MakerDAO announces StarkNet
MakerDAO has announced the launch of StarkNet DAI Bridge. This is effectively the first step in the process of building MakerDAO based on Starknet’s ZK rollup system .
Through Starknet’s ZK rollup system, computational results of Level 2 transactions are periodically stored in the Level 1 Ethereum contract, users can connect between Level 1 Ethereum and Level 2 Starknet via the Starknet DAI bridge and move DAI.
✨ Enabling the StarkNet Dai Bridge ✨ Now available on https://t.co/FJK9jvFLCq!
The first big step into the next scalability era is here with Maker, Dai, and StarkNet.
— Maker (@MakerDAO) May 30, 2022
By moving Dai from L1 to L2, the Bridge parks funds on the Escrow contract address (separate from the Bridge contract address), then sends a message to the L2 side of the Bridge where Dai is minted to the destination address.
Dai is burned on the L2 side and then a message is sent to L1 in which a withdrawal method will transfer Dai from the Escrow contract to the destination address.
StarkNet DAI Bridge will allow DAI to be moved between L2 (StarkNet) and L1 (Ethereum).
With StarkNet’s ZK-Rollup, the result of calculating L2 transactions will be periodically bound to the L1 Ethereum contract.
MakerDAO Announces DAI Starknet Bridge
StarkNet is a generalized computation platform that functions as Layer 2 on Ethereum. It is implemented as zkRollup, which means that the result of L2 transaction computation is periodically committed to the L1 Ethereum contract.
It is a ZK rollup a network of unlimited scalability that allows developers to deploy decentralized applications, at a fraction of the cost of using the main Ethereum network, decentralized without authorization, it actually functions as an L2 network on Ethereum.
This test system belongs to a class of privacy-enhancing and network scaling technologies called STARK
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Independent researcher and consultant, Tech Writer at Blockchain Technology. From Italy