The Starknet ecosystem is so back
In the months following the launch of the STRK token and its airdrop, our ecosystem experienced a significant bear market: a decline in reach for all projects and content creators, a drop in metrics, a significant decrease in the STRK token's price, negative sentiment surrounding Starknet, and so on.
However, things have clearly been turning around over the past two months. The vibes are now excellent, metrics are climbing back up, projects are generating revenue, and the number of use cases on Starknet is higher than ever.
Are we really back? Let’s dive in.
1. Metrics
Let’s start with the numbers.
In terms of TVL, Starknet’s TVL has doubled since the November lows and is climbing back to the top among L2s. Currently ranked 6th, Starknet is experiencing rapid growth and is in fact one of the fastest-growing L2s by this metric.
Regarding the TVL deployed on Starknet’s dApps, we’re on the verge of breaking out of a 6-month consolidation period. Why? Simply because Starknet remains an excellent ecosystem to make your assets work for you (NFA); I’m explaining why below (in the section 4).
In term of inflows, 30% of Ethereum’s outflows are migrating to Starknet, second only to Solana. We've been saying for years that Starknet is Ethereum’s answer to Solana, and this is yet another confirmation.
Additionally, Starknet and Base are the only L2s with positive net flows over the past month. Probably nothing.
In terms of developers? Up only, with strong retention:
The number of active Cairo developers on GitHub reached its highest level since January 2023.
More and more developers are exploring Starknet.
74% of developers remain active 12 months after their first contribution.
Developers are the foundation of any ecosystem; they build the dApps that attract users. As such, these metrics are probably one of the most important for us degens.
This is also reflected in the rapid expansion of Starknet’s ecosystem in terms of dApps.
Speaking of ecosystem, projects like Ekubo are finally starting to generate significant revenue again.
What about users and activity? I won’t lie; it’s still low compared to some ecosystems, but it’s growing, and the pace is accelerating.
4,650 active accounts on October 17, 2024 (bottom)
6,359 on November 17, 2024
8,345 on November 25, 2024
14,279 on November 29, 2024
24,909 on December 1, 2024
That’s 600% growth in ~6weeks.
On L2Beat, it’s worth noting that activity is now tracked using a more accurate metric than simple TPS: UOPS (User Operations). This is particularly important for AA-powered ecosystems like Starknet. Why? Simply put, the multicall mechanism on Starknet groups multiple transactions into a single one. As a result, TPS counts it as a single transaction, while UOPS reflects the true level of activity on Starknet and similar layers.
Interestingly, Starknet ranks second among L2s in terms of the UOPS-to-TPS ratio.
Speaking of users activity, we now have a true degen culture and finally a sustainable and rapidly growing memecoin season: from less than $1M a month ago to ~$10M now (stay SAFU, NFA, DYOR, everything is going to zero in this world).
Overall, as Starknet’s official intern responsible for daily shitposting on the Starknet and StarkWare accounts, I can confidently say that metrics are consistently going up (followers, reach, engagements).
On a side note, Messari has finally started publishing reports about Starknet!
In short: yes, we’re so back, and it’s only up from here.
2. Sentiment is shifting rapidly around Starknet
The sentiment surrounding Starknet is changing quickly, and it’s noticeable across all communities:
Ansem and Mert from the Solana army
Stani, Founder and CEO of AAVE
Sandeep, Polygon Founder
Vitalik himself
These are just a few examples. The key takeaway is that the market is gradually recognizing that Starknet is undoubtedly the leading force in technological innovation in the scaling space, and has now the best L2 stack.
Additionally, the CEO of StarkWare (Starknet’s main contributor), Eli, has been very active on X lately and is fully embracing a degen approach that Starknet needed:
Looking for a more vocal and degen CEO? You’ve got one now.
Finally, as many say, the best way to build a community is to make them rich; or at least enable them to make money. Just look at the examples of Solana or Hyperliquid. And now, Starknet users are starting to earn, whether it’s through legitimate projects like Ekubo and LORDS, or through memecoins like Brother, Slinky, and others.
Of course, this isn’t financial advice, but it’s evidence that something significant is finally happening on Starknet’s community side. If you choose to financially engage with our ecosystem, you are fully responsible for your decisions.
3. Shipping
Starknet is objectively the ecosystem that ships the most in terms of layer optimization. On average, it releases two major upgrades on Mainnet every quarter. On top of that, it’s making significant progress on the project to settle Starknet on Bitcoin (in addition to Ethereum).
Here are some recent highlights:
STRK staking live on Mainnet
Starknet is now the first L2 to introduce a permissionless staking mechanism.
If you’re interested in becoming a Validator or Delegator (so to participate in STRK staking), here’s an overview of all projects supporting STRK staking.New roadmap for lower fees
Starknet has introduced a new roadmap addressing the growing concern over Ethereum's steadily increasing blob demand, which often exceeds target rates, leading to higher fees for L2 users. While most L2s are waiting for Ethereum to scale its blob capacity, Starknet is taking a proactive approach, focusing entirely on lowering fees for its users and reducing its dependency on Ethereum blobs.Starknet v0.13.3 live on Mainnet
The first step in this roadmap, Starknet v0.13.3, is now live, featuring a blob gas mechanism that’s 5x cheaper. The result? Noticeably lower gas fees for users. Even Vitalik Buterin has highlighted this proactive strategy.
