Starknet is working with Informal Systems to join the Interchain to enhance blockchain interoperability. The integration of IBC into Starknet will enable seamless liquidity flows between Starknet and other networks.
Informal Systems announced on Twitter that Ethereum Layer 2 network Starknet is working with the company to join Interchain. The partnership aims to integrate the Interblockchain Communication (IBC) protocol into Starknet, allowing applications to be composed across different Layer 2 (L2) and Layer 1 (L1) networks.
The IBC integration will enable two-way flow of liquidity between Starknet and the broader interchain, improving interoperability and ecosystem cohesion.
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1/ @starknet 🤝 @informalinc Part 1️⃣
We partnered @starknet It enhances decentralization and interoperability in the Ethereum L2 space.
Starkware Industries and translatorand our expertise promises great things.
The collaboration is 🔑⤵️ pic.twitter.com/1kiBBLRdUB
— Informal Systems 🌱 (@informalinc) July 24, 2024
From decentralization to interoperability: Starknet’s journey through informal systems
The path to this collaboration began with technical discussions centered around decentralizing Starknet’s L2 utilizing the Tendermint consensus protocol in the spring of 2023. Informal Systems provided valuable insights to these discussions, leveraging its extensive expertise in CometBFT.
Initially focused on designing decentralized protocols, the partnership has recently expanded to also include interoperability and fragmentation of the blockchain ecosystem.
Director of Protocol Engineering Josef Widder and Director of Product Adi Seredinschi discussed the current status and insights of Malachite, Starknet’s distributed sequencer implementation, at StarknetCC on July 10th.
Malachite uses the Rust-based Tendermint consensus algorithm and aims to achieve production-level decentralization and interoperability. The distributed sequencer is designed to be fault-tolerant and censorship-resistant, ensuring transactions continue to be included even in the event of a network interruption.
Additionally, Starknet is also working on improving network functionality: As previously reported, Chainlink data feeds have been launched on Starknet’s mainnet, enabling developers to create scalable and secure DeFi applications.
These feeds are Sybil attack resistant and provided by independent, trusted node operators who collect information from a variety of high-end APIs. This integration is a key step in providing a stable data infrastructure for Starknet’s growing DeFi ecosystem.
Meanwhile, Starknet’s total locked value (TVL) has been fluctuating, according to previous CNF reports. Starknet’s TVL hit $1 billion in February, propelling it to fourth place among Ethereum L2 solutions, but its current TVL is around $300 million.
Starknet’s native token, STRK, is currently trading at around $0.5276, showing a decline of 1.92% over the past 24 hours. On a weekly basis, the token’s price seems to be forming a double bottom pattern, suggesting that it may decline further.
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