What is StarkEx? StarkEx is a solution providing Validium and zkRollup technology built and developed on Ethereum. StarkEx supports use cases such as Spot trading, trading, NFT, etc. So what features does StarkEx have? How does StarkEx work? Join the Weakhand team to find out below in this article!
To understand more about StarkEx, you can read the following articles:
- What is StarkWare? Overview of the Group Valued at $8 Billion
- What is Zk Rollup? Zk Rollup Solution Overview
- April StarkNet Ecosystem Update: Exploding with many exciting events
What is StarkEx?
StarEx is a leading scalable solution, providing high throughput, low gas fees, Ethereum-level security, self-management, and fast integration. StarkEx leverages STARK technology to support scalable self-custodial payments and transactions for applications such as DeFi and gaming.
StarkEx currently supports ETH, synthetic assets, and the following tokens: ERC – 20, ERC – 721, ERC – 1155, and may also support tokens on other EVM-compatible chains.
StarkEx launched online trading in June 2020, and dozens of projects are already using StarkEx, such as dYdX, ApeX pro, rhino.fi (previously). DeversiFi), Myria, ImmutableX, Sorare or Reddio.
Mechanism of action
Key features of StarkEx
StarkEx Spot Trading
StarkEx Spot is a StarkEx implementation of Spot trading on the Goerli testnet that provides a simple demonstration of StarkEx’s scalability solution. Users can use StarkEx Spot Trading as follows:
- Easily send transactions to StarkEx.
- View transactions on StarkEx.
- See how the user’s asset status, including the user’s transactions, is updated online in the StarkEx contract.
StarkEx Perpetual Trading
StarkEx Perpetual Trading is a StarkEx implementation of Perpetual Trading on the Goerli testnet, providing a simple demonstration of StarkEx’s scalability solution. Users can use StarkEx and start developing their own applications on the Goerli testnet. Users can use StarkEx Perpetual Trading as follows:
- Send money – Insert collateral from on-chain wallet into off-chain location.
- Transfer – Transfer of assets between two off-chain locations.
- Transaction – Issuing a transaction between two off-chain users: Synthetic asset transaction or collateral transaction for synthetic asset.
- Withdraw – Reclaim assets from an off-chain location to receive them on-chain.
Key components of StarkEx
Off – Chain
Off – Chain includes the following features:
- Keep order status.
- Perform transactions in the system.
- Sends a status update to the component on-chain.
On – Chain
On – Chain includes the following features:
- Implement state transitions.
- Keep commitments to state and system assets.
- Managing on-chain assets, useful for L1 dApp interoperability and DeFi aggregation.
StarkEx also feeds user data using the following data availability modes:
- ZK-Rollup mode.
- Validium mode.
- Volition mode, allows your users to choose between ZK-Rollup or Validium mode for each transaction.
StarkEx’s operating model
- All transactions in the system are performed by the application and sent to StarkEx
- The StarkEx service batches transactions and sends incoming batches SHARPa shared proof service, to create proofs attesting to batch validity.
- SHARP sends the STARK proof to the on-chain STARK Validator for verification.
- The StarkEx Service will then send an on-chain state update transaction to the StarkEx Contract, which will only be accepted if the verifier finds the proof valid.
StarkEx highlights
- Valid proof: Validity Proofs ensure that only valid data, the result of calculations performed with integrity, is committed on-chain.
- Large scale: The secret to StarkEx’s massive scalability lies in the uneven division of computation between Off – Chian verifiers and On – Chain verifiers.
- Self-management: StarkEx empowers apps to self-manage and uses innovative anti-censorship mechanisms to ensure that users’ funds are always in their control.
- Available data: StarkEx has been developed to serve a variety of user and application needs.
- Calculate:
StarkEx is powered by Cairo, the protocol’s expressive and high-performance ZKP programming language. Cairo enables StarkEx to support all business logic. - Privacy: ZK-STARK, as a zero-knowledge proof system, can provide users with complete privacy, not only from other users but also from the Operator.
StarkEx products
StarkEx is no longer just theoretical as there are many projects using StarkEx technology to build extremely successful projects such as:
- dYdX: Leading Derivative, Margin trading, Leveraged trading, and Spot trading platform on the market today. In addition, dYdX also became one of the projects with the highest revenue in the crypto market even when placed next to Uniswap, AAVE, Pancakeswap,…
- Immutable X: The first L2 solution to support fast NFTs trading on Ethereum, with a TPS of up to 9,000 transactions per second and no gas fees.