The key takeaway? When Ethereum’s blob capacity becomes saturated, fees will rise across L2s. However, Starknet’s proactive approach will mean its fees increase much slower than others.
Upcoming features in Q1 2025
The next major upgrade, Starknet v0.13.4, will bring Cairo-Native and new optimizations for data efficiency, meaning more TPS, lower fees for users, better UX and DevX overall.Progress on the Bitcoin side
Research into Starknet’s integration with Bitcoin is ongoing, with major progress being made each month. For details, check the dedicated sections in my previous monthly recaps:
There’s too much happening on this front to summarize in just a few sentences.
4. Activities on Starknet and why you should join us
Alright, activity is picking up, sentiment is shifting positively, and the ecosystem keeps shipping impressive updates. But as a regular user, you might wonder: how do I join Starknet, and what can I do here?
If you’re reading this, you’re already a true OG and part of the wolf pack. So I won’t spend too much time explaining how to get started. If you need help, check out this dedicated thread covering wallets, bridges, on-ramps, and more.
Why join Starknet?
We objectively offer the best UX experiences in the market (except for bridging). Once you’re on Starknet, you benefit from:
Multicall: Forget the bullshit operation of executing multiple transactions to do one activity; example for providing liquidity on classic ecosystems —≥ one tx to approve the first token, another for the second asset approval, and a third one to provide liquidity. On Starknet, a single transaction handles everything, and that for every possible activities (liquidity provision, transfers, swaps, etc.).
Session Keys: On some gaming projects, you don’t even need to execute a transaction to enjoy the experience (e.g., Jokers of Neon).
2FA/3FA Security: Wallets like Argent and Braavos offer 2FA and 3FA security measures. This is crucial because your wallet is essentially your personal bank. With these features, even if someone steals your seed phrase, they can’t access your funds.
Passkeys: With the Cartridge Controller, you don’t even need to manage a seed phrase. Plus, zkLogin is coming, enabling this mechanism across the whole ecosystem.
Paymaster: You can pay gas fees in various tokens. In the future, I expect dApps to cover gas fees for their users, thanks to Paymaster and Starknet’s ultra-low fees; similar to how platforms like Facebook absorb infrastructure costs and monetize differently.
For more details on Starknet's UX, check out this quick article: Starknet: Unlocking Web3 with Web2 UX.
What can you do on Starknet?
Right now, you can do almost everything available on other ecosystems (but with better UX!), access unique gaming projects, and even enjoy higher APYs for yield farmoors.
In term of DeFi, you can:
Lend/Borrow on @vesuxyz, @OpusMoney, @zkLend, @nostrafinance
LP or trade options on @CarmineOptions
Optimize your yield farming with @strkfarm
Farm L1 protocols directly from Starknet on @Nimbora_
Stake your STRK and LST with @endurfi, @Nimbora_ and @zkLend for ~16%
Trade on @avnu_fi, @Layer Akira and @Fibrous
LP and trade on @EkuboProtocol and @haikoxyz
Predict with Starknet prediction market @RaizeClub
Launch your shitcoin with @UnrugMemec0in
Participate in no-loss lottery on @Bountive
Grab your @StarknetBro name ID
You can also earn incentives to enhance your life and focus with @focustree_app, and improve your health and fitness while earning rewards with @starkfitclub.
In term of gaming, you can play:
New @Everai game on TG
Games from @starkarcade
Games from @BoltwadeStudio
Veryyy soon @RealmsEternum
You can also easily monitor our ecosystem with:
The Starknet space on @Dune
@0xvoyageronline & @StarkscanCo for onchain activity
@avnu_fi Market for tokens
@UnrugTop for memecoins
In terms of yields, here is an overview (as of a week ago, so it may have slightly changed since):
Current yields available on @nostrafinance Money Market:
STRK: 5%
ETH: 7%
USDC: 12%
USDT: 18%
Current yields available on @zkLend Money Market:
STRK: 5%
ETH: 8%
USDC: 14%
USDT: 16%
Current yields available on @vesuxyz Money Market:
STRK: 5%
ETH: 8%
USDC: 16%
USDT: 20%
Current yields available on @0xHashstack Money Market:
STRK: 5%
ETH: 5.5%
USDC: 17%
USDT: 10%
@EkuboProtocol; I’m not specifying the yield here, as it depends on your CL strategies. However, there are some very attractive opportunities available. Below is an overview:
Current yields available on @nostrafinance DEX:
STRK-ETH: 60%
WBTC-ETH: 40%
STRK-USDC: 200%
ETH-USDC: 50%
Current yields available on @Nimbora_:
ETH: 17%
USDC: 28%
DAI: 18%
Current yields available on @strkfarm:
ETH: 21%
USDC: 21%
STRK: 9%
Current yields available on @CarmineOptions:
ETH: 30-35%
USDC: 30-40%
STRK: 30-40%
Ekubo: 20%
DYOR nfa, but there are already very good opportunities for LPers on Starknet.
If you are a developers, the roadmap is simple:
Conclusion
In the face of challenges, Starknet has proven its resilience and innovation. From record-breaking developer retention and growing user activity to significant strides in UX and DeFi offerings, the ecosystem is undeniably stronger than ever. Starknet is definitely so fucking back.
Whether you’re a developer, user, or degen, there’s never been a better time to explore what Starknet has to offer. And the best part? We’re only getting started. So join us, and bring your frens along for the ride.