Starknet DeFi represents a pioneering effort initiated by the Starknet Foundation in collaboration with OpenBlock Labs. This innovative endeavor, dubbed Starknet DeFi Spring, spans six to eight months and entails the distribution of 40 million STRK tokens among participating DeFi protocols on Starknet. Positioned as a Layer 2 scalability solution for Ethereum, Starknet harnesses the power of STARK technology to ensure computational integrity. Through the utilization of advanced mathematics and cryptography to validate off-chain transactions, Starknet effectively addresses Ethereum’s scalability constraints. The introduction of Starknet DeFi Spring signifies the inaugural phase of the DeFi Committee’s strategy aimed at scaling DeFi operations on Starknet.
Top DeFi Projects on StarkNet
1. Argent X StarkNet
Argent X StarkNet is revolutionizing the DeFi landscape with its innovative decentralized wallet solution. By employing a multi-signature security system, it ensures that transactions require authorization from multiple parties, significantly bolstering transaction security and mitigating the risk of unauthorized access. Moreover, Argent X introduces a distinctive social recovery feature, enabling users to regain access to their wallets through trusted contacts, adding an extra layer of security and convenience. Recently, Argent X has expanded its product offerings to include solutions tailored to enhance self-custody wallets. These encompass seed-less wallets and multi-signature functionalities tailored for Decentralized Autonomous Organizations (DAOs). Integration with StarkNet, a Layer 2 scalability solution, further elevates Argent X’s capabilities, facilitating swift, cost-effective transactions. These advancements solidify Argent X’s position as a key player in the StarkNet ecosystem, charting the course for the future of decentralized finance.
2. Braavos
Braavos emerges as a DeFi wallet tailored for a smooth and secure initiation into the cryptocurrency realm. Leveraging StarkNet, it presents a suite of functionalities: a self-custodial wallet facilitating token management from a single app; streamlined token swapping for assets like ETH, DAI, and USDC; yield earning via direct staking while preserving ETH liquidity; centralized NFT management; and an innovative Hardware Signer generating cryptographic keys within the mobile security chip, surpassing conventional hardware wallets. Fortified with Multi-Factor Authentication (3FA), requiring signatures on both extension and mobile wallet, Braavos excels in security while offering user-friendly navigation. Recognized for its pioneering security and intuitive design in DeFi, Braavos aims to optimize investment returns and simplify the DeFi journey, accessible across Android, iOS, Chrome, Firefox, and more.
3. Orbiter Finance
It stands out as a decentralized finance (DeFi) platform committed to delivering cutting-edge solutions for yield farming, staking, and liquidity provision, operating seamlessly on Ethereum. Its feature-rich ecosystem encompasses various offerings: from a diverse array of yield farming opportunities, enabling users to earn passive income on their crypto holdings, to staking mechanisms for accruing additional rewards, and liquidity provision options through asset contributions to liquidity pools. Notably, Orbiter Finance integrates an advanced algorithmic trading system, leveraging state-of-the-art machine learning technology. Prioritizing user experience, the platform boasts a user-friendly interface designed for intuitive navigation. Moreover, Orbiter Finance distinguishes itself with its decentralized cross-rollup Layer 2 bridge, supporting zkSync and arbitrum, ensuring efficient and secure transactions across networks.
4. JediSwap
It emerges as a decentralized finance (DeFi) platform operating on StarkNet, a ZK-Rollup on Ethereum, offering an array of functionalities. Users can seamlessly swap assets with near-zero gas fees, enjoying instant transactions. Additionally, JediSwap facilitates passive income generation through liquidity provision. As a community-led initiative, transparency and equal accessibility are prioritized, ensuring a level playing field for all participants. Notably, JediSwap stands out as a fully permissionless and composable Automated Market Maker (AMM) on StarkNet, empowering users to engage in permissionless trading and composability. Furthermore, contributors to JediSwap are incentivized with rewards commensurate to their contributions’ effort and impact, fostering an environment of collaboration and innovation.
5. Nostra
It presents a comprehensive decentralized finance (DeFi) platform operating on the StarkNet blockchain, offering users a diverse range of functionalities. Among its features, Nostra provides liquid staking for STRK, enabling users to pre-stake their tokens for rewards. Moreover, it ensures seamless cross-chain interoperability, facilitating smooth transactions and asset transfers between StarkNet and other prominent blockchain networks. Users can enhance their cryptocurrency earnings through lending and borrowing against their collateral, while also benefiting from easy crypto swaps via AVNU at optimal prices. Additionally, Nostra offers opportunities for users to contribute liquidity to pools, earning swap fees and yield in return. Notably, Nostra introduces UNO, the first StarkNet-native USD stablecoin, further enriching its ecosystem and expanding its utility within the DeFi landscape.
6. Brine
Brine stands as a decentralized finance (DeFi) platform operating as an orderbook spot DEX, offering users a range of essential features¹. Positioned as a DeFi trading spot, Brine enables users to trade smarter by paying for what is being traded, while also providing tools for portfolio tracking and P&L analysis. Notably, Brine emphasizes accessibility for developers, offering plug and play APIs to facilitate the creation of new applications on its platform with ease. Upholding the principles of decentralization and anonymity, Brine ensures complete privacy for all trading activities. Despite the benefits of trading on DEXs, challenges persist, particularly regarding liquidity³. DEXs typically experience lower trading volumes compared to centralized exchanges, posing difficulties for traders seeking to execute large trades swiftly. With a successful seed funding round securing $16.5 million in 2022, Brine is poised to further develop its core offerings, enhancing its position in the DeFi landscape.
7. ZKX
ZKX emerges as a decentralized finance (DeFi) platform poised to transform the landscape of decentralized finance. Founded in 2021 by Eduard Jubany Tur, Naman Sehgal, and Vitaly Yakovlev, ZKX operates on StarkNet, harnessing the power of ZK rollups for its infrastructure¹. As the pioneering permissionless derivatives trading protocol on StarkNet, ZKX offers a gamified trading experience, featuring intuitive one-click buttons, PvP battles with lucrative rewards, and frequent trading competitions. Introducing the innovative concept of Clans, ZKX categorizes users based on their on-chain history, granting exclusive access to $ZKX reward pools and clan-specific NFTs. With a successful seed funding round raising $4.5 million in 2022, ZKX plans to advance its core offerings, develop the ZKX open-source protocol, support DAO funding, and foster the growth of the ZXK ecosystem. With a vision to address critical DeFi challenges such as oracle dependence, liquidity bootstrapping for new derivatives, and centralized listing mechanisms, ZKX is dedicated to democratizing access to DeFi through its innovative exchange platform.
Conclusion
In conclusion, the DeFi landscape is continuously evolving with the emergence of innovative platforms and initiatives aimed at revolutionizing decentralized finance. Projects like Argent X StarkNet, Braavos, Orbiter Finance, JediSwap, Nostra, Brine, and ZKX showcase the diversity and potential within the DeFi ecosystem. From decentralized wallets to derivatives trading protocols, these initiatives offer a plethora of features catering to different needs and preferences of users. As the DeFi space continues to grow and mature, these platforms play a crucial role in driving adoption, enhancing security, and expanding the possibilities within decentralized finance. With ongoing developments and collaborations, the future of DeFi looks promising, promising greater accessibility, efficiency, and inclusivity for users worldwide.
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Princy Agarwal, a postgraduate in English from Delhi University, writes content for Tricky Finance, where they simplify complex financial topics for readers. With a knack for clear communication, Princy’s work helps make finance understandable and accessible to all.
