Hashstack Migration to Starkware’s zk-Rollup Solution Starknet

Published on: 08.08.2022

Hashstack, a non-custodial zk-native money market protocol enabling secure under-collateralized loans, announced its migration to Starkware’s zk-Rollup Solution Starknet.

Hashstack announced its migration to Starkware’s zk-Rollup Solution Starknet, the first general-purpose permissionless Decentralized ZK-Rollup.

What are Zk-Rollups, and why are they needed?

Ethereum is the most popular blockchain development platform. 26.65% of all Dapps in existence are deploying on Ethereum. Today, 9 out of 10 dapps get deployed on Ethereum or EVM-based L1. This is primarily due to lower development barriers, & matured ecosystem of developers, and resources. On the flip side, the increased network load consistently leads to exorbitant gas fees and slower transaction times; which greatly impacts the network’s scalability.

This matters because, blockchain has made significant strides over the past few years with a projected CAGR of 56.3% between 2022 to 2029. This might not be possible if the predicaments of today continue to exist.

L2 scalability protocols such as zk-Rollups operate by rolling up hundreds of offchain transactions into a single transaction. They return a short non-interactive argument of knowledge(SNARK) to the main-chain as a proof of validity. This ensures that instead of hefty transaction data, only the validity proof has to be keep on the main Ethereum network, making ZK Rollups a faster and cheaper way to confirm transactions.

Hashstack Migration to Starknet

With this, Hashstack shifts its focus from EVM chains to zk-primitives to further its mission to build the critical infrastructure necessary to 10x the usability of decentralized finance, to truly empower financial inclusion through crypto.

About Starknet

StarkNet is a permissionless decentralized ZK-Rollup operating as an L2 network over 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’s one of the few market-ready zk-rollups with over 205Mn transactions processed, facilitating over US $657Bn trading volume, to date; instilling confidence on the network’s reliablity.
The community: Arguably the most collaborative ecosystem of buidlers we have come across. Adopting an entirely new development framework comes up with its own set of challenges. Starkware team’s success in building an open minded, collaboration-centric community made it 10x easier for Hashstack’s team to evaluate & deploy on Starknet. Additionally, Starkware incentivised Hashstack for building & deploying on Starknet.
Cairo: Starknet’s virtual machine, power by Cairo. It is a turing complete language with syntax being similar to Python. In comparison to Solidity, Cairo is less restrictive & provides full low-level access to low-level primitives.

Website | Twitter