Markets News Report
October 20, 2023

Starknet-based zkLend Announces Official Mainnet Launch

Starknet-based zkLend Announces Official Mainnet Launch

zkLend, a lending protocol designed specifically for Starknet, has now officially launched on the Starknet mainnet. This significant step comes with a slew of enhancements and robust features that cater to the evolving DeFi landscape.

Rewinding to March 2022, zkLend had successfully closed a $5 million seed funding round, which saw active participation from Delphi Digital, StarkWare, Three Arrows Capital and many other industry leaders.

Today, the protocol touts its rapid growth, having accumulated over $7 million in TVL within five months since its alpha release, solidifying its leadership position in Starknet’s DeFi ecosystem.

zkLend Innovations that Stand Out

zkLend’s recent mainnet update brings forward advanced features that elevate its offering. The introduction of Multicall Functionality simplifies the user experience by doing away with the need to sign several transactions for one action.

Additionally, zkLend broadens its asset support, spotlighting wstETH, which is set to transform staking approaches in DeFi.

Furthermore, zkLend’s collaboration with Cairo VM underscores its steadfast dedication to providing secure scalability and ensuring the highest level of safety for its community.

Additionally, in their bid to ensure robust security, zkLend’s contract has been meticulously audited by Nethermind Security.

Leading DeFi on Starknet

zkLend isn’t merely another protocol; it is a trendsetter in the Starknet DeFi space. Boasting a commanding 17.6% of Starknet DeFi’s TVL, zkLend takes pride in being the maiden money-market protocol to be launched on Starknet. The protocol’s steadfast emphasis on long-term product security and resilience is evident in its association with Nethermind Security’s thorough audit and comprehensive specification. More details on the audit can be found.

Looking ahead, zkLend is set to roll out an array of user-focused features, including intuitive one-click bridge & deposit functions and innovative transaction builders.

The protocol envisions transforming the liquidity layer of DeFi, seamlessly connecting multiple L2 rollups and catering to both individual and institutional needs.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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