MakerDAO Integrates StarkNet’s L2 Solution

DeFi platform MakerDAO intends to integrate the Ethereum layer 2 solution StarkNet to reduce transaction costs and increase the speed of DAI stablecoin transfers. This is reported The Block.

“In terms of cost, this will be about a 10x improvement over Ethereum,” said Louis Beaudoin, StarkNet coordinator for the project.

Regarding speed, he noted that the processing time for transactions by the protocol is one to two minutes. During 2023, the team plans to reduce the figure to a few seconds.

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The StarkNet integration will begin on April 28 and will take place in four phases. Fully multicollateral stablecoin DAI (MCD) will be deployed on StarkNet in late 2022 or early next, Beaudoin specified.

MakerDAO already supports two L2 protocols – Arbitrum and Optimism. Both networks use scaling technology Optimistic Rollups. StarkNet is based on the ZK-Rollups solution.

According to Beaudoin, as part of its multi-chain strategy, MakerDAO aims to integrate “most of the Ethereum second layer networks and some of the key L1 blockchains” in the future.

As a reminder, in February, the DAI market offer overcame mark of 10 billion coins.