Top 10 StarkNet’s DeFi Projects in 2023
In Brief
StarkNet is a cutting-edge Layer-2 protocol built on ZK-Rollup technology, allowing decentralized applications (dApps) to achieve unprecedented scalability without compromising the security that Ethereum offers.
Equipped with its own programming language, Cairo, StarkNet is witnessing impressive growth, with its Total Value Locked (TVL) skyrocketing by 4000% to over $1.1 million.
The DeFi sector has seen huge changes, with StarkNet emerging as a major force in this evolution. StarkNet, an innovative Layer-2 protocol, is designed to leverage ZK-Rollup advanced technology. This article delves into the nuances of StarkNet, highlighting its native programming language, the concept of account abstraction, and the ten prominent projects flourishing within its ecosystem.
A Closer Look at StarkNet: A Groundbreaking Layer-2 Protocol
Operating on a solid cryptographic proof system, StarkNet is a decentralized Layer-2 solution crafted to empower developers to create decentralized applications (dApps). Utilizing ZK-Rollup technology, this protocol ensures high standards of privacy and security by keeping off-chain prover inputs confidential on the blockchain. STARK What distinguishes StarkNet is its ability to scale without compromising the composability of Ethereum. This is made possible due to Cairo, the protocol's native programming language. The development of StarkNet contracts and the StarkNet Operating System in Cairo enables diverse business logics to be deployed efficiently.
The Importance of Cairo and Account Abstraction within the StarkNet Ecosystem
. This programming language serves as the core framework for developing
Cairo is to StarkNet what Solidity is to Ethereum . Recently, StarkWare introduced Cairo 1.0, a revamped iteration of the programming language that features a more streamlined syntax, intuitive libraries, and enhanced compiler capabilities. smart contracts Account abstraction is another key characteristic of StarkNet, focused on improving the overall user experience and adoption rates within the
. By leveraging this innovative approach, smart-contract-based wallets are created, minimizing risks tied to lost seed phrases and private keys. Notable projects like Argent X and Braavos exemplify StarkNet’s implementation of account abstraction. Web3 and DeFi Now, let’s explore the top 10 DeFi projects on StarkNet that have made significant impacts this year.
One standout is Argent X, a decentralized wallet featuring multi-signature security and social recovery. Recently, Argent X rolled out new products aimed at enhancing self-custody wallet options, including seed-less wallets and multi-signature capabilities for Decentralized Autonomous Organizations (DAOs).
1. Argent X StarkNet Wallet
Argent X This advanced security framework automatically halts all transactions unless they are initiated from verified addresses or sanctioned through multifactor authentication. Such a security blanket protects every Ethereum asset under its care, including high-value holdings. (DAOs) .
In a groundbreaking move, Argent X has eliminated the necessity for a seed phrase, tackling the common vulnerability found in traditional self-custody wallets, including hardware models. This fresh approach significantly upgrades user experience by simplifying processes. NFTs worth millions of dollars .
During the recent StarkWare Sessions, Argent unveiled exciting developments. Among these were four new products poised to revolutionize the wallet sector: a seed-less wallet that enhances user transparency, two-factor authentication (2FA) for Argent X to fortify security, Starknet mobile integration to extend Layer-2 efficiency to mobile devices, and multi-signature capabilities for DAOs to strengthen collaborative decision-making. security .
Argent is more than a wallet; it represents a developing
ecosystem that merges top-tier security measures with a user-friendly experience, setting new benchmarks for decentralized wallets. Braavos stands out as a smart-contract-based wallet leveraging account abstraction. The project aims to offer a Web2-like user experience, enhancing the interface and incorporating features for seamless account recovery. By tapping into account abstraction, Braavos provides an experience akin to traditional Web 2.0 platforms. The wallet is available on multiple devices, including iOS, Android, and
2. Braavos
Braavos Braavos is redefining what convenience means in the web browsers .
, crafting innovative features that eliminate the dependence on seed phrases while ensuring an uncomplicated recovery mechanism for users. However, its vision encompasses more than just being a wallet; future extensions will include staking, lending, and borrowing, thereby solidifying its status in the crypto space Braavos is also dedicated to giving users more detailed control over their finances. Plans include introducing account segmentation, allowing users to keep long-term high-value savings separate from routine low-value expenditure. This feature is expected to implement withdrawal ceilings and timed delays, enhancing security and user control. decentralized finance ecosystem .
