<![CDATA[zkLend - Medium]]> https://medium.com/zklend?source=rss----ab87c846b80c---4 https://cdn-images-1.medium.com/proxy/1*TGH72Nnw24QL3iV9IOm4VA.png zkLend - Medium https://medium.com/zklend?source=rss----ab87c846b80c---4 Medium Tue, 23 Jun 2026 21:07:01 GMT <![CDATA[zkLend Incident Recovery Plan]]> https://medium.com/zklend/zklend-compensation-plan-5682dcf91f57?source=rss----ab87c846b80c---4 https://medium.com/p/5682dcf91f57 Thu, 20 Feb 2025 06:19:50 GMT 2025-03-04T12:58:46.615Z

Updated 04 March 2025

Orignally Posted on 20 February 2025

On February 11 2025, zkLend experienced a security incident, resulting in users’ funds being exploited. An initial analysis has been conducted, and users can refer to the post-mortem report detailing the progress made thus far.

This piece aims to outline a recovery plan for affected users through a structured and transparent approach to endeavour to maximize recoveries for users where possible. The plan is designed to establish a sustainable framework for long-term protocol security.

The recovery portal will be going live ahead of schedule on 05 March 2025 at 06:00 UTC. Users may access the portal to check their recovery positions.

1. Impact Summary

*All USD calculations are based on asset prices immediately after zkLend halted operations on 11 February 2025 08:09:38 GMT. The tool for generating all the numbers included here will be made available.

The zkLend team will contribute around 400k USD to the recovery of user funds by:

  • wiping out the protocol revenue account’s claims of ~75,638.12816331 USD;
  • wiping out two protocol treasury accounts’ claims (from deposits) of ~322,307.32303549 USD.

After contributions from the team, the total shortfall is reduced to be ~9,013,101.72323417 USD.

Expected recovery rate of each market pool (rates are now finalized post liquidation):

Unaffected Pools

  • WBTC: 100% (fully recovered)
  • DAIV0: 100% (fully recovered)
  • WSTETHV0: 100% (fully recovered)
  • ZEND: 100% (fully recovered)
  • DAIV1: 100% (fully recovered)
  • EKUBO: 100% (fully recovered)
  • KSTRK: 100% (fully recovered)

Affected Pools

  • ETH: 7.06%
  • USDC: 4.08%
  • USDT: 23.57%
  • STRK: 30.74%

2. Methodology

To address the shortfall at the time of the exploit (Te), we first identified each user’s Net Deposit Value (NDV), calculated as follows:

Net Deposit Value = Market Value of Supplied at Te — Market Value of Borrowed at Te

Then, each user’s claim on any collateral token is reduced based on their NDV proportion of their total deposit value. No repayment of debt is required.

  • Example: At the time of attack, a user had deposited 1 ETH and 1000 USDC, and borrowed 300 USDT. Assuming prices 1 ETH = 2000 USD, 1 USDC = 1 USD, 1 USDT = 1 USD:

User Total Deposit Value = 1 × 2000 + 1000 × 1 = 3000 USD
User Net Deposit Value = 3000–300 × 1 = 2700 USD

The user’s claims on their ETH and USDC collateral are adjusted accordingly:

ETH claim = 1 * (2700 / 3000) = 0.9 ETH
USDC claim = 1000 * (2700 / 3000) = 900 USDC

Users need not worry about liquidation or high interest payments affecting their NDV, as the snapshot has been taken from the block on which the protocol halted operations.

The recovery plan then addresses two types of scenarios:

  • Unaffected Pools — pools that were not drained during the exploit.
  • Affected Pools — pools that were directly drained during the exploit.

Differentiation is necessary because funds were taken from four of the eleven pools, namely ETH, USDC, USDT, and STRK. Other pools — DAIv0, DAIv1, EKUBO, kSTRK, WBTC, WSTETHv0 and ZEND — remained unaffected. While all pools are interconnected due to borrowed positions, it is essential to segregate the fund redistribution and recovery plan based on:

  • Unaffected Pools not being drained during the exploit.
  • The high available liquidity in these pools.

3. The Plan

Depending on the pool they have deposited into, users will either be fully refunded or partially refunded and granted access to the recovery portal where they may view their position.

For Unaffected Pools

Repayment will be made in full from the available liquidity in each Unaffected Pool. If an Unaffected Pool has a shortfall (due to relatively high utilization), it will be supplemented by surplus liquidity from other Unaffected Pools to cover the deficit.

For Affected Pools

Any aggregated surplus from Unaffected Pools will be liquidated and distributed proportionately to each Affected Pool. Partial repayment will occur proportionately based on the remaining liquidity in each pool plus such redistributed (socialized) surplus.

Each pool’s initial shortfall is calculated by

Shortfall px =(claims -balance)*price at time of attack

The total shortfall for Affected Pools amounts to 9,396,943.69 USD. Combined with the expected aggregated surplus from Unaffected Pools for socialization: $383,841.97, the shortfall becomes 9,013,101.72 USD.

These figures are estimates; exact amounts will be provided once the debt positions are liquidated and aggregated surplus tokens are converted into affected pool tokens. Please also refer to “Appendix: Calculations” for more details.

The repayment of deposit to users can be illustrated with a few example scenarios:

Scenario 1:

  • Deposited: kSTRK
  • Borrowed: Nil
  • Treatment: Full balance of kSTRK deposit will be returned to the user.

Scenario 2:

  • Deposited: kSTRK
  • Borrowed: USDT
  • Treatment: Balance of USDT debt will be deducted from kSTRK deposit balance. The net deposit balance of kSTRK will be returned to the user.

Scenario 3:

  • Deposited: kSTRK and USDT
  • Borrowed: DAI
  • Balance of DAI debt will be deducted from kSTRK and USDT deposit balances proportionately. The remaining balance of kSTRK will be returned to the user while the USDT balance will be partially returned. Users with outstanding net deposit balance not repaid will be whitelisted to the recovery portal.

Scenario 4:

  • Deposited: USDT
  • Borrowed: DAI
  • Treatment: Balance of DAI debt will be deducted from USDT deposit balance. The remaining balance of USDT deposit will be repaid to the user. Users with any outstanding net deposit balance not repaid will be whitelisted to the recovery portal.

zkLend Recovery Pool

Purpose: Represents opportunity for recovery for users who incurred losses due to this exploit.

