- Starknet has partnered with Informal Systems to join the interchain, improving blockchain interoperability.
- The integration of IBC into Starknet ensures a seamless liquidity flow between Starknet and other networks.
Informal Systems announced on Twitter that the Ethereum Layer-2 network, Starknet, is working with them to join the interchain. The goal of this collaboration is to integrate the Inter-Blockchain Communication (IBC) protocol into Starknet, enabling application composability across various Layer-2 (L2) and Layer-1 (L1) networks.
The integration of IBC will enable bi-directional liquidity flow between the two countries Starknet and the broader interchain, promoting greater interoperability and cohesion of ecosystems.
1/ @Starknet 🤝 @informalinc Part 1️⃣
We’re working with @Starknet to improve decentralization and interoperability in the Ethereum L2 space.
The combination of StarkWare Industries, @StarknetFndn and our expertise promises something extraordinary.
Collaboration is 🔑 ⤵️ pic.twitter.com/1kiBBLRdUB
— Informal systems 🌱 (@informalinc) July 24, 2024
From decentralization to interoperability: Starknet journey with informal systems
The path to this collaboration began in spring 2023, with technical discussions focused on decentralizing Starknet’s L2 using the Tendermint consensus protocol. Informal Systems, building on their significant expertise with CometBFT, has provided valuable insights into these conversations.
Initially focused on the design of decentralization protocols, the partnership has recently expanded to include interoperability and the fragmentation of blockchain ecosystems.
Josef Widder, Director of Protocol Engineering, and Adi Seredinschi, Product Director, discussed the status and thoughts on Malachite, Starknet’s decentralized sequencer implementation, on July 10 at StarknetCC.
Malachite uses the Rust-based Tendermint consensus algorithm, aiming to achieve decentralization and interoperability at the production level. A decentralized sequencer is designed to be fault-tolerant and censorship-resistant, ensuring continued transaction inclusion even during network disruptions.
Additionally, Starknet has made progress in improving its networking capabilities. In the past, like we used to reportedChainlink Data Feeds were launched on Starknet’s mainnet, allowing developers to create scalable and secure DeFi applications.
Independent, reliable node operators that can withstand Sybil attacks and collect information from a variety of high-quality APIs power these feeds. This integration is a crucial step in providing a stable data infrastructure for Starknet’s growing DeFi ecosystem.
Meanwhile, according to a previous CNF report, the total value locked (TVL) of Starknet fluctuates. Starknet’s TVL reached $1 billion in February, moving it to fourth place among Ethereum L2 solutions. However, the current TVL is approximately $300 million.
Starknet’s native token, STRK, is now trading around the price $0.5276represents one 1.92% loss in the last 24 hours. On a weekly basis, the token’s price appears to be creating a Double Bottom pattern, indicating that it may move lower.