Starknet, TVL's seventh largest Layer 2 network, will soon have EVM compatibility, opening the door to established DeFi protocols in the Ethereum ecosystem.
On May 22,#KakarotLabs launched the public mainnet phase for the Cairo-based zero-knowledge Ethereum Virtual Machine (EVM).
The move paves the way for Starknet's ecosystem to become EVM compatible, with the popular Layer 2 leveraging the Cairo programming language and facilitating smart contract execution via a separate CairoVM.
Elias Tazartes, CEO and Co-Founder of Kakarot Labs said:
“Kakarot is essentially an Ethereum execution engine built with Cairo.”
“Over time, this tool will be integrated into the Starknet appchains, thus allowing any ZK rollup using the Cairo stack to be EVM compatible.”
Kakarot ZK-EVM was first created in October 2022 through a joint development effort by the StarkWare Explorer Team and the open source Starknet developer community.
In June 2023, Kakarot Labs announced a pre-seed investment round with participation from StarkWare, the team behind Starknet, and Vitalik Buterin, chief scientist of Ethereum.
EVM compatibility
Although Starknet currently ranks as the seventh largest Layer 2 with a total value locked (TVL) of over $1 billion, according to L2beat, the largest share of its TVL was achieved through the anticipated STARK airdrop long ago on February 20.
The drop is the largest in Web3 history, with the project distributing $2.1 billion worth of tokens at a fully diluted valuation of $30 billion per STARK initial trading price.
This drop also pushed Starknet's TVL up more than 550% to $1.22 billion from $187 million overnight.
However, Starknet's modest pre-broadcast TVL illustrates the hurdles posed to the network's growth due to lack of EVM compatibility, with its TVL having grown slowly from $56 million in May 2023 to $187 million in February. In contrast, many EVM-compatible L2s have quickly gained momentum by allowing established protocols to leverage Solidity – Ethereum's primary coding language – for easy portability. Switch to new networks.
Kakarot Labs said:
“Today, developers wanting to build on the Starknet Stack face the challenge of learning Cairo, a programming language developed specifically for the STARK cryptography, which is different from Solidity, the main language of Ethereum.”
“The introduction of Kakarot zkEVM will remove this barrier by allowing developers to use Solidity, thereby promoting a more inclusive environment within the ecosystem.”
Kakarot's public whitelist phase is the first of three testnet deployments, with the project set to follow the public whitelist and launch a permissionless public testnet.
The project says its testnet deployment will allow developers to test familiar tools like MetaMask and Foundry in a Cairo-based context.
Kakarot said:
“By participating in this phase, developers can test and optimize new protocol changes as well as the latest advancements in cryptocurrency user experience.”
Source: https://tintucbitcoin.com/kakarot-zk-evm-ra-mat-testnet/
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