Announcing the move from Hashstack to Starknet
Hashstack is thrilled to announce its strategic shift towards starware developed Starkneyou– the first general-purpose permissionless decentralized ZK-Rollup, to deploy Open – Hashstack’s money market protocol and enable secure and under-collateralized lending on the blockchain.
With this, Hashstack is shifting its focus from EVM chains to zk-primitives to further its mission of building the critical infrastructure needed to increase the usability of decentralized finance 10x, to truly empower financial inclusion through crypto.
What are Zk-Rollups?
Ethereum is the most popular blockchain development platform. 26.65% of all existing dApps are deployed on Ethereum. Today, 9 out of 10 dApps are deployed on Ethereum or EVM-based L1. This is mainly due to the reduced barriers to development and the matured ecosystem of developers and resources. On the other hand, increasing network load consistently results in exorbitant gas charges and slower transaction times, which greatly impacts network scalability.
This is important because blockchain has made significant progress over the past few years, with a projection CAGR of 56.3% between 2022 and 2029 . This may not be possible if today’s difficulties continue to exist. L2 scaling protocolssuch as zk-Rollups work by bundling hundreds of off-chain transactions into a single transaction.
They return a short non-interactive knowledge argument (SNARK) to the main chain as proof of validity. This ensures that instead of large transaction data, only the proof of validity needs to be kept on the main Ethereum network, making ZK Rollups a faster and cheaper way to confirm transactions. StarkNet, is a permissionless decentralized ZK-Rollup operating as an L2 network on Ethereum, where any dApp can achieve unlimited scale for its computation without compromising Ethereum’s composability and security.
- Future-ready: In development since 2017, Starknet is one of the few market-ready ZK rollups with over 205 million transactions processed, facilitating a transaction volume of over $657 billion to date, instilling confidence in the reliability of the network.
- The community: arguably the most collaborative builder ecosystem we’ve come across. Embracing an entirely new development framework presents its own set of challenges. The Starkware team’s success in building an open-minded, collaboration-focused community has made it 10x easier for the Hashstack team to evaluate and deploy to Starknet. Additionally, Starkware has incentivized Hashstack to build and deploy on Starknet.
- Cairo Lang: Powers Starknet Virtual Machine is a full Turing language with a syntax similar to Python. Compared to Solidity, Cairo is less restrictive and provides full low-level access to low-level primitives.
Hashstack builds the critical infrastructure needed to foster decentralized finance usability. Hashstack’s solution to the problem of over-collateralization in DeFi lending, Open is a non-custodial zk native money market protocol designed to help secure under-collateralized loans on-chain.
Starting network: Website
Hash stack: Website
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