Issuance: Approximately 82,818 wallet addresses have been affected, contributing to an approximate accumulated value of $9,013,101.72 at the time of exploit.

*In the recovery process, the zkLend team decided to exclude accounts with less than 1 USD worth of deposits from recovery in order to streamline the distribution process. The result is a total of 82,818 accounts identified. And the balance from these excluded accounts are not counted towards the claim pool.

However, we understand there may be users who hold many accounts with less than 1 USD, which may aggregate to a meaningful sum. In which case, please contact us on Discord / info@zklend.com to calculate these claims separately.

Mechanism: Each of the 82,818 affected wallet addresses will be whitelisted to access a recovery portal where affected users will be able to withdraw proportional claim from the Recovery Pool.

Recovery Pool: This is the contract where funds from various recovery methods will be consolidated and be made available for the affected users to claim. Funds will be contributed to the Recovery Pool contract through various means:

  • Recovery of any lost funds from the hack;
  • All unvested team, advisor, and ecosystem ZEND tokens;
  • Any additional incomes and funds to be generated from zkLend’s ongoing operations;
  • Any donations, incentives and rebates received.

As mentioned, the zkLend team’s existing protocol revenue and treasury accounts, which amount to around 400k USD, have been excluded from the claim calculation process and thus will not participate in the recovery process. In the event that the stolen funds are recovered and returned in the future, zkLend’s aggregate deposit position will be the last to claim from the remaining balance after servicing all users’ claims.

4. The Logistics

All users will be able to view their claimable amounts through the recovery portal, expected to be made available on 5 March 2025. The portal will provide additional information on how much each user can claim immediately and how much will depend on recovery efforts from the Affected Pools. (Please read Recovery Portal T&C before claiming)

In addition, the team has also set up a donation page to pass on any contributions from the community to users who have lost funds.

The claims contract has been fully audited by Nethermind Security prior to going live, and its report can be found in Nethermind’s public repository.

We sincerely apologize for the disruption this has caused our users and partners. We remain committed to pursuing all available avenues to recover funds lost during this exploit.

Appendix: Calculations

*All USD calculations are based on asset prices immediately after zkLend halted operations on 11 February 2025 08:09:38 GMT.
**Calculations are a best-estimate basis; exact amounts will be provided once the debt positions are liquidated and aggregated surplus are converted into affected pool tokens for redistribution.
***Deposit balance of zkLend's treasury and revenue accounts have been removed from below claim calculation to distribute to users:
Treasury account balance: 322,307.32303549 USD
Reserve account balance: 75,638.12816331 USD

Step 1: Calculate surplus/shortfall for each Unaffected Pool. The surplus in USD is calculated based on asset prices immediately after the protocol halted operation.
Unaffected pools:
WBTC
balance = 1.50862487
claim = 1.20432924
price = 95128.93653620
surplus = 28,947.31967451 USD 
*[=(1.50862487–1.20432924)*95128.93653620]

DAIV0
balance = 14721.370325857341967158
claim = 33892.253052652978509517
price = 0.99997355
shortfall = -19,170.37565694 USD

WSTETHV0
balance = 20.591187760115970571
claim = 22.562225594069785735
price = 3097.20352860
shortfall = -6,104.70533432 USD

ZEND
balance = 554964.745277294909920156
claim = 485900.963717163265246416
price = 0.04172880
surplus = 2,881.94872796 USD

DAIV1
balance = 14363.348830330815056677
claim = 80649.524203193329274041
price = 0.99988055
shortfall = -66,278.25748921 USD

EKUBO
balance = 97441.710363835188505926
claim = 80221.767035469611031277
price = 3.28348436
surplus = 56,541.41459877 USD

KSTRK:
balance = 5620233.083022843536184797
claim = 4033297.904701216476486577
price = 0.24092246
surplus = 382,328.32702178 USD

Step 2: Unaffected pools with shortfall will be made whole by the surplus in other unaffected pools. The aggregate surplus after servicing the claims from all Unaffected Pools is expected to be 379,145.67154255 USD.

Step 3: Adding back the remaining balance in the wstETH pool. The exploiter left 1.516301425023412891 WSTETH in deposit, which amounts to approx. 4,696.29412400 USD

Step 4: Calculate the cumulative surplus funds from the Unaffected Pools to fund the Affected Pools
Unaffected Pools surplus = 379,145.67154255 USD
wstETH pool surplus = 4,696.29412400 USD
Total socialization budget = 383,841.96566655 USD

Step 5: Calculate the deficits of the Affected Pools to deduce the total deficit, which forms the basis of Unaffected Pools surplus socialization.
ETH
balance = 53.532229530853494662
claim = 1725.213379884443222332
price = 2598.97079695
shortfall = -4,344,650.49158076 USD

USDC
balance = 69.085237
claim = 2677670.315805
price = 0.99997941
shortfall = -2,677,546.09875866 USD

USDT
balance = 217933.370595
claim = 1072222.646756
price = 0.99995142
shortfall = -854,247.77478796 USD

STRK
balance = 2493703.272132237870814937
claim = 9001285.234525151727467518
price = 0.23365043
shortfall = -1,520,499.32377334 USD

The aggregate shortfall from all Affected Pools is expected to be -9,396,943.68890072 USD.
Step 6: Adding back the total socialization budget to deduce the actual shortall.
Affected Pools shortfall = -9,396,943.68890072 USD
Total socialization budget = 383,841.96566655 USD
Actual shortfall = -9,013,101.72323417 USD

Step 7: proportionately distributed the socialization budget across the Affected Pools based on respective weight of shortfall.
ETH
budget = 177,468.25351228 USD 

*[=383841.96566655*4344650.49158076/9396943.68890072]
shortfall after socialization = -4,167,182.23806848 USD

*[=-4344650.49158076+177468.25351228]
USDC
budget = 109,371.15212516 USD
shortfall after socialization = -2,568,174.94663350 USD

USDT
budget = 34,893.91401038 USD
shortfall after socialization = -819,353.86077758 USD

STRK
budget = 62,108.64601872 USD
shortfall after socialization = -1,458,390.67775462 USD

Step 8: Calculating the recovery rate of the Affected Pool based on the shortfall after socialization.
ETH: recovery rate = 7.06%
USDC: recovery rate = 4.08%
USDT: recovery rate = 23.57%
STRK: recovery rate = 30.74%

Step 9: Each user address will be whitelisted to access a recovery portal.

zkLend Incident Recovery Plan was originally published in zkLend on Medium, where people are continuing the conversation by highlighting and responding to this story.

