zkLend, a cutting-edge lending protocol positioned within Starknet, announces the launch of its mainnet.
In Brief
The Starknet-based zkLend has officially transitioned to its mainnet, a notable milestone for the protocol.
zkLend This lending protocol, created specifically for the Starknet ecosystem, has officially gone live on its mainnet, a move that brings a host of new capabilities aimed at enhancing user interaction. Starknet Recall that in March 2022, zkLend completed a successful seed funding round, bringing in $5 million with support from influential entities like Delphi Digital and StarkWare, among others.
As of today, zkLend is proud to report that it has rapidly grown, amassing over $7 million in Total Value Locked (TVL) within a mere five months of its alpha release, reinforcing its leadership within the DeFi domain of Starknet.
With this latest update to its mainnet, zkLend introduces advanced features that significantly improve its service offerings. The added Multicall Functionality allows users to execute various transactions seamlessly with a single action.
We're delighted to share that #zkLendMainnet is now live!
— zkLend (@zkLend) October 19, 2023
This means that:
✨contracts are latest #Cairo1
✨contracts fully audited by @NethermindEth
✨new #wstETH market!
Read more here: https://t.co/JM9rppglA0 pic.twitter.com/S2dCCk8XCZ
zkLend Innovations that Stand Out
Moreover, zkLend is expanding its range of supported assets by highlighting wstETH, a move expected to revolutionize staking procedures within the DeFi universe.
The partnership between zkLend and Cairo VM emphasizes its commitment to achieving secure scalability while providing maximum safety to its user base.
In its ongoing effort to maintain high security standards, the zkLend protocols have undergone an extensive security audit by Nethermind Security.
More than just another lending protocol, zkLend is setting benchmarks in Starknet's DeFi sector. Claiming a robust 17.6% share of the total value locked in Starknet’s DeFi market, zkLend takes pride in being the first money market protocol launched on this platform. Their focus on long-term security and resilience is reflected in their thorough audit by Nethermind Security, with detailed information on the audit available for review.
Leading DeFi on Starknet
Looking forward, zkLend has plans to unveil a suite of user-centric features, which will include easy-to-use one-click bridge and deposit functionalities, along with innovative transaction builders.
The protocol aims to redefine the DeFi liquidity layer by establishing connections across multiple Layer 2 rollups, catering to both individual users and institutions.
Please keep in mind that the information here is not meant to substitute for professional legal, tax, investment, or financial advice. Always invest only what you can afford to lose, and if needed, consult with an independent financial advisor. For more details, please review the terms and conditions along with the support resources provided by the issuer or advertiser. MetaversePost is devoted to delivering genuine and accurate news, but remember that market conditions can shift unexpectedly.
Disclaimer
In line with the Trust Project guidelines Nik is an experienced analyst and writer for Metaverse Post, focusing on delivering in-depth insights into the rapidly evolving tech landscape, particularly in areas like AI/ML, XR, VR, on-chain analytics, and blockchain development. His work not only informs but also captivates a broad audience, keeping them ahead in the tech game. Nik holds a Master's degree in Economics and Management, equipping him with a deep understanding of the business landscape and the interplay with modern technologies.
