Examining StarkNet: A Basic Layer 2 Solution for Ethereum

 StarkNet is a new Layer 2 solution using zkRollup technology. It's becoming popular in the StarkWare ecosystem and catching the community's interest.




StarkNet is like an extra layer for Ethereum, making it work better. It's part of something called zk-Rollup. Because it relies on the STARK system made by StarkWare, any app using StarkNet can keep growing without causing problems for Ethereum's safety. Developers can make and launch smart contracts on StarkNet using the Cairo programming language. StarkNet started running on Ethereum's mainnet in June 2020. Before that, it went through more than 50 million transactions on test networks. StarkNet lets any app keep growing without limits while making sure Ethereum stays safe.

StarkNet is a significant product from StarkWare, serving as a Layer 2 solution for Ethereum. It uses something called zk-rollup to make Ethereum work better. Now, let's dig into how StarkNet works in this  article.



How does it work?

StarkNet works differently from Optimistic Rollup. It uses zk-Rollups, which are known for being faster in validating transactions. People think zk-Rollups are the main way Ethereum can grow in the medium and long term, unlike Optimistic Rollups, which are only good for a short time.

What is StarkWare?

Now, what's StarkWare? Well, it was created by Eli Ben-Sasson, who co-founded STARK & ZCash. StarkWare, also called StarkWare Industries, started in January 2018. It helps blockchains become faster and more private by using something called zero-knowledge proofs with STARK technology.





StarkWare Products

StarkWare has several products, and some of them are Cairo, SHARP, VeeDo, StarkEx, and StarkNet.

Cairo is like a special language used by StarkEx and StarkNet for their programs. Every protocol and dapp created on StarkEx and StarkNet will use Cairo.

SHARP is a system that lets you take different Cairo Programs and prove them together. You then put this proof on Ethereum for a STARK validator to check, making transaction gas prices lower. VeeDo is a feature that uses STARK technology for trustless randomization, like a trustless lottery similar to Chainlink's VDF.

StarkNet and StarkEx: StarkEx is a version for trading, while StarkNet is the full version, like a permissionless decentralized ZK-Rollup.
Noteworthy Aspects of StarkNet

Cairo Programming Language: This language helps developers create and deploy dApps or smart contracts for any industry. It's used by all protocols and dApps on Starkex and Starknet.

Scalability: StarkNet's standout feature is its ability to scale while keeping Ethereum's Layer 1 security. It does this by creating proofs off-chain with STARK and then validating them on-chain.

Developer Support: Developers can use StarkNet contracts to launch projects smoothly, making their work easier.

Integration Capability: StarkNet allows projects on the Ethereum network to easily connect and collaborate with each other.

zk-Rollup Technology: This is an advanced technology that's considered better than other Layer 2 solutions. It simplifies connecting Layer 1 and Layer 2, reducing the time projects need to communicate with each other.

DEX (Decentralized Exchanges): 1 . Starkswap: This is an AMM (Automated Market Maker) DEX that's been built and developed on the Starknet network. 2. Jediswap: It's the first AMM application on Starknet. 3. mySwap: Currently, the top AMM on the network, similar to StarkSwap. mySwap provides trading, swapping, adding liquidity to pools for profit. It's still in the testing phase. 4. Zigzag: This DEX operates on an order book mechanism. 5. ZKX: It's a perpetual exchange. 6. ZKEX: A multichain Layer 2 Orderbook AMM-DEX with unlimited access and liquidity across connected blockchains.

Lending Lending is a crucial aspect of any ecosystem, enhancing capital efficiency. It sets the stage for future applications like derivatives or leveraged farming. Here are some lending projects in this ecosystem: 1. zkLend: An experiment in money-market lending on StarkNet. As of now, there's no product available to users, and no testnet has been established. 2. Aave 3. Maker DAO 4. Curve Zero Infrastructure StarkNet is actively developing its infrastructure to efficiently support applications. The focus is on constructing bridges and creating a development environment for applications, leveraging the Cairo programming language. Some ongoing infrastructure projects in the StarkNet ecosystem include:

  1. Bridges: Projects like Suez, Qasr, Kubri, and others are currently in development and undergoing testing.

  2. Explorer: The ecosystem already has chart visualizers that facilitate transaction monitoring and provide system information.

  3. Wallet: Metamask is the preferred wallet for storing assets and interacting with system applications.

  4. DAO Infrastructures:

    • Snapshot and Zorro Protocol: Infrastructure applications for DAO voting are in progress.
    • Bibliotheca: This is a specialized infrastructure designed for the Ethereum-based NFT project Loot.

      Gaming/NFT

      StarkNet is actively involved in gaming and NFT initiatives, showcasing various projects:

      Gaming Projects:

      • Dope Wars, Influence, Realms, Game of Blocks, Eykar, bitmapbox, Phi Φ, and The Ninth are some notable StarkNet gaming ventures.

      NFT Marketplace:

      • Oasis is the first NFT Market project on StarkNet, currently in the testing phase.
      • Mint Square, a platform for NFT issuance on StarkNet, is undergoing testing.
      • NFTflow serves as a liquidity provider for NFTs.
      • Briq is a program supporting NFT development on StarkNet.

        Game Development Platform:

        • ImmutableX, a game development platform, is prominent on StarkNet, attracting significant market attention as the primary game platform on StarkWare.

          StarkNet is involved in several other projects:

          Yield Aggregator:

          • Fuji DAO is currently the first and sole yield aggregator initiative.

          Derivatives:

          • ZkX focuses on derivatives, although specific project details are not yet available.

          Launchpad:

          • ZkPad is a launchpad project that is currently under development.

          Betting:

          • iBetYou is a betting project affiliated with StarkNet.


        CORE TEAM

      The key figures at StarkWare include:

      Eli Ben-Sason:

      • Eli is the Co-Founder and Chairman of the Board of Directors at StarkWare.
      • He also co-founded Zcash Corporation and played a role in creating FRI and Zerocash.

      Uri Kolodny:

      • Uri is the Co-Founder and CEO of StarkWare.
      • He has co-founded various internet companies, such as OmniGuide and Mondria.

        Michael Riabzev:

        • Michael is a Co-Founder and the Chief Architect at StarkWare.
        • He holds a Ph.D. in computer science and has expertise in software development, with experience at Intel and IBM research laboratories.

        Alessandro Chiesa:

        • Alessandro is a Co-Founder and the Chief Scientist at StarkWare.
        • He co-invented the Zerocash protocol and co-founded Zcash.

        StarkWare's team comprises 40 talented and experienced blockchain developers.

        Conclusion of StarkNet Review

        StarkNet is currently in its early development phases, with basic DeFi apps under construction and yet to be deployed. The most interesting decentralized exchanges (DEXs) are still in the testing phase. The ecosystem is at an early stage of development, and the projects are on testnets, requiring time for improvements in user experience. However, there is substantial growth potential as the ecosystem features a diverse product portfolio covering DeFi, Wallet, Infrastructure, Gaming/NFT, and more. This overview of StarkNet aims to provide a better understanding of the project.

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