]]> <![CDATA[zkLend security incident post-mortem]]> https://medium.com/zklend/zklend-security-incident-post-mortem-27d9abaf66f6?source=rss----ab87c846b80c---4 https://medium.com/p/27d9abaf66f6 Sat, 15 Feb 2025 03:06:24 GMT 2025-02-15T03:06:24.149Z Summary

On 11th February 2025, zkLend, a money market protocol on Starknet, was attacked using an empty market exploit, causing the loss of around $9.6 million US dollars. The exploit was made against the wstETH token that was newly launched on Starknet. Initial analysis has been performed and this post-mortem serves as a brief report of the progress thus far.

Affected scope

The zkLend money market is affected, with all activities suspended.

The zkLend liquid staking protocol (kSTRK) is operating normally and unaffected by the incident.

Funds affected

The attacker extracted assets from the platform by inflating their collateral balance and borrowing funds from the system, with these transactions:

Or in aggregate:

  • 2213.638314603870948591 ETH
  • 1553069.487238 USDC
  • 7426029.991485769316032807 STRK
  • 518225.710536 USDT

which, at the time of the exploit, was worth around $9,572,151 US dollars.

Following the exploit — stolen funds were bridged from Starkent via multiple bridges including StarkGate, Orbiter, Layerswap, and rhino.fi with the following funds currently sat in the below exploiter controlled wallets:

Total unspent funds of $9,570,113 US dollars:

Initial chain tracing links the exploiter to the following exploits:

  • Eralend
  • OnyxDAO
  • Yei Finance
  • Channels Finance
  • Starlay Finance

Incident timeline

All timestamps are UTC.

  • 2025–02–11 12:44:35: attacker made first contact with the zkLend market contract
  • 2025–02–11 15:01:02: attacker made first borrowing transaction using inflated collateral balance
  • 2025–02–11 16:37:09 attacker made the first of a series of withdrawals from Starknet to Ethereum, Base, Arbitrum, Optimism through LayerSwap, Orbiter, and rhino.fi
  • 2025–02–11 17:52:00: zeroShadow were first made aware of the suspicious activity by Rhino.fi. Both parties agreed on their suspicion after initial check and forwarded the information to StarkWare
  • 2025–02–11 19:01:00: War room with StarkWare, zeroShadow, rhino.fi and SEAL911 was created
  • ​​2025–02–11 19:14:00: zkLend was made aware of an active exploit by StarkWare and zeroShadow, and subsequently joined a war room with StarkWare, the Security Alliance (Seal911), zeroShadow, and Hypernative
  • 2025–02–11 19:14:57: zkLend team made aware of suspicious activities by StarkWare security team
  • 2025–02–11 19:37:36: zkLend borrowing activities suspended following confirmation of an active exploit
  • 2025–02–11 19:47:49: with initial analysis linking to the use of flashloans, zkLend contract upgraded to disable flashloan-related functionalities
  • 2025–02–11 19:50:52: attacker initiated StarkGate transactions for bridging 1801 ETH and around 37 wstETH to Ethereum address 0x645c77833833a6654f7edaa977ebeabc680a9109
  • 2025–02–11 20:09:38: zkLend market contract further upgraded to suspend all operations
  • 2025–02–12 10:08:47: attacker withdrew 1801 ETH from StarkGate

Attack analysis

The attack happened in 2 phases:

  • Phase 1: using an extremely small initial deposit, and “donations” via flash loans to cause the lending accumulator (a.k.a. index in some protocols) to grow to a large value
  • Phase 2: repeatedly depositing and withdrawing to cause rounding errors, which would normally be negligible but are now significant due to the inflated lending accumulator

Accounting internals

To analyze the attack, it’s important to first understand how accounting is done in the zkLend market contract.

In any lending platform, user collateral and debt amounts grow over time, by definition. What’s special about blockchain-based lending protocols is that, due to the constraint on compute, the algorithm for such value accumulation must be efficient, updating many, if not all, users at a time (i.e. O(1)).

That’s why in most lending protocols, user balances are not stored directly in face values. Instead, a raw or scaled down value is used, in combination with a global accumulator/index such that at any moment, a user’s balance can be calculated as raw balance * global accumulator. This way, when the protocol earns revenue, the global accumulator is updated to scale all users at once.

Root cause analysis

Accumulator manipulation

There’s one caveat, however: smart contracts only work with integers. Rounding errors are bound to happen, which is a well-known fact in smart contract development. This was deemed negligible, given the assumption that global accumulator would be small, which was deemed a reasonable assumption, since for example even an APY of 50% would only yield a global accumulator of 1.5 after an entire year. Even in the case, which was deemed “extreme”, where the global accumulator accumulates to 10.0, a rounding error would only mean 10 Wei worth of difference.

Unfortunately, it turns out the actual extreme case can go way beyond 10.0. When a pool is empty, the first deposit’s amount is treated as baseline and global accumulator is initialized to 1.0. Any subsequent revenue grows the global accumulator. For example, if the pool earns the same amount as the initial deposit, then global accumulator would grow to 2.0.

Normally, the source of revenue is just interest from users taking out loans, which as mentioned wouldn’t grow global accumulator much, but there’s one special case: flash loans. Flash loans work like this, the market contract:

  1. sends the requested amount to recipient;
  2. calls a callback on the flash loan handler;
  3. checks its own balance to ensure enough funds have been returned, calculated as amount requested * (1 + fees).

Since flash loan users are required to return a minimum amount instead of an exact one, it’s possible that more than needed would be returned. To handle this case, the contract treats any increase in balance as revenue. Effectively, this allows anyone to make “donations” to the contract.

When a new pool is created, the first depositor gets to set the baseline amount. If this amount happens to be extremely small, then it wouldn’t take much “donations” to grow global accumulator to a rather large value, which is exactly what happened in the attack.

Withdrawal amount rounding

When handling withdrawals, the ZToken contract calls the safe_decimal_math::div() function to calculate the raw amount to decrease (i.e. burnt). The div() function behaves like what typical safe math division implementations do by default: floor division, a.k.a. rounding down.

