***StarkNet has been unable to be EVM-compatible, laying down barriers to the migration of Ethernet header applications and causing the network's early ecology to be unstable.***
StarkNet is a general-purpose ZK Rollup-based L2 scaling network that enables developers to deploy applications as an L2 layer network running on Ether, enabling any DApp to achieve unlimited scaling of data computation without compromising Ether's composability and security.
StarkWare has been committed to solving the blockchain scaling problem through Zero Knowledge Proof (ZK), and has developed two L2 solutions - StarkEx and StarkNet.
StarkEx is a set of L2 scaling engine technology that provides a series of basic components specialized in providing program services for Ether on-chain applications (DApp). The familiar NFT game public chain Immutable X, the decentralized derivatives platform dYdX, the decentralized exchange DeversiFi, and the NFT soccer game Sorare are all built on StarkEx. However, there is a problem that projects built using StarkEx are independent of each other and cannot interact with each other, losing the composability of blockchain applications.
As a result, StarkNet, a more open L2 network, was born. However, the deployment of smart contracts on this network adopted a new programming language, Cario, which was not friendly to developers who were already familiar with the programming language of Ether Solidity, and therefore has not been compatible with the Ether Virtual Machine (EVM), which directly sowed an obstacle to the migration of Ether head applications, resulting in the network's unstable ecosystem in the early days.
Currently, the total value of crypto assets (TVL) locked up on the chain of the four L2 networks, Optimism, Arbitrum, zkSync, and StarNet, represented by Rollup technology, is the highest in Arbitrum, amounting to $2.67 billion, and accounting for 52% of the entire L2 market; Optimism's TVL is $1.45 billion, ranking second, with a market share of 28%; and the TVL of $1.45 billion is $1.45 billion, ranking second, with a market share of 28%. Optimism's TVL of $1.45 billion is the second largest, with 28.5% of the market, while StarNet has the smallest TVL.
StarkNet has been looking for a way out. In July of this year, the network announced that it would issue native tokens, whetting users' appetites.
According to the plan, the network's Token will circulate on Ether in September this year with the ERC-20 standard, and will be planned as the only way to settle the network's Gas fee. Currently, StarkNet's Gas fees are still settled in ETH.
Now, halfway through September, StarkNet's native token is still unknown. There is also the view that the issuance of passes is only a momentary event, but ecological prosperity is the long-term way. Although Ethernet-compatible EVMs are still being explored, StarkNet has given birth to a number of native applications because of this obstacle, and when the main network is formally launched, the StarkEx engine, a "brother" product, will have the opportunity to introduce a number of mainstream applications to the network, realizing inter-application combinations within the network. In this issue, Web3 Beehive will take a look at the representative applications of the ecosystem of StarkNet chain one by one.
DeFi Ecosystem
Cross-chain Bridge
StarkGate is a cross-chain bridge officially launched by StarkNet, which supports the transfer of assets between the main network of Ether and StarkNet, and has been launched in the beta version at present. Users can transfer ETH and ERC-20 standard assets through Argent X wallet.
Users can transfer ETH and ERC-20 standard assets via the Argent X wallet. It should be noted that the application is currently in the beta stage, and there is a limit on the amount of assets that can be transferred per day.
The Orbiter Finance cross-chain bridge supports the cross-chaining of assets between L1 and L2 of Ether, Polygon, BNBChain, etc., as well as the cross-chaining of ETH, USDT, USDC assets between the L2 layers of Rollup systems.
Different from the previous asset mapping model (native assets cross-chain in the form of packaged assets), two roles are set up in Orbiter Finance, namely Sender and Maker, with Sender representing the cross-chain demand side and Maker representing the cross-chain asset liquidity provider. When the Sender initiates a cross-chain transfer request, the Maker provides liquidity for the Sender to complete the cross-chain asset replacement.
Prophecy Machine
Empiric Network is the first decentralized oracle built on the StarkNet network - middleware that provides real-world data services to blockchain projects.
In the blockchain network, data sources are mainly divided into two categories, one is on-chain data, such as address transaction data, the type and quantity of assets in the address, and the other is off-chain data, such as the market price of the assets, turnover, etc. The on-chain smart contract cannot directly read the on-chain data. The on-chain smart contract cannot read the off-chain data directly, and to get the off-chain data, it needs a prediction machine to convey this data to the smart contract. Therefore, the prediction machine is usually regarded as the bridge between on-chain and off-chain data.
The source of the data being read or supplied by the Prophecy Machine is of paramount importance, and Empiric works with the most liquid trading platforms and authoritative market makers to sign their proprietary data and send it to the chain. Data sources include Alameda Research, CMT, Flow Traders, Gemini, Jane Street, etc. Multiple data sources make the data provided by the Empiric more reliable.
