Currently the project is in the testnet process, everyone can participate to have a chance to receive retroactive
Recently, when I used and experienced the product again, the project had a change by changing the UI UX interface to be more beautiful and user-friendly.
Besides, the project was also successful in raising $1.7M at the Seed round with the participation of GSR, Lemniscap, Anthony Beaumount, Big Brain Holding,…
Braavos – Leading wallet platform on StarkNet
Braavos is the wallet platform that is being prioritized for development on the StarkNet ecosystem. Similar to many other wallet platforms, Braavos allows users to store different cryptocurrencies, NFT collections, and users can trade, buy and sell cryptocurrencies on Braavos itself.
At present, Braavos has launched its product for users to experience on StarkNet. According to my personal feelings when using Braavos, I find this wallet to be relatively friendly and easy to use.
And we have a few other projects that can be added to the watchlist on the StarkNet ecosystem including:
JediSwap: AMM platform has a similar operating model to Uniswap V2 with certain improvements. Besides, the most outstanding feature of JediSwap is that this project has a lot of support from the community. As a result, JediSwap is one of the most donated platforms on Gitcoin.
Alpha Road Finance is built so that all user assets are maximized for profit through activities in DeFi. Alpha Road Finance’s product suite includes:
- Strategies: Using a variety of different strategies in DeFi such as Staking, Lending, Borrowing, Farming, Leverage Farming,… to gain maximum benefits for users who have deposited their money into Alpha Road Finance’s pool.
- NFT: Alpha Road Finance also plans to help NFTs access the immediate financial aspects of Lending & Borrowing and other financial products.
- AMM: An AMM platform helps users exchange types with each other quickly, cheaply and conveniently.
Astraly: A platform that provides infrastructure for other projects on the StarkNet ecosystem and is a launchpad platform (IDO, INO,…). Astraly builds 2 products: Astraly Protocol and Astra Launch.
Summary
And above are some potential projects being built and developed on the StarkNet ecosystem. It seems that this ecosystem is about to move into acceleration mode, so everyone please follow regularly to update the latest information.
