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Top Early Stage StarkNet Projects with Huge Upside Potential

April 04, 2023
News, Ethereum

Explore innovative decentralized applications building on the Zk-rollup StarkNet ecosystem. Watch closely as these projects may shape the future of Ethereum.

Ethereum's scalability challenges have opened the door for innovative solutions like zk-rollups, which offer improved throughput and efficiency. StarkWare, a leading provider of the zk-rollup technology, has become a focal point for developers and investors as numerous groundbreaking projects are being built on its platform. In this article, we'll explore the top StarkWare-based projects that you won't want to miss, as they play a crucial role in shaping the future of decentralized applications (dApps).

Quick Recap on StarkNet and What it has to Offer

StarkNet is a Layer 2 scaling solution for Ethereum by StarkWare, using zero-knowledge proofs as a means for maintaining privacy and security. Almost unlimited scaling can be achieved with StarkNet while keeping the cost of transactions very low.

Instead of employing zkSNARKs (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge), which are commonly used by rival projects, StarkWare's products utilize a more cryptographically advanced zero-knowledge approach known as zkSTARKs (Zero-Knowledge Scalable Transparent Arguments of Knowledge). 

Not only are STARK-based proofs considered more scalable, but they also receive endorsement from the Ethereum Foundation.

StarkNet Alpha is already up and running, with improvements being gradually added along the way. StarkNet has also added its native token STRK on the Ethereum mainnet, which means a potential airdrop is to be expected.

Decentralized Exchanges (DEXs) and AMMs

JediSwap

JediSwap pioneers in the field of decentralized exchanges on StarkNet. It features functioning swaps between basic tokens at this time. Users also may add asset pairs into liquidity pools to earn a share of the trading fees.

Conveniently, JediSwap has integrated the Zap function, which allows to transform any token into its corresponding LP tokens in a single transaction. The team standing behind JediSwap protocol is the Mesh community. Their purpose is to “bring equal financial opportunities to everyone”.

Money Markets

Nostra

Nostra is a suite of products, which upon integration serve as a liquidity layer on the StarkNet L2. The layer is consists of:

  • Nostra Money Market - Lending platform
  • UNO - the first Starknet native Stablecoin overcollateralized by yield-bearing ETH
  • Nostra Swap - a next-generation decentralized exchange focusing on stablecoins and capital efficiency

Nostra aims to be the one-stop shop for DeFi on Starknet and provide maximum capital efficiency for its users. The apps are currently in the alpha stage of development and continue to be improved over time.

ZkLend

ZkLend is a lending platform offering its services to both retail and institutional clients. The retail platform for DeFi users is called Artemis and serves for permissionless lending and borrowing. Users may provide their assets on the platform in exchange for zTokens to be used as collateral for a loan. The zTokens automatically collect yield as they are borrowed by other users.

The Apollo division of ZkLend is focused on institutional clients that need to stay mindful of compliance. It offers permissioned and even undercollateralized loans, similar to the traditional banking system.

NFT Services

Starknet.id

Starknet.id has launched its alternative to the ENS (Ethereum Name Service) in the scalable environment of StarkNet. Users may create and claim their unique human-readable domain, which will act as their representation on StarkNet (for example Robert.stark). The domain name is associated with the specific Ethereum address and can be used to send/receive transactions or participate in DeFi.

Domains are integrated with the address through a smart contract, which essentially mints the new domain names as NFTs to ensure the proper ownership.

MintSquare

MintSquare is one of the first and biggest NFT marketplaces on the StarkNet. Users can find a wide variety of collections available for sale, as well as mint sell the pieces themselves. Mintsquare benefits greatly from the scalability and affordability on StarkNet, as NFT transactions on Ethereum mainnet often faced congestion and extreme gas prices. 

Wallets

Argent X

Argent X has a unique position in the ecosystem, as they launched the first-ever wallet on StarkNet. It contains powerful features including enhanced security with account abstraction and smart recovery of seed. The native multicall function allows for bundling several transactions and executing them as one.

Integrated Orbiter bridge and StarkGate on Argent X wallet serves for simple transfers between Ethereum-based networks. Global ramp-on solutions are also projected for the near future.

Stay Cautious

Considering the StarkNet ecosystem, we are operating during a very early stage. That means a lot of features are not going to be functioning properly so adjust your risk management accordingly. Many other exciting opportunities will surely rise during the further development of Zk-Rollups as the potential is far from fulfilled.

Always do you own research and do not invest blindly into a project you know nothing about. Make sure to understand all the underlying opportunities, as well as risks.

 

Disclaimer: The content of this piece reflects the writer's opinion. This article is not intended to provide financial advice and is meant solely for entertainment and educational purposes. Investing in cryptocurrency involves significant risk. Capital is at risk, and returns are not guaranteed. Always conduct your own research.

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