Floor division makes sense in most cases. However, in this very specific scenario it’s being used for calculating the amount of deposit certificate to burn, and rounding down means not burning as much as needed.

This alone, while technically problematic, is practically negligible. However, when combined with the accumulator manipulation issue above, it can be leveraged to create large difference between the amount withdrawn and the user balance face amount reduction, effectively allowing the attack to withdraw more than what’s recorded.

Summary

To summarize, the attack was enabled by a combination of 3 separate, individually harmless/negligible design details:

  1. Anyone can deposit any amount into an empty market.
  2. “Donations” are accepted and settled.
  3. Withdrawal raw amount rounds down.

Attack phase 1: flash loan

The attacker first made a deposit of only 1 Wei of wstETH, causing their raw balance to become 1 (or 0.000000000000000000000000001 wstETH). This corresponds to the aforementioned “setting the baseline amount” part.

Then, the attacker made a “donation” of 999 Wei of wstETH by taking out a flash loan of 1 Wei and returning 1000 Wei. This causes the lending accumulator to move from 1.0 to 851.0, after accounting for the treasury’s share of the revenue.

The attacker made a total of 10 flash loan transactions:

The very fact that 10 transactions were made seems to be insignificant. The attacker’s goal here was probably just to inflate the accumulator, which could have been done in one transaction if desired.

After the 10 flash loan transactions, the lending accumulator grew from the initial value of 1.0 into 4069297906051644020.0.

Attack phase 2: deposit and withdraw

After inflating the accumulator, the attacker:

  1. Deposited 4.069297906051644021 wstETH, or just 1 Wei higher than their current calculated collateral balance. This increased the raw balance from 1 to 2.
  2. Deposited another 8.138595812103288042 wstETH, or just 2 Wei higher than their current calculated collateral balance. This increased the raw balance from 2 to 4.
  3. Within the same transaction, withdrew 6.103946859077466029 wstETH. The amount to burn should be calculated as:
  4. 6103946859077466029 / 4069297906051644020.0 = 1.5
  5. Due to floor division, the resulting amount becomes 1 instead. The withdrawal decreased the raw balance from 4 to 3 only.

At this point, a discrepancy was created between the attacker’s calculated collateral balance and the actual capital contributed. The contract was compromised.

The remaining part of the attacker’s actions mostly involve the same routine:

  1. Deposit an amount large enough to increase raw balance by a few units.
  2. Withdraw an amount that should calculate as 1.0 < x < 2.0 (they used 1.5 the entire time) but gets rounded down to just 1.
  3. Deposit just enough to increase raw balance by 1 unit.
  4. Repeat steps 2–3 until the amount initially put in in step 1 is mostly recovered.

Since step 3 cancels out the reduction from step 2, overall the attacker’s raw balance increases.

Eventually, they accumulated the raw balance value to 1724, representing 7015.469590033034290480 wstETH, sufficient for draining all other pools.

zkLend audit history

zkLend’s money market contracts in Cairo 0 and Cairo 1 were audited by Nethermind on 23th May 2022 (report) and 29th September 2023 (report) respectively. No critical issues were found in either report.

Subsequently, zkLend’s ZEND token contract was audited on 24th November 2023 (report), while zkLend’s liquid staking contracts were also audited (report) on 15th December 2024, with no critical issues found during the security review.

Response and mitigation

  • Smart contracts suspension: The zkLend markets contract was immediately paused after the attack, suspending all deposits, withdrawals, borrowing, repayment, flash loans, and liquidations. An active warning was put out on the app’s homepage.
  • Security collaboration: Working with security experts such as zeroShadow to notify exchanges, Chainalysis, TRM and Elliptic of associated wallet addresses.
  • Fund tracking: Continuously track stolen funds and the attacker’s activities.
  • Legal collaboration: Actively working with law enforcement (Hong Kong Police, FBI, Homeland Security) to identify and apprehend the hacker.
  • Hacker communication: An on-chain message was sent to the hacker to seek resolution and return funds, but no response has been received.
  • Community updates: Regular updates are being provided to users and partners regarding the protocol’s status and developments.

Next steps

  • Security audit: A security patch will be deployed and thoroughly reviewed by security teams and auditors prior to any consideration of restarting the protocol.
  • Funds recovery: Continued work with zeroShadow to track down further fund flows.
  • User communication: zkLend remains committed to providing regular and transparent updates to the community regarding the situation’s progress and the measures being taken to secure user funds.
  • Compensation: Gather suggestions and feedback from the community to develop a fair and appropriate compensation plan.

We extend our heartfelt thanks to our users and partners for their unwavering patience and trust during this difficult time. The security of your assets and the integrity of zkLend remain our highest priorities, and we are fully dedicated to recovering the stolen funds. Our team is tirelessly working to address every aspect of this incident, including tracking the attacker and collaborating with law enforcement and security experts. We also recognize the significant impact this breach has had on users from various protocols, including STRKfarm and Bountive. As we move forward, we will continue to provide transparent updates and take all necessary measures to protect your interests. We are also pursuing direct communication with the exploiter in hopes of a peaceful resolution while maintaining our investigation with security professionals. Your support is invaluable, and we are committed to restoring your confidence as we work diligently to resolve this issue.

We also appreciate the invaluable support provided by StarkWare, Starknet Foundation, Binance Security, Chainalysis, zeroShadow, Hypernative, Layerswap, Nethermind, Orbiter Finance, rhino.fi and SEAL911 at this time. Their assistance has been instrumental as we work diligently to address and resolve the situation surrounding the recent exploit.

zkLend security incident post-mortem was originally published in zkLend on Medium, where people are continuing the conversation by highlighting and responding to this story.

]]> <![CDATA[zkLend Introducing ZEND Staking]]> https://medium.com/zklend/zklend-introducing-zend-staking-6c790c89e992?source=rss----ab87c846b80c---4 https://medium.com/p/6c790c89e992 Tue, 23 Jul 2024 07:56:23 GMT 2024-07-23T07:56:23.499Z

zkLend is excited to introduce ZEND staking coming live on 24th July 2024 0900 GMT. ZEND staking is an important feature to further safeguard asset security on zkLend and it is also a crucial part of the protocol’s decentralization roadmap.