- Sorare: an NFT exchange focused on NFTs in the sports sector.
- DeversiFi: Decentralized exchange platform on the Ethereum platform that allows users to Trade, Swap, Send Token and OTC transactions right on its platform.
Technology on StarkEx
Stark
Stark is an abbreviation for zero-knowledge Scalable Transparent ARgument of Knowledge, in which:
- zk Proof: A zk proof is a way for a witness to convince the prover that a statement is true without revealing any other information. So zk stands for user privacy protection.
- Scalable: Scalability can be increased by going offline
- Transparent: Represents public randomness, no trusted settings (the calculation process will eliminate malicious elements, so there is no need to set trusted inputs).
- ARgument of Knowledge: The witness calculates and generates explicit (computable) offline evidence. Computing also ensures integrity and helps with the post-quantum security of the network.
Cairo
Cairo is a Turing complete programming language designed to create STARK provable programs for general computation. It powers all StarkWare Ethereum Mainnet implementations.
SHARP
SHARP allows separate applications to combine sets of transactions into a single proof to share proof gas costs in L1. SHARP is an integral part of StarkEx.
Development Roadmap
Core Team
The StarkEx project development team is the people behind StarkWare.
Eli Ben-Sasson: Co Founder and Chairman of the Board of Directors
- Eli has spent a lot of time researching cryptographic evidence, especially zero-knowledge technology. After many years of research, there have been certain achievements.
- Eli is the inventor of protocols such as Stark (a type of cryptographic proof that Eli believes has many advantages over the old cryptographic proof Snark) in addition to FRI and ZeroCash.
- Together, Eli and a few others created the zCash protocol, one of the first user-facing privacy projects.
- In addition, Eli also holds important research positions at the Institute for Advanced Study at Princeton University, Harvard University and MIT.
Uri Kolodny: Co-Founder and CEO
- Uri He holds a Master’s degree in Computer Science from Hebrew University and an MBA from MIT Sloan.
- Uri also worked as Co Founder and CEO at Timma, Mondria Technologies Ltd, OmniGuide.
Michael Riabzev: Co-Founder
- Michael holds a PhD in Computer Science from the Technion Israel Institute of Technology.
- Michael has 14 years of software development experience at Intel and IBM. Michael has worked on hardware acceleration, cryptographic algorithms, GPGPU, SDN,…
- Michael has 14 years of software development experience, including at Intel and IBM research labs
Alessandro Chiesa: Co-Founder and Chief Scientist
- Alessandro is a lecturer in the Department of Computer Science at UC Berkeley
- Co-inventor of the Zerocash protocol and author of Libsnark – the leading open source library for Succinct Zero Knowledge Proofs.
- Alessandro received his MSc in Computer Science and Mathematics and his PhD in Computer Science from MIT.
- Co Founder of Zcash.
Investor
- January 31, 2018: For the first time in the Seed round, the project successfully called for an amount of $6M with the participation of investment funds such as: Vitalik Buteriin, Polychain, Pantera Capital, Naval,… and many famous figures. both in TradFi and in the crypto market.
- July 16, 2018: The project received a grant from the Ethereum Foundation with an amount of up to $12M.
- October 28, 2018: At the Series A round, the project called for another $30M in funding led by Sequoia Capital and Paradigm, in addition to Nval, Pantera, Multicoin Capitalm Intel Capital, Founders Fund,…
- March 24, 2021: At the Series B round, the project successfully called for $75M in funding led by Paradigm in addition to a number of VCs such as 3AC, Pantera, Alameda Research, DCVC,…
- November 16, 2021: At the Series C round, the project successfully raised an amount of $50M at a valuation of up to $2B led by Sequoia Capital with the participation of IOSG and DCVC.
- May 25, 2022: In the latest round, the Series D project successfully called for $100M at a valuation of $7.9B led by Greenoaks and Coatue in addition to Tiger Global Management. Within 6 months the company’s valuation miraculously quadrupled from $2B to nearly $8B.
Tokenomics
Update, ..
Exchanges
Update, ..
Project Information Channel
- Website: https://starkware.co/starkex/
- Twitter: https://twitter.com/StarkWareLtd/
- Youtube:
Summary
Above is the information about StarkEx that the Weakhand team learned. StarkEx is a leading scalable solution, providing high throughput, low gas fees, Ethereum-level security, self-management and fast integration, with an experienced and well-funded development team. promises to explode in the near future. The project is still developing strongly and needs further monitoring.