In a bid to promote transparency and build community trust, Braavos has declared its wallet account contracts open-source. This initiative facilitates community audits, underscoring Braavos' dedication to user security and trust.
Orbiter Finance serves as a decentralized Layer-2 bridge, enabling cost-effective and instantaneous transactions between Ethereum’s mainnet, zkSync, and Arbitrum. Its innovative framework establishes two distinct roles – the Sender and the Maker,
3. Orbiter Finance
Orbiter Finance to ensure seamless operations. This bridge simplifies the transfer process, ensuring that transactions between the providing liquidity , zkSync, and Arbitrum are cost-effective and swift for users. Ethereum mainnet Orbiter Finance operates on a dual-role structure comprising ‘Sender’ and ‘Maker.’ The transfer process begins when the Sender initiates a request, to which the Maker responds by supplying the required liquidity. A
monitors the transaction overall, ensuring the highest security standards. smart contract Should a transaction failure occur due to the Maker's error, Orbiter Finance has a failsafe system in place. The Sender can trigger an arbitration request to the smart contract with the Maker’s margin, receiving additional compensation due to the mishap. This system helps secure users and fosters trust in the protocol, despite the
ZK-Proofs: Why They Matter? platform’s decentralized nature .
4. Starkgate by StarkNet
Starkgate These bridges aim to equip users with the ability to effortlessly manage their Ethereum (ETH) and ERC-20 tokens currently hosted on L1. The Starknet Alpha network utilizes STARK-based computational capabilities to achieve this. This innovative technique is set to transform transaction methodologies between the two networks, enhancing both efficiency and scalability.
, a permissionless composable Automated Market Maker (AMM) on Starknet, empowers users to make swaps without incurring gas fees, while retaining full control over their funds. The protocol enables its users to perform swaps at zero gas costs without sacrificing their asset custody, thus making decentralized finance more approachable and economical.
5. JediSwap
JediSwap The platform employs a minimal fee system, limited to a swap fee of just 0.3%. Presently, these fees are equally shared among liquidity providers, creating an additional income stream for those who contribute to the platform’s liquidity pools.
To try out JediSwap on the Starknet testnet, users will need test tokens. Most widely used tokens like
, ETH, and DAI are compatible. These test tokens can be acquired on the Goerli test network and transferred to Starknet using the Starkgate bridge, allowing users to experience firsthand the efficiency and affordability of JediSwap. USDC is creating a comprehensive liquidity layer on Starknet, which includes the Nostra Money Market, UNO (the first stablecoin native to Starknet), and Nostra Swap. This initiative aims to ensure a steady liquidity flow within the ecosystem and provide attractive yields across Nostra Swap and for UNO minters.
6. Nostra
Nostra The Nostra Money Market constitutes the foundation of the Liquidity Layer, ensuring ongoing productivity of liquidity throughout the ecosystem. It also facilitates income generation through Nostra Swap and supports yields for UNO minters.
Nostra Swap is an advanced platform for swapping stablecoins, designed to bolster the growth and stability of UNO. Liquidity providers on Nostra Swap reap the benefits of earning yields from lending their assets in the Nostra Money Market while simultaneously collecting swap fees.
UNO, a trailblazing stablecoin developed for Starknet, is backed by ETH reserves that generate interest, well above the collateralization threshold. This system allows minters to accrue yield on their ETH while also taking advantage of the benefits that UNO provides within the Starknet environment. UNO is designed to function across a variety of platforms, stablecoins is progressing towards providing Starknet’s ENS, empowering users to mint their Starknet identities at no cost. This identity serves as an on-chain representation and acts as a digital passport within the Starknet ecosystem.
This identity allows users to link various data to their Starknet identity, incorporating both traditional web2 components such as social media accounts and web3 elements like ENS domains. Looking ahead, the Starknet.id team has exciting plans, including developing ENS bridges, Starknet ID dashboards, and more features to enhance the user experience and expand service capabilities. from DeFi and gaming to NFTs , real-world payments, and more.
