So, what are the things that come to your mind when you think about Ethereum? Are they not poor scalability and high gas fees? If you think neither of them are a problem, then you aren't paying attention. Starknet aims to solve exactly this by improving the scalability of Ethereum and significantly lowering the gas fees.
Starknet is a Ethereum Layer 2 network that leverages something known as zero knowledge proofs. Starknet validates and processes transactions on its network, which is Layer 2 and transmits the proofs of those transactions to the Ethereum network, the primary layer with complete data anonymity. Hence, Starknet is also known as a zk-rollup or validity rollup.
Starknet is a product of Starkware Industries. Starkware has raised $100 million at a valuation of $8 billion in 2022. Starknet is planning to launch their governance token in 2024. Starknet has a total value locked over $32.2 million across various defi protocols. The total value locked generally goes up significantly once the token is launched.
Top 5 Dapps on Starknet
Ethereum has thousands of dapps on its network. Decentralized exchanges which facilitate the conversion of tokens, liquidity protocols which helps you borrow and lend your tokens, NFT marketplaces, DAOs, bridges and other gaming dapps.
Here is the list of best and most useful dapps on Starknet. It is important to keep note of these dapps, with many new networks coming up and you may not have an idea of which dapp to use on which network.
1. Jediswap
Jediswap is the most popular decentralized finance platform on Starknet. Jediswap is a community-led, permissionless AMM on Starknet. Jediswap is a DEX similar to Uniswap on Ethereum. You can exchange different tokens on Starknet using Jediswap. It also has a rating of 4.7/5 on Dappland. Jediswap has a total value locked of more than $12 million.
One of the most promising part of Jediswap is that, it has no central team and anyone can contribute to this dapp. Contributors are rewarded proportionally to their contribution based on a points system.
2. zKLend
zKLend is a money-market protocol on Starknet that leverages the scalability of zk-rollup for faster transaction speeds and lower fees. zkLend is a similar dapp to Aave protocol. One can lend money on Starknet on the zkLend protocol to earn rewards and borrow tokens by pledging a collateral. zKLend is also going to launch a token in 2024.
ZkLend has a total value locked of over $7.1 million. The most liquid money market on zKLend is Ethereum(ETH) with a total liquidity of $4.2 million. It is rated 4.7/5 on Dappland. zkLend is also going to launch zKLend Institutional for institutions soon.
3. Orbiter Finance
Orbiter Finance is a multi-chain bridge. It is a decentralized cross-rollup bridge for Ethereum native tokens. Orbiter finance bridge offers low cost and instant transfers. To bridge tokens to Starknet from Ethereum or any other L2 network, Orbiter finance is your go to bridge. Orbiter finance supports transfers across 17 Layer 2 networks and users have transferred a total of $9.6 billion using Orbiter Finance.
4. 10KSwap
10KSwap is a popular decentralized exchange(DEX) on Starknet. It is an AMM protocol similar to Uniswap. 10KSwap aims for lower fees and better liquidity in Layer 2. Better liquidity helps users to exchange tokens without any price impact/price change. 10KSwap has a total value locked of over $3.6 million. 10KSwap can be used to exchange tokens on Starknet with minimal fees.
5. Element Market
Element Market is the first community driven NFT marketplace on Starknet. Element is backed by popular investors like Sequoia Capital and Dragon Fly Capital. Element has various NFT collections available on its marketplace. It also has a launchpad where new NFT collections are launched on the platform.
Users can also earn rewards in the form of ELE tokens based on their activity on the platform. If you are looking to buy and sell NFTs on Starknet, Element Market is above all.
Conclusion
Starknet is still a new blockchain network. We hope there will be many more good dapps going to be build on Starknet. Starknet has also committed a decent amount of tokens for the ecosystem, which would incentivize developers to build better dapps on Starknet. We will keep updating the list if we find any new dapps on Starknet.
Check out our other posts to find out more rewarding opportunities and exciting articles in the crypto space.
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