Get your fill on Upcoming ZKX News Regarding Innovation, Upcoming Events, the StarkNet Ecosystem & Much More!
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DeFi Slate Fam:
StarkNet is going to be the biggest narrative in Q4 that no one really even knows about yet. You’re very early. Like DeFi Summer 2020 early.
In today’s short Q&A with Eduard from ZKX protocol we discuss what is happening behind the scenes with ZKX and the StarkNet ecosystem!
More posts like these are coming, stay tuned for all the StarkNet alpha.
Fundraising, Technical Papers, Events & Even More: ZKX AMA
Andy: How is everything going with ZKX? What are you guys working on?
Eduard: Things have been pretty good. We recently announced our fundraising round with participation from the likes of StarkWare, Alameda Group, Amber Group, Huobi, Crypto.com, and others. At ZKX, we are a 30-member team spread across Europe and India and currently focused on developing and building ZKX.
We have been working on reinventing fundamental concepts on a mathematical level, whether it’s our decentralized order book, ABR (Adaptive Balancing Rate), or kinds of perpetual swap instruments. Each one of these aspects will have a technical paper with mathematical formulas. We are also gearing up for a test net launch this quarter on Starknet and launching initiatives for our community. So lots happening at our end.
Andy: Are you guys doing order-book or AMMs?
Eduard: We’re building a decentralized order book with its consensus algorithm verified through recursive ZK proofs. It allows us to scale the order book at TPS closer to the major centralized exchanges. Right now, the TPS of decentralized derivatives exchanges is barely 1% of that of centralized exchanges. We believe by creating a decentralized node network open to everyone in the community, we will be able to expand the TPS by allowing anyone to run a node. Another major advantage is off-chain and on-chain data feeds. The network can provide data feeds for derivatives directly to L2 smart contracts, enabling the trader to work in a fast-paced environment and less dependency on oracles. As we see it, the challenge is not to compete with whoever is already in DeFi but to compete with major centralized exchanges and offer a better and safer alternative that is decentralized.
Andy: Decentralization is changing everyday it seems like. The best user experience will attract the masses. Also we must educate them to be non-custodial, “Not your keys not your coins.” Overall a bit of general education, self-custody, and using layer 2 dapps like ZKX will provide an experience equal and better to TradFi and that’s all it takes! What is ZKX doing on this front and how does the tech behind StarkNet push this ethos forward?
Eduard: Account abstraction on ZK rollups is really powerful. You can do a social login with a 2FA code. From the user’s perspective, they still have the same onboarding experience as they’re used to in Web2 and will be more accessible.
Rob: The hackathon winner provided a time lock where account approvals are set over the duration of that login or certain time spent. That is powerful for social login when you make one transaction and execute and confirm right there.
Eduard: It gives you many possibilities in bridging and onboarding funds. The idea is to make the process seamless and simplified for the end users basis their behavior and journey.
Andy: More technical papers are coming out, the teams are growing, and you are on build mode, cruise control until you get launched. This is kind of a crazy time in the StarkNet ecosystem!
Eduard: Yep, the ecosystem is growing, and we have also launched StarkCon- a community-driven conference for the StarkNet ecosystem. We wanted to create a nexus point for the StarkNet community so they can meet, participate, and network within the ecosystem. We recently had a mixer on the eve of EthCC. In the next few months, you’ll see StarkCon meetups focused on building awareness around Cairo in the developer community in India.
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