Nakji Network implements StarkEx ecosystem with plans to support StarkNet next to Deliver Scalable Web 3.0 Data
Nakji Network (‘Nakji’) is excited to announce that it has integrated StarkWare’s StarkEx into their real-time data indexing platform. This gives third parties and end-users the ability to query and index data generated by StarkEx, such as data from dYdX, one of the world’s leading decentralized exchanges. Nakji indexing already supports chains such as Ethereum, Binance Smart Chain, Solana, and Polygon.
The Nakj integration enables crypto exchanges built using StarkEx (for perpetual) to easily access historical and real-time blockchain data by removing the need to build and maintain their own data infrastructure. It allows end-users to index and query StarkEx data via a simple API from Nakji.
As a next step, Nakji’s integration with StarkNet’s permissionless decentralized ZK-Rollup is already in the works with plans to complete by Q2 2022. This integration will allow developers to build apps on StarkNet whilst minimizing costs and increasing efficiency.
What is StarkEx and StarkNet?
StarkEx is a STARK-powered scalability engine for crypto exchanges developed by StarkWare. StarkEx uses cryptographic proofs to attest to the validity of a batch of transactions (such as trades and transfers) and updates a commitment to the state of the exchange on-chain.
StarkNet is a permissionless decentralized Validity Rollup operating as an L2 network over Ethereum and its alpha version has been live on Mainnet since November 2021. StarkNet allows any Decentralized App (dApp) to achieve unlimited computational scale and composability — without compromising Ethereum’s security. This is, thanks to its reliance on a safe and scalable cryptographic proof system called STARK.
StarkNet’s unlimited scaling is made possible by the use of cryptographic proofs and modern algebra. ZK-STARKs allow blockchains to move computations to a single L2 STARK prover and then verify the integrity of those computations using an on-chain L1 STARK Verifier. Starkware’s next generation STARK technology brings crucial features to Web 3.0 by delivering unlimited scalability while processing transactions at faster speeds, at a lower cost.
Seamless Data Interconnectivity Without Limitation
The Nakji integration enables applications on StarkNet to take advantage of a real-time data indexing infrastructure when building L2 applications that benefit from Validity Rollup features: improved security, faster performance, and unlimited scalability. As end-users participate in the Nakji Network’s Ecosystem by adding their own data indexers and data streams, participants will contribute to a growing decentralized ecosystem of interoperable and composable applications through data connectivity.
The Nakji integration is seamlessly and securely meeting the data-intensive needs of blockchain applications. For example, derivatives exchanges such as dYdX, can now provide their end-users with not only lower gas and trading fees, but also easier access to trading data found on L2 and L1. Now, with the recently released StarkNet, a permissionless decentralized Validity Rollup (L2), dApps are finally able to build highly scalable applications while cutting gas fees by a factor of 100–200 times. Mike Vernal, partner at Sequoia Capital and the lead investor in StarkWare reports:
“[StarkEx] applications are now flourishing — including dYdX, which processed more than $100B in trading volume last month alone. Sorare — the most popular fantasy sports game on the blockchain — has seen the cost of gas drop by more than 200x. Over $200 billion and over 50 million transactions have been settled via StarkWare to date, including over 21 million NFTs that have been minted.”
What does this mean for Web 3.0 and Decentralized Applications?
Nakji’s data indexing and querying solutions enable dApps to smoothly mitigate the challenges that arise as Web 3.0 expands. While the data requirements of the blockchain ecosystem grows exponentially, Nakji supports high performance blockchains and smart contracts from day one — by allowing projects to skip the tedious, and expensive, stage of building out their data infrastructure beyond Ethereum-norms of scale. DApps can leverage Nakji’s solutions: along with scalability and privacy benefits, across other blockchains, to go-to-market faster and more efficiently. As more interoperable blockchains are launched, the interconnected Web 3.0 will continue to flourish, the total value locked in L2 will exponentially increase, and the need for real-time data query will become an essential need to support this growth.
Interested in building?
See also StarkWare’s Starknet Alpha launch announcement.
With its cutting-edge technology, StarkWare provides STARK-based Layer-2 Validity Proof scaling solutions over Ethereum. StarkWare’s solutions, which leverage Ethereum’s security, have settled over $250B, and over 60M transactions, serving hundreds of thousands of users. StarkNet, StarkWare’s permissionless general-purpose scaling solution, is live (Alpha) on Ethereum Mainnet. StarkEx, a custom standalone scaling service, has been powering applications since June 2020, including dYdX, Immutable X, Sorare, and DeversiFi.
About Nakji Network
Nakji Network aids in the relay of information from traditional blockchains to any off-chain that can receive on-chain data points. It does this with industry-setting speed, outpacing competitors while providing an added layer of security to ensure the safety and accuracy of the data being transported.