Welcome to a galaxy far, far away, where decentralization reigns supreme, and the power of the blockchain knows no bounds. A new force has emerged in this world - JediSwap, a decentralized exchange poised to take the galaxy by storm. Because of Starknet’s cutting-edge Layer 2 solution, JediSwap benefits from increased scalability, security, and interoperability to its users. As the first 100% community-led, fully permissionless, and composable AMM (Automated Market Maker) on StarkNet, JediSwap is setting itself apart as a go-to destination for those looking to buy and sell a wide range of assets in a fast, cheap, and secure manner. But the force of JediSwap goes beyond just its technology. Inspired by the values of the Jedi order, JediSwap is dedicated to building a transparent and equal community within the web3 galaxy.
Decentralized exchanges (DEXs) have emerged as a popular way for users to buy and sell cryptocurrency assets in a peer-to-peer manner without the need for a central authority to facilitate the transactions. However, DEXs built on top of layer 1(L1) blockchain networks, like Ethereum, can suffer from scalability issues due to the limited throughput of the underlying blockchain. It can lead to high transaction fees and slow transaction times, deterring users.
To address these scalability issues, many DEXs have turned to layer 2 blockchains (L2) and side-chains, which allow off-chain transactions to occur while maintaining the underlying blockchain's security and integrity. One such L2 blockchain is StarkNet, developed by StarkWare Industries and designed to solve scalability while using the security of the Ethereum network.
StarkNet stands apart from other Layer 2s by utilizing validity proofs (a type of zero-knowledge proofs) and employing native account abstraction. This unique combination of features provides a higher level of security and user experience when compared to other scaling solutions, like optimistic rollups or side chains.
Furthermore, StarkNet uses the Cairo programming language, providing an arguably easier experience for smart contract developers than other protocols. All these benefits combined position StarkNet as a leading choice for decentralized applications looking for scale and better UX.
JediSwap aims to be the leading fully permissionless and composable AMM on StarkNet. It means anyone can add a pair to the DEX, make a swap, or build advanced applications using the composable nature of JediSwap. JediSwap plans to allow users to swap their assets instantaneously without incurring gas fees once it is out of beta.
Starknet's Advantages for JediSwap Users:
1 - Enhancing user experience and wallet security through account abstraction:
Account abstraction helps improve security for user wallets with features like 2FAs (Two-Factor Authentication), social recovery, etc. Users can enjoy better wallet security without worrying about losing or having their private keys stolen.
With account abstraction, users can combine multiple calls into a single transaction, eliminating the need for multiple confirmations to achieve a specific intent. Users can also pay for transactions using any token, eliminating the frustration of realizing they lack the chain's native token after initiating a transaction. dApps can also pay transaction costs on behalf of users, like in many web2 businesses. To learn about the benefits of account abstraction, refer to this Twitter thread.
StarkNet is the first L2 platform to integrate native account abstraction into its chain. Optimistic rollups lack native account abstraction due to the need to maintain EVM compatibility. Ethereum must implement account abstraction first for them to have it.
JediSwap is already using the benefits of AA, like using multi-calls. When adding liquidity to a pool, JediSwap combines the token approval for both tokens and the transfer of funds into a single confirmation. You can test this feature on JediSwap. JediSwap could pay for the gas fees on behalf of the end users.
2 - Achieving secure hyperscaling using validity proofs and recursion:
Validity rollups rely on cryptography for settlement guarantees compared to optimistic rollups, which depend on game theory. As a result, bridges are much more secure for a validity rollup than an optimistic rollup or a side chain. In the sidechain, users must rely upon multisig to transfer assets from the sidechain to the main chain. In the case of an Optimistic rollup, it relies on game theory to provide a settlement guarantee that takes seven days to settle. While for validity rollups, users can get a settlement guarantee on a per L1 block level.
Validity rollups are a better compression mechanism for blockchain data. They can have more transactions in a smaller block space. As a result, it costs much less on a per transaction level compared to optimistic rollups. StarkNet takes it to another level with its recursive technology: SHARP (shared prover). SHARP lets multiple applications create a single proof, compressing more transactions in a single proof. As a result, using SHARP StarkNet can submit higher magnitudes of transactions in the same block space, further reducing the cost of a single transaction by a factor of 100x.
3 - Unlocking a new composable ecosystem using CAIRO:
One of the biggest roadblocks for validity rollups or zk-rollups has been generalized composability. While most ecosystems kept their focus on EVM compatibility, StarkNet led the way by creating a zk-efficient composable language: CAIRO.
It also paves the way to open up new use cases we can build on a blockchain, like on-chain games or AI. Just like DeFi, these unique on-chain ecosystems could also create multi-billion dollar markets. That means there will be a more diverse set of tokens launching on StarkNet compared to other L1s or L2s, increasing the market size for a DEX.
JediSwap is on a mission to make web3 accessible to everyone. To make web3 accessible to everyone, it has to be cheap, fast, secure, and easy to use. That made JediSwap choose StarkNet as the underlying platform for its DEX. JediSwap recognizes that the culture of web3 is just as important as the technology. JediSwap is entirely community driven. Independent contributors help JediSwap with development, community building, research, product, growth, etc. We are dedicated to building a transparent and equal community. Join JediSwap on its journey, and may the Force be with you!
JediSwap is a fully permissionless and composable AMM on StarkNet to enable lightning-fast, near-gasless exchange of assets in a trustless manner.
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