Read more: ZK-Proofs: What Is Zero Knowledge?
7. Starknet.id
Starknet[.]id Discover the Top 10 DeFi Ventures on StarkNet for 2023 - Metaverse Post
The DeFi sector has experienced a remarkable evolution, with StarkNet emerging as a pivotal player in this transformation. As a Layer-2 (L2) solution, StarkNet serves as the backbone of many DeFi innovations.
8. ZKX
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9. zkLend
10. Brine StarkNet operates on a Layer-2 framework utilizing ZK-Rollup technology, allowing decentralized applications (dApps) to scale infinitely while ensuring Ethereum's robust security is upheld.
StarkNet features a distinctive programming language called Cairo, specifically designed for smart contract development. The platform is witnessing phenomenal growth, recently saw its Total Value Locked (TVL) surge by an incredible 4000%, now exceeding $1.1 million. STARK .
Cairo The landscape of decentralized finance is evolving, with
is to StarkNet what Solidity is to
smart contracts center stage in this transformation. StarkNet, an innovative Layer-2 (L2) framework, is driving this change using Web3 and DeFi .
advanced tech solutions. This piece delves into the nuances of StarkNet, illuminating its core language, mechanisms for account abstraction, and spotlighting the ten most impactful projects within its ecosystem. 1. Argent X StarkNet Wallet Exploring StarkNet: A Cutting-Edge Layer-2 Framework
StarkNet is built upon a strong cryptographic proof system, serving as a decentralized Layer-2 solution meant to streamline the creation of decentralized applications (dApps). Leveraging ZK-Rollup technology, this platform maintains privacy and security, safeguarding off-chain prover inputs from the blockchain spotlight.
1. Argent X StarkNet Wallet
What truly differentiates StarkNet is its scalability and security features without compromising Ethereum’s composability. This achievement is attributed to Cairo, StarkNet’s native programming language. By utilizing Cairo for constructing contracts and executing the StarkNet Operating System, a broad array of business logic can now be deployed.
The Importance of Cairo and Account Abstraction in StarkNet’s Ecosystem Argent X .
. This programming language is crucial for StarkNet, acting as the foundation for constructing
. Recently, StarkWare introduced Cairo 1.0, an upgraded version of this language, featuring easy-to-understand syntax, streamlined libraries, and enhanced compiler integration. (DAOs) Account abstraction, a key component of StarkNet, aims to improve user engagement and increase adoption within the
NFTs worth millions of dollars
. This pioneering approach enables the creation of smart-contract-based wallets, lowering the risk of losing seed phrases and private keys. Projects like Argent X and Braavos exemplify the effective use of account abstraction in StarkNet.
Now, let’s explore the ten most significant DeFi initiatives thriving on StarkNet that have garnered attention in 2023.
is remarkable for its decentralized wallet that utilizes multi-signature security mechanisms and social recovery options. Recently, Argent X has launched enhanced products set to advance self-custody wallets, including seed-less configurations and multi-signature options for Decentralized Autonomous Organizations.
Its sophisticated security system automatically halts transactions unless they originate from verified addresses or receive approval via multifactor authentication. This heightened security feature safeguards every Ethereum asset held, even those of significant value.
During the latest StarkWare Sessions, Argent made some groundbreaking announcements. They unveiled four innovative products poised to change the wallet landscape: a seed-less wallet simplifying user experience, two-factor authentication (2FA) to reinforce security for Argent X, integration with Starknet mobile to bring Layer-2 benefits to mobile users, and multi-signature options for DAOs, to strengthen collaborative decision-making security.
Argent is evolving beyond being just a simple wallet; it’s shaping an advanced
crypto space
- The landscape of decentralized finance is evolving, with
- ecosystem that seamlessly merges top-notch security
- with an effortless user experience, setting new benchmarks for decentralized wallets.
Ethereum mainnet
smart contract platform’s decentralized nature is a smart-contract wallet leveraging account abstraction. By crafting an experience similar to Web2, Braavos aims to improve user interface and facilitate easy account recovery. It distinguishes itself by utilizing account abstraction, enhancing user experience while mirroring traditional Web 2.0 platform aesthetics. Accessible on various platforms like iOS, Android, and