- cost 200,000 gas units (about $12 at current prices), while settling using StarkWare’s service would cost less than a quarter of that amount. dYdX passes on these savings to its users in the form of reduced trading fees, according to Antonio Juliano, dYdX’s cofounder and CEO. StarkWare’s other big clients for the service include fantasy sports company Sorare and Immutable X, a protocol for trading Ethereum NFTs.
Additionally, the company has launched StarkNet, a scaling network that enables developers to deploy decentralized applications at a fraction of the cost of using Ethereum’s main network. StarkWare has seen over 100,000 downloads for its developer tools. “To have that only a few months after the alpha went live to me is a very strong signal of developer interest,” Kolodny says.
The traction is high even as the market is reckoning with the aftermath of the $50 billion collapse of algorithmic stablecoin TerraUSD and its sister token LUNA, and other macroeconomic uncertainties. The broad selloff has led to double-digit percentage drops in prices of most major digital assets including ether. Ethereum’s native token is down by 32% over the past month, trading below $2,000.
As is the case for most developers, price fluctuations are of little concern for StarkWare. “The investors who came into this round are investing certainly not because of the price of LUNA nor frankly because of the price of ETH and bitcoin today, tomorrow or next week,” says Kolodny. “They’re investing because of the vision we have for the next 5-10 years, for what we think blockchain will mean for businesses and society in the coming years.”
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