menuIcon
$ 87,305.4
BTC
$ 87,305.4
0.72 %
$ 2,052.95
ETH
$ 2,052.95
0.20 %
$ 0.7452
ADA
$ 0.7452
0.48 %
$ 630.18
BNB
$ 630.18
-1.95 %
$ 142.32
SOL
$ 142.32
1.93 %
Jafrin Ahmed
Apr 20, 2022
by Jafrin Ahmed

MakerDAO Integrates StarkNet as Part of Multichain Strategy

MakerDAO StarkNet
MakerDAO, the decentralized organization (DAO) behind the DAI stablecoin, is set to integrate the Ethereum Layer 2 network StarkNet on April 28 in a move toward a multi-chain future by gradually bridging to other protocols.

The integration of MakerDAO with StarkNet will significantly lower the cost of DAI transactions and minting compared to the Ethereum mainnet. Other benefits include the ability for users to make faster withdrawals. As for reducing DAI minting time, users can execute transactions on StarkNet within one to two minutes, compared to three to eight hours on the Ethereum mainnet.

MakerDAO Engineering Team Working Toward StarkNet Integration

As of now, a dedicated MakerDAO engineering team is working on implementing a multiphase roadmap for the StarkNet integration. The first step involves building a simple bridge with a wallet interface.

The next phases includes the release of fast withdrawals, slated for Q2 2022, followed by near-instant DAI withdrawals and, ultimately, MakerDAO’s full-scale integration with StarkNet.

StarkNet, developed by StarkWare, uses ZK-rollup, a Layer 2 technology that rolls off Ethereum transactions off the main chain to support a larger number of transactions at a lower cost.

Follow us on: News
MakerDAO StarkNet MakerDAO StarkWare
MakerDAO Integrates StarkNet as Part of Multichain Strategy
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Top Picks