StarkEx Layer 2 records $1 trillion in on-chain trading volume since June 2020
TL;DR The StarkEx Layer 2 network has surpassed $1 trillion in cumulative trading and swap volume since its launch in June 2020. This has been driven by crypto derivatives trading exchange dYdX, as well as other apps such as ImmutableX, Sorare, and Rhino. StarkWare operates the Layer 2 solution to help Ethereum projects scale.
The cumulative volume of on-chain trading and swaps on the StarkEx Layer 2 network has surpassed $1 trillion across different apps since its launch in June 2020, reported StarkEx's developer StarkWare.
This non-custodial trading volume on StarkEx, the largest in the Ethereum Layer 2 niche, has been driven by the crypto derivatives trading exchange dYdX. Other apps, including ImmutableX, Sorare, and Rhino, have also contributed substantially to the cumulative volume on StarkEx, the team noted.
StarkEx is a Ethereum Layer 2 solution that aggregates transactions from Ethereum’s mainnet to reduce congestion and transaction fees. It leverages a zero-knowledge rollup technology called "Starks" to increase Ethereum’s efficiency without undermining its security.
StarkWare runs StarkEx
Blockchain scaling and development firm StarkWare operates StarkEx as a SaaS solution to help Ethereum projects scale. It also contributes to StarkNet, a separate Ethereum Layer 2 project.
“We’ve built infrastructure that supports the most sophisticated user-friendly blockchain apps," Uri Kolodny, co-founder and CEO of StarkWare, told The Block, reflecting on the $1 trillion cumulative volume milestone.