ZEND staking allows ZEND holders to attribute their tokens to zkLend’s safety module, and in return the holders will receive staking reward emissions (i.e. stake reward APY) on their funds. The safety module is a risk mitigation tool to buffer for bad debts due to extreme market volatilities. zkLend has not suffered from any bad debt events since its launch, and the staking program shall be seen as an added insurance policy that will make zkLend more robust and decentralized.

Staking and Unstaking

To stake ZEND, token holders simply access the Staking tab within the zkLend dapp to attribute their tokens to the staking program. The staking reward accumulates in real-time and can be claimed anytime.

To unstake ZEND, token holders will need to give instruction to unstake manually, also in the Staking tab of the zkLend dapp. There will be a 7-day cooldown period to withdraw the staked ZEND, during this time the unstaked ZEND will be locked and will not be entitled to any staking reward. Token holders can withdraw their ZEND in the app once the cooldown period has ended.

Staking Reward Emission

ZEND staking will have a fixed weekly emission — the emission schedule may be updated from time to time in order to align with changes in total amount staked and staking cap.

The initial emission is set at 4,807 ZEND per week. Assuming a total average of 1M ZEND staked during the week, the staking reward APY would equal 25% per annum. In addition, a staking cap of 2.5M ZEND is applied to ensure a minimum staking reward APY of 10% per annum.

Next Steps

ZEND staking is a milestone for the protocol’s overall decentralisation plan. Leveraging on the staked ZEND positions, zkLend will continue to roll out other governance and loyalty features that allow stakers to vote and participate in decisions related to financing rate subsidies, liquidation profit distribution, gas fee subsidies, adding new asset pools, and more.

About zkLend

zkLend is the native money-market protocol on Starknet, an L2 scaling solution combining zk-rollup scalability, superior transaction speed, and cost-savings with Ethereum’s security.

Website | Twitter | Telegram | Discord | Spotify

zkLend Introducing ZEND Staking was originally published in zkLend on Medium, where people are continuing the conversation by highlighting and responding to this story.

]]> <![CDATA[Announcing the ZEND Deposit Campaign ]]> https://medium.com/zklend/announcing-the-zend-deposit-campaign-607ceddbb1e5?source=rss----ab87c846b80c---4 https://medium.com/p/607ceddbb1e5 Mon, 18 Mar 2024 14:49:54 GMT 2024-05-02T03:17:31.407Z

zkLend is thrilled to unveil the ZEND Deposit Campaign, a pioneering initiative crafted for ZEND holders. As we prepare to broaden ZEND utility across our protocol and other DeFi projects, this campaign marks the first stride towards integrating our token more deeply within the ecosystem. Starting on Tuesday, March 19 at 0900 UTC, ZEND holders may deposit ZEND into zkLend Markets and earn native yield on their deposits.

Embrace the Future of ZEND

The ZEND Deposit Campaign is more than a simple deposit initiative; it serves as a gateway to amplifying ZEND’s role within zkLend and Starknet. This initiative lays the groundwork for its integration into an expanded array of functionalities, including staking, revenue program, and early access to product features — all slated to roll out in Q2 2024.

What You Need to Know

  • Campaign Start: Starting today, users may deposit ZEND on the markets page
  • Collateral: Initially, ZEND will not be enabled for borrows nor used as collateral in the markets pool. Our vision is to gradually transition ZEND into an isolated market, unlocking these capabilities.
  • Utility Expansion: This campaign is a signpost for the upcoming expansion of ZEND’s utility and the beginning of its integration into staking mechanisms and isolated markets within the protocol.
  • Simple Participation: Participation in the campaign is seamless — simply deposit ZEND and you’re all set. No enrollment is necessary; your participation is automatic with your deposit.

Your Potential Earnings

  • Max APR: An initial yield of 50% APR until a predefined cap is reached.
  • Dynamic APR: In the event the cap is surpassed, the APR will be dynamically adjusted from that point onwards to guarantee a fair and equitable distribution of rewards among all participants.

Payout Details

  • Regular Rewards: Rewards will be tallied every two weeks, with the inaugural batch of ZEND deposit rewards claimable on 02 Apr 0900 UTC, following the campaign’s inception. This bi-weekly payout regimen facilitates regular updates and access to your rewards — claim your rewards here.

By participating in the ZEND Deposit Campaign, you’re playing a pivotal role in the evolution of the ZEND ecosystem within zkLend. This campaign melds earning potential with strategic engagement, empowering holders to enhance the utility and value of their assets. Join this transformative initiative and help shape the future of digital finance alongside zkLend.

About zkLend

zkLend is the native money-market protocol on Starknet, an L2 scaling solution combining zk-rollup scalability, superior transaction speed, and cost-savings with Ethereum’s security.

Website | Twitter | Telegram | Discord | Spotify

Announcing the ZEND Deposit Campaign 🌟 was originally published in zkLend on Medium, where people are continuing the conversation by highlighting and responding to this story.

]]> <![CDATA[$ZEND TOKEN LAUNCH — Everything You’ll Need to Know]]> https://medium.com/zklend/zend-token-launch-everything-youll-need-to-know-f6d4f9ab2f35?source=rss----ab87c846b80c---4 https://medium.com/p/f6d4f9ab2f35 Wed, 13 Mar 2024 14:56:30 GMT 2024-03-19T03:23:09.218Z $ZEND TOKEN LAUNCH — Everything You’ll Need to Know

zkLend token ($ZEND) is poised to be the first Starknet native DeFi protocol token to be listed. Following the successful launch of $STRK in February, the Starknet ecosystem is rapidly growing with significant TVL growth and activities across all verticals. The launch of $ZEND is a key milestone for zkLend as well as the wider ecosystem as it signifies the beginning of token launch season for core Starknet-native protocols that have been building since 2022.

$ZEND Token Contract Addresses

$ZEND will start trading on 14 March 2024 10:00 UTC concurrently on both Ethereum L1 and Starknet L2. $ZEND follows the ERC-20 token standard, and bridging between the two networks for $ZEND will be available via the official StarkGate bridge shortly after token launch.

Please refer to the below $ZEND token contract addresses on the respective networks:

  • Ethereum L1 ZEND token address:

0xb2606492712D311be8f41d940AFE8CE742A52D44

  • Starknet L2 ZEND token address:

0x00585c32b625999e6e5e78645ff8df7a9001cf5cf3eb6b80ccdd16cb64bd3a34

  • StarkGate ZEND token bridge

http://bridge.zklend.com/

*to be integrated into the main StarkGate bridge’s front-end within the coming weeks

Onchain Support — Wallets, DEXs and DEX Aggregators

Starknet wallets (Argent and Braavos) are supporting $ZEND. Users who are eligible for $ZEND Airdrop SZN 1 can claim their airdrop from the portal on zkLend using their Starknet wallets on 14 March 2024 10:00 UTC.