Decentralized Trading Application (DEX)
JediSwap is a decentralized trading application inspired by the Uniswap V2 version and built on StarkNet with the AMM (Automated Market Maker) mechanism, which is built by the Mesh Finance community. The program supports instant exchange of native assets on the StarkNet network, and most importantly, it has zero Gas fees. This is mainly due to the high performance of StarkNet.
Gas fees are zero, but as a trading application, they are essential. Users on the JediSwap platform pay a fee of 0.3% of the value of each transaction, which is used to reward liquidity providers. In addition, single Token and LP Token can be exchanged with one click, eliminating the tedious calculation and slippage of LP pairs.
StarkSwap is a native DEX in the StarkNet network that allows users to enjoy fast trading at a low cost.
Since StarkNet has not yet adopted native Token as the settlement unit for Gas fee, trading on Starkswap now enjoys 0 Gas fee, which will be adjusted according to the situation of StarkNet network later. It is worth mentioning that StarkSwap provides users with the best trading path through intelligent routing algorithms, which reduces trading slippage. Currently, StarkSwap also requires a 0.3% fee for each transaction.
ZKX is a decentralized financial derivatives application built on StarkNet that offers complex trading strategies in the form of perpetual contracts. Built on StarkNet, ZKX provides users with a low transaction fee, instant settlement, and fast withdrawal experience, which is important for financial derivatives such as perpetual contracts.
Currently, ZKX Protocol has not been officially launched, users who want to experience the product need to submit an application on the official website.
Lending Apps
Zklend provides differentiated services for different user groups: for institutional users, it focuses on ApolloZklend, a compliant institutional product, and for general users, it focuses on Artemis, a retail lending product that does not require service.
CurveZero is a fixed-rate lending app dedicated to solving the problem of high fixed rates and unstable variable rates for long-term loans on the chain. Depositors can earn interest by depositing dollars, and borrowers can use their crypto assets as collateral to lend dollars at fixed rates.
On CurveZero, all loans are completed with overcollateralization and the interest rate is set by the market. Depositors use a floating rate and borrowers pay a fixed rate of interest. The fixed rate is calculated by CurveZero based on market supply and demand data.
Yield Aggregator
Yagi is a "Yield Aggregator + Automated Yield Strategy" platform for the StarkNet ecosystem of apps that works with DeFi apps on the StarkNet chain to increase the yield on users' funds, similar to the Machine Gun Pool Yearn protocol on Ether. Users deposit crypto assets in Yagi, and the platform will automatically deposit the crypto assets into the cooperating DeFi applications to earn income, and adjust the strategy at any time according to the income situation.
Currently, Yagi's functions are free to use, and when Gas fees are introduced to the StarkNet chain, Yagi's fee model will be adjusted accordingly.
NFT and Chain Ecology
NFT
Decentralized Domain Name StarkNet Name Service
StarkNet Name Service (SNS) is a decentralized domain name service provider, similar to ENS on Ether, and the registration process is basically similar. Users log into the SNS website and use their wallet address to generate a domain name with the suffix ".stark", which is an NFT asset.
Your ".stark" domain name will represent your on-chain identity and will be displayed in your profile information as well as in the StarkNet online games and DApp applications you have participated in.
Aspect is the first NFT trading platform in the StarkNet ecosystem, formerly known as Play Oasis and renamed on May 27th of this year. Users can cast, upload, buy and sell NFTs on the platform.
Chain Games
Realms is a large-scale resource scrambling game derived from the well-known text-based NFT Loot project, hence the name "Loot Realms".
Realms has 8,000 NFT plots that make up a series of kingdoms and city-states. Each Realm NFT has its own unique geographic location, either as a city, a region, adjacent to a river or a sea port. Each Realm is rich in a different mineral resource, each with a different amount (scarcity).
Realms NFT holders are known as Realm Lords, and they are the main characters of the world on this chain. The main task of the player is to build his territory, form alliances and harvest resources. At the same time, they have to build up their armies, and in case of competition for scarce resources, wars are likely to be waged, in which alliances can be formed to defend their territories against raids and looting of resources.
Bitmap Box is a pixelated block building game that allows users to assemble or create their own creations by purchasing some of the pixelated blocks in its official store, and then send them to the L1 network to be used as avatars in their personal social networks. Players can also purchase already-formed block creations, and then disassemble the creations to recreate them using the blocks as formations.
In the game, each block has a limited number of colors and levels ranging from normal to legendary. This means that even the same shape can vary depending on the color of the blocks. In the future, Bitmap Box will provide developers with an SDK interface, making it easy for them to build new games based on the protocol.
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