Starknet Launches StarkGate v2.0 on Mainnet for Multi-chain Bridging
Starknet (#STRK), a permissionless zero-knowledge (ZK) rollup layer two (L2) network on Ethereum (ETH), has launched StarkGate v2.0 on the mainnet. StarkGate serves as a multi-chain bridge connecting Ethereum users to DeFi protocols within the STRK ecosystem.
The StarkGate bridge allows decentralized application users to transfer assets quickly and cost-effectively. Since its launch in May 2022 by StarkWare, deposits through StarkGate have exceeded $1 billion, with over 200,000 monthly transactions.
Features of StarkGate V2.0
StarkGate v2.0 includes enhancements for user experience. The protocol aims to simplify Web3 interactions, facilitating mainstream adoption of DeFi projects on Ethereum.
The design is intuitive, providing clear instructions for a seamless bridging process. The new version supports additional tokens, expanding opportunities for Starknet’s Dapp users. Starknet has evolved into a significant gaming ecosystem due to its high throughput and low transaction costs.
Consequently, StarkGate v2.0 is vital for establishing Starknet's DeFi presence within the Ethereum ecosystem.
StarkGate v2.0 is officially live on Mainnet!
You can now enjoy a sleeker UX, support for more tokens, and additional features for all bridgoooors.
Come enjoy all Starknet's unique dApps in a fast & low-cost environment 🫵https://t.co/Titpn8WJjA https://t.co/oQHULhDG82
— Starknet 🐺🐱 (@Starknet) December 3, 2024
Market Impact
The Starknet Network's total value locked (TVL) exceeds $294 million, with a stablecoin market cap of over $78 million. Leading DeFi protocols on Starknet include Nostra, Ekubo DEX, zkLend Finance, and Vesu Lending.
As reported by Starkscan, Starknet has facilitated over 138 million transactions and more than 5.2 million smart contracts. Currently, over 82 million STRK tokens are staked by 75 validators to secure the Starknet blockchain, from a circulating supply of 2.25 billion tokens.
The release of StarkGate v2.0 is expected to significantly boost STRK adoption amid increasing crypto interest. The mid-cap altcoin has a fully diluted valuation around $7 billion and a daily average trading volume of approximately $266 million. STRK has risen over 46 percent in the last two weeks, trading at about 69 cents on December 3, indicating a rebound from a prolonged consolidation period. The weekly Relative Strength Index (RSI) has surpassed the 50 percent mark, suggesting bullish momentum is building.