On top of the support from centralized exchanges, $ZEND will also be tradable on decentralized exchanges (e.g. AMMs) on Starknet. It will be listed on Ekubo and mySwap as one of the network default tokens, and $ZEND/ETH pools will be available upon token launch for trading. In parallel, AVNU and Fibrous will also support $ZEND on the get-go, which will help users optimise for the best execution venue!

Centralized Exchange Integration

KuCoin Spot trading

  • Deposit: Opened on 11 March 2024
  • Trading: 14 March 2024 10:00 UTC
  • Withdrawals: 15 March 2024 10:00 UTC
  • Trading Pair: $ZEND/USDT
  • Supported Network: Ethereum

*Deposit and withdrawals will be available via the Ethereum network

Bybit Spot trading

  • Deposit: Opens on 13 March 2024 10:00 UTC
  • Trading: 14 March 2024 10:00 UTC
  • Withdrawals: 15 March 2024 10:00 UTC
  • Trading Pair: $ZEND/USDT
  • Supported Network: Starknet

*Deposit and withdrawals will be available via the Starknet network

It is important to note that KuCoin integration will be available via Ethereum, and Bybit integration will be available via Starknet. In this arrangement, token holders may not be able to directly send their $ZEND from KuCoin to Bybit, and vice versa, as they are on different networks.

Tokenomics & Initial Circulating Supply

zkLend has a fixed total token supply of 100M tokens, which are roughly segregated into the following buckets

  1. Public and Private Investors — 17% (2 years vesting period)

Allocation to over 20 high-quality institutional investors and angel investors, with the following vesting schedule:

  • Seed Investors (6%): 0% unlock upon listing + daily vesting for 24 months
  • Strategic Investors (11%): 8% unlock upon listing + daily vesting for 24 months

2. Team and Advisors — 15% (3 years vesting period)

Allocation for the founding team and the board of advisors, with the following vesting schedule:

  • Team: 0% unlock upon listing + 6-month cliff + quarterly vesting for 36 months
  • Advisors: 0% unlock upon listing + 6-month cliff + quarterly vesting for 36 months

3. Staking and Distribution Rewards — 35% (no vesting, rewards unlock schedule subject to the requirements of specific campaigns)

Allocation earmarked for staking rewards, deposit campaign rewards, distribution rewards and other incentives programmes. No vesting schedule applies, but each rewards and incentives programs may apply their own unlocking schedule.

Example of unlock schedule

  • Airdrop Season 1: 25% unlock upon listing + continuous vesting for 90 days (for users)

4. Ecosystem — 33% (5 years vesting period)
Allocation to fund ecosystem partnership, payment for service partners, operating expenses and protocols’ future expansion, with the following vesting schedule:

  • Ecosystem: 10% unlock upon listing + monthly vesting for 60 months

The initial circulating supply is approximately 6.5%, which includes the unlocked supply of tokens from investors, CEX and DEX public sale, airdrop and other professional parties. The total circulating supply will gradually increase over time as more $ZEND becomes vested and available for claim.

We are very excited as zkLend commences on the next phase of its journey and this token launch coincides with our push to bring modularity to money-markets on Starknet. The protocol will soon have more direct means to engage our community through token incentives and rewards, develop partnerships, and sustain the protocol’s future expansion. The team will continue to focus on building a sustainable, robust and efficient DeFi solution for our users that will revolutionize the ways they do finance in the future.

About zkLend

zkLend is the native money-market protocol on Starknet, an L2 scaling solution combining zk-rollup scalability, superior transaction speed, and cost-savings with Ethereum’s security.

Website | Twitter | Telegram | Discord | Spotify

$ZEND TOKEN LAUNCH — Everything You’ll Need to Know was originally published in zkLend on Medium, where people are continuing the conversation by highlighting and responding to this story.

]]> <![CDATA[Welcome to DeFi Spring]]> https://medium.com/zklend/welcoming-defi-spring-2024-01b9ca32a3d6?source=rss----ab87c846b80c---4 https://medium.com/p/01b9ca32a3d6 Tue, 12 Mar 2024 17:55:43 GMT 2024-03-13T08:08:54.543Z Let your assets bloom on zkLend.

As the DeFi Spring on Starknet unfolds in phases, we’re stepping into the spotlight with money markets taking centerstage. zkLend is thrilled to participate in this season, leveraging $STRK from the Starknet Foundation to incentivise engagement within selected asset pools. Our users are invited to partake by simply depositing or borrowing in the nominated pools.

First Phase Highlights

  • Duration: Begins on March 14, 2024, at 00:00 UTC and concludes on March 27, 2024, at 23:59 UTC.
  • Eligible Pools: ETH, USDC, USDT, and STRK.
  • Eligibility: Anyone can participate in the program. The approximate reward APR will be displayed adjacent to eligible supply and/or borrow pools to inform users of the approximate $STRK rewards APR % in addition to the base rate.
  • Claiming Incentives: Rewards earned during this phase will be available for claiming on our platform promptly after the season concludes on March 29, 2024.

Important Considerations

  • Accrued Rewards: The tally of rewards will be unveiled only at the campaign’s conclusion.
  • Dynamic APRs: The APRs displayed is based on the APR derived from non-recursive supply from the previous day and subject to frequent adjustments throughout the campaign, reflecting the evolving nature of the market, the allocation from the Starknet Foundation, and our pool sizes.
  • Incentive Strategy: Our protocol may variably reward different actions, such as deposits and/or borrows, to adapt to market dynamics.
  • Recursive Borrows Adjustment: Given rewards are calculated off chain, we will take into account a user’s net deposit after removing recursive borrows, ensuring fairness. For instance, if Bob deposits 100 USDC and borrows 50 USDC, his net deposit is considered 50 USDC. This calculation is specific to the same asset type, aiming to balance the rewards mechanism. Recursive borrowers will see a higher APR than their ultimate claim.

Secure rewards, maintain active deposit or borrow positions in the designated pools, be mindful of the nuances in reward allocation driven by dynamic APRs.

