StarkNet refers to a Layer 2 solution that scales Ethereum using zkSTARKs. It relieves Ethereum's network congestion by increasing throughput and reducing transaction fees. It also enhances data security and privacy through zero-knowledge proofs.
Through StarkNet, developers can build, deploy, and run high-performance smart futures in a decentralized environment without worrying about expensive fees and futures security. These features make StarkNet especially suitable for building high-performance, low-fee dApps in areas like DeFi, NFTs, or GameFi.
The StarkNet ecosystem also unlocks many new possibilities for developers. With the flexibility and advanced capabilities of the Cairo language, combined with StarkNet's high throughput and customizability, developers can create innovative, high-performance, tailored dApps on StarkNet. The ecosystem also offers multiple zkEVM projects, allowing developers to deploy and run smart futures in a more secure and efficient environment.
Project Background of StarkNet
The StarkNet project was founded in 2018 by StarkWare, a software development company based in Israel, together with Professor Eli Ben-Sasson from the Israel Institute of Technology, known as the MIT of the Middle East. The team is dedicated to combining privacy and efficiency to develop solutions for Ethereum, using zero knowledge proof technologies like zk-STARK to address blockchain scalability. The founding team has extensive expertise in cryptography and development, having worked on projects like Zcash and Zerocash.
Funding of StarkNet
According to Starknet, it has completed over $282 million in total funding through more than 5 rounds, including $6 million seed round with Pantera Capital, $12 million grant from the Ethereum Foundation in 2018, $30 million Series A led by Paradigm, $75 million Series B led by Paradigm, $50 million Series C again led by Paradigm, $100 million Series D led by Greenoaks Capital, and $9.5 million round led by Alameda Research.
Market Data of StarkNet
According to the latest data, Starknet's total value locked (TVL) has exceeded 400,000 ETH, reaching 461,795 ETH at the time of writing, equivalent to over $700 million at current prices. The total number of bridged users on the chain is 914,191. Historical data shows Starknet's total transfers have exceeded 800,000, with an average of 4,500 daily transfers. Total users have reached 631,014, with over 3,000 active wallets per day.
Technical Advantages of StarkNet
StarkNet uses zkSTARKs, its native programming language Cairo and the Cairo Virtual Machine (VM), giving it many unique advantages. Its custom development environment enables higher performance, better security and richer features. Developers can write reliable smart futures in Cairo and enjoy StarkNet's high throughput thanks to STARK-based verification.
Ecosystem Characteristics of StarkNet
The core of StarkNet's dApp ecosystem is its ability to create high-performance, low-cost and privacy-preserving decentralized applications based on zero-knowledge proofs. Although StarkNet can support various use cases, its strengths in throughput, lower fees and privacy make it especially suitable for areas like decentralized exchanges (DEXs) and NFT marketplaces.
Overall, StarkNet will open up new possibilities for on-chain AI use cases in gaming, prediction markets, automated trading, anti-sybil attacks, KYC and more. As the technology continues advancing and innovating, StarkNet's ecosystem has potential to stay ahead competitively but will also need to withstand challenges to maintain sustainability and expand its user base. Through continuous innovation and close collaboration with developers and users, StarkNet will keep evolving to unlock more new use cases for Ethereum.
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