Zcash growth and DeFi development: what caused Starknet to grow 500% in five weeks
BTCFi Initiative
BTCFI is a unique program by Starknet designed to make Bitcoin a more active participant in decentralized finance (DeFi). For this purpose, a special mechanism — BTC staking — was launched. Its essence is that holders of the largest cryptocurrency can stake their coins to secure the Starknet network. As a reward for staking, BTC holders will receive STRK tokens. The total expected reward is set at 100 million coins.
This initiative will support the development of products such as tBTC — an ERC-20 token fully backed by bitcoin, as well as the decentralized exchange (DEX) Ekubo, implemented on the Starknet blockchain.
Implementation of the S-two prover on the mainnet
The Israeli company StarkWare, which stands behind Starknet, has deployed a new proof system called the S-two prover on the network’s mainnet, describing it as “fast… for a more private future.”
With the introduction of the S-two prover (short for “Starknet two”), the components responsible for proving underwent changes. The developers explained the update in more detail in their blog. Validity proofs will be generated for each block, which will reduce the required time and verification costs. At the same time, throughput and scalability will be improved. The S-two prover will also allow independent operators to provide their computing power, strengthening the network’s resistance to censorship. According to the developers’ intention, proofs in the network will be generated even faster than before.
TVL Growth
The total value locked (TVL) in Starknet network protocols has grown more than threefold compared with July. While in mid-summer the metric barely exceeded $80 million, by mid-November it stands at $247.29 million.
See also: "Ripple Warns of New XRP Scam Schemes"
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