Stay engaged, stay rewarded.

About zkLend

zkLend is the native money-market protocol on Starknet, an L2 scaling solution combining zk-rollup scalability, superior transaction speed, and cost-savings with Ethereum’s security.

Website | Twitter | Telegram | Discord | Spotify

Welcome to DeFi Spring was originally published in zkLend on Medium, where people are continuing the conversation by highlighting and responding to this story.

]]> <![CDATA[The $ZEND Airdrop SZN 1 has Landed!]]> https://medium.com/zklend/the-zend-airdrop-szn-1-has-landed-4925b56e5216?source=rss----ab87c846b80c---4 https://medium.com/p/4925b56e5216 Mon, 11 Mar 2024 13:59:21 GMT 2024-03-11T13:59:21.139Z

zkLend is stepping up its game in the DeFi space, and we’re thrilled to invite you along for the ride with the rollout of the first native DeFi token on Starknet. $ZEND marks a milestone in placing more power directly in the hands of its community to rapidly decentralise via governance of the protocol. Additionally,$ZEND will unlock new utilities within zkLend’s ecosystem, from staking to secure the protocol’s safety module, beta testing on product launches, to forging meaningful connections with our community.

For $ZEND Airdrop SZN 1, we’re distributing 3,890,250 ZEND tokens (approx. 4% of our total supply) to 42,695 of our early supporters who have been with us from our Mainnet Alpha days through to our current mainnet token liftoff.

Head over to https://app.zklend.com/airdrop to verify your eligibility. Claims will open on March 14, 2024, at a time to be updated. 25% of the airdrop claims will be unlocked immediately on March 14, with the remainder to be linearly vested over the course of 90 days, ending on June 12, 2024.

To ensure fair distribution and integrity of the program, here’s how we’re determining the 8 eligibility categories listed. Users who meet any one of the first 7 will receive an airdrop, with the 8th and final criteria serving as a community bonus.

What’s Next?

Without revealing too much, we’re expecting double digit rewards up for grabs with $ZEND, in another lift off similar to our cosmic STRK: STARFALL campaign which captured STRK deposits and boosted our TVL to new atmospheric highs. We’re expecting nothing less for the historic launch of $ZEND.

Therefore, users who are eligible and hold $ZEND will be able to deposit the token back into the protocol to secure its safety module from next week onwards, as well as earn launch worthy rewards. More perks and details will be announced shortly.

The ZEND Airdrop journey is just beginning with SZN 1. It’s crucial to note that over 35% of zkLend’s tokenomics are dedicated to rewards allocation, which includes future airdrops among other incentives. This initial airdrop underscores our appreciation for active participation, community engagement, and a shared vision for the future of DeFi. SZN 2 will not only bring another exciting airdrop but also align with the launch of key product features pivotal to our transition into modularity, including isolated markets, vault strategies, and the transaction builder.

The countdown to SZN 2 has already begun. Stay alert for upcoming announcements and get ready to be an integral part of zkLend’s continued evolution on our socials. Our dedication to rewarding our community and contributors is unwavering. We’re grateful for your support as we embark on this journey together.

About zkLend

zkLend is the native money-market protocol on StarkNet, an L2 scaling solution combining zk-rollup scalability, superior transaction speed, and cost-savings with Ethereum’s security.

Website | Twitter | Telegram | Discord | Spotify

The $ZEND Airdrop SZN 1 has Landed! was originally published in zkLend on Medium, where people are continuing the conversation by highlighting and responding to this story.

]]> <![CDATA[[EXTENDED FOR 72H] $STRK: STARFALL✨]]> https://medium.com/zklend/zklend-strk-campaign-f96a687d7a2b?source=rss----ab87c846b80c---4 https://medium.com/p/f96a687d7a2b Tue, 20 Feb 2024 13:42:57 GMT 2024-02-23T14:31:24.637Z Do more with your STRK during this cosmic rush.

UPDATE: STARFALL EXTENDED

Exciting news! STARFALL will go into overtime, extending beyond its original end date of 24 February 2024 06:59 UTC to 27 February 2024 06:59 UTC.

Heres what you need to know:

  1. Users may continue to earn additional rewards on their STRK deposit, with a maximum of 5% APY. The APY will adjust dynamically based on the maximum distributable rewards of 18,750 STRK for the extension period.
  2. Rewards will be calculated, displayed, and claimable alongside initial STARFALL rewards on March 6th.
  3. Collateral and Borrow Caps: Reminder that collateral and borrow caps have now been enabled. Users will be able to earn a base yield on STRK as well as borrow against the asset. You may refer to our Gitbook for more information.

Get ready for the trading debut of the $STRK token on 20 Feb at 12:00 UTC! STARFALL is a celestial event on zkLend that will give users the chance to earn additional STRK on their STRK for a limited time.

Stake $STRK earn $STRK, welcome to STARFALL! 🚀

What You Need to Know

  • Double digit APY: From 21 February 2024 07:00 UTC to 24 February 2024 06:59 UTC, deposit your STRK tokens and earn up to an additional 20% APY. Your deposits will be secure in our pools before STRK market pool is activated for lending and borrowing. 💼
  • Cosmic Event: This 72 hour window is your moment to shine and rush $STRK STARFALL rewards. You are welcome to deposit $STRK before the earning window to ensure you maximize on your earnings from second 1! ⏳
  • Starfall for all: No enrollment required. Simply deposit STRK within the STARFALL period to qualify. ✅

Your Potential Earnings

A total maximum of 75,000 STRK are to be distributed for STARFALL rewards with allocations determined on a per-second basis. Here’s how it works:

From 21 February 2024 07:00 UTC to 24 Feburary 06:59 UTC

  • Max APY: For the periods where the cap has not been reached, everyone enjoys the additional yield of 20% APY. 📈
  • Dynamic APY: For the periods where the cap is exceeded, the APY shall adjust dynamically on a pro-rata basis, ensuring fair distribution. 🔍

Payout Details

After STARFALL is completed, calculations will be finalized, and rewards will be available for viewing and claiming on 6 Mar 2024. This streamlined process ensures transparency and ease of access to your earnings.

Join STARFALL

$STRK: STARFALL is your chance to maximize your STRK holdings and be part of the STRK cosmic rush. With no need for formal signup and a transparent payout process, participating couldn’t be simpler. Don’t miss out on this once in a generation celestial event to enhance your $STRK holdings.

Frequently Asked Questions (FAQ) 🌟

How do I know what the APY is for my STRK deposit?

You can find the current APY for STRK on both the Dashboard and Markets pages on our platform. The distribution APY can reach up to 20% in the first round, but it may decrease if the payout cap for the specific period has been exceeded. This ensures fair and balanced rewards for all participants. 📊

Why are my rewards not showing up?

Rewards from STARFALL will be calculated after the campaign concludes and will be visible and claimable on the platform starting 6 Mar 2024. A separate claim window will be available then on zkLend to claim and access your rewards; however, you will not be able to see your campaign reward amount until then. This allows for accurate distribution based on your participation. Separately, if you earned a base APY on STRK, this will accrue alongside your principle as with other deposits. 📅

Will my STRK be lent out during this period?

Your STRK may be lent out once Collateral and Borrow Factors have been implemented. If that is the case, your desposits will earn the additional Base APY on top of STARFALL rewards, and you may use your STRK as collateral to borrow further. 🔒

Do I need to participate for the entire period?

No, there’s no requirement to keep your STRK deposited for the full duration of the campaign. You’re free to withdraw your STRK at any time. Your rewards will be pro-rated based on the duration of your participation and the prevailing APY at that time. ⏳

What happens to STRK after the campaign?

Before the conclusion of the STARFALL Campaign, STRK will be enabled as both a collateral and borrowing asset on zkLend. Your STRK will continue to be placed as deposit within the STRK pool and will additionally earn a yield based on the pool’s utilisation. This opens up various strategies for you, whether you wish to earn a yield passively, use it as collateral to borrow other assets, leverage your positions, go short, or explore other financial manoeuvres. 🔄

Why aren’t regular lending and borrowing activated upfront for STRK tokens?

As an ecosystem token that just begins trading on both L1 and L2, we expect uncertainties and volatility around price, network stability, and oracle availability. As such, we are enabling STRK deposit and lending in slowly in order to minimise the risk and impact to users and our protocol.

About zkLend

zkLend is the native money-market protocol on StarkNet, an L2 scaling solution combining zk-rollup scalability, superior transaction speed, and cost-savings with Ethereum’s security.

Website | Twitter | Telegram | Discord | Spotify

[EXTENDED FOR 72H] $STRK: STARFALL✨ was originally published in zkLend on Medium, where people are continuing the conversation by highlighting and responding to this story.

]]> <![CDATA[zkLend’s 2024 — Embracing Creative Modularity]]> https://medium.com/zklend/zklends-2024-embracing-creative-modularity-dd927ebf98a1?source=rss----ab87c846b80c---4 https://medium.com/p/dd927ebf98a1 Thu, 08 Feb 2024 09:52:17 GMT 2024-02-08T09:52:17.497Z zkLend’s 2024 — Embracing Creative Modularity

Introduction

With emerging narratives like Yield Tokenization, Liquid Restaking, and the resurgence of Memecoins, zkLend remains committed to its core mission: to evolve and perfect the money-market framework within the crypto sphere through the most scalable L2, Starknet. Money markets are not just an integral component of DeFi; they are the bedrock upon which new and existing narratives gain traction and flourish.

Our focus for 2024 centers on embracing creative modularity, to enhance the fundamental structures of DeFi money markets. This modular approach makes our protocol more customisable, efficient, and responsive to the dynamic needs of users and the market.

Specifically, this means extending the range of possible productive assets and the productivity of existing markets. We will introduce groundbreaking features such as Isolated Markets, Transaction Builder, Vaults, and our revolutionary V2 Omnichain Protocol with the aim to empower users with unparalleled flexibility, efficiency and creativity. Continuous iteration and a modular framework are key to unlocking the full potential of DeFi.

Let’s dive into the key features we have planned for you.

Isolated Markets: Unlock Previously Idle Starknet Assets

In the current landscape, most money markets utilize a commingle market pool design, where the inclusion of new assets may be restricted due to the potential risks they introduce. This is because any vulnerability associated with one asset can compromise the entire Total Value Locked (TVL), exposing the protocol to significant threats, as evidenced by incidents such as the CRV incident earlier in 2023.

Isolated Markets in DeFi are like creating specialized zones for different types of assets, each with its own set of rules and safety nets, where the risks of one don’t spill over. This setup is not only handy for trying out new, innovative tokens within the Starknet ecosystem such as LORDS or supporting AMM LP tokens, but also useful to enable more customisable parameters for assets as well. Imagine the ability to customise the interest rate curves and optimal utilization ratios for your own isolated market pools.

The first step to implementing isolated markets will be through permissioned listing, targeted in early Q2. The team will require submissions from protocols on their project description, operating model, tokenomics, circulation, and utilize a standard framework for evaluating the parameters of each pool. In the longer term however, we hope to create permissionless lending pools, allowing protocols to configure their own pools and pairs, interest rate model (IRM), as well as incentives to make the pools as attractive and sustainable as possible.

Vault Strategies: Modularise Yield Strategies

As more isolated markets emerge, liquidity may become fragmented and create potential complexity for users navigating varied investment opportunities. Vaults address this by simplifying choices and efficient liquidity allocation, showcasing modularity’s role in balancing variety with user-friendly navigation.

The concept of Vaults at zkLend draws inspiration from Morpho’s pioneering MetaMorpho design. MetaMorpho, an open-source protocol, laid the groundwork for permissionless risk curation atop Morpho Blue. It introduced a contract that deploys ERC4626-compliant MetaMorpho vaults, each dedicated to a single loan asset while allowing deposits across multiple Morpho Blue markets. These vaults automate risk management and active asset rebalancing, simplifying critical financial decisions in a seamless and secure manner.

Built upon zkLend’s protocol, Vaults offer a practical toolkit for users to deposit assets, enabling various strategies like yield optimization, long/short positions, and leveraged yield farming, all managed by the vault deployers. Because Vaults operate in a non-custodial way, they also empower users to maintain control over their assets while benefiting from expertly curated strategies and composability across DeFi protocols.

Transaction Builder: Extend and Simplify DeFi

Our journey towards simplifying and enriching the DeFi experience is supported by the ability to leverage native account abstraction on Starknet. (An excellent read by the Argent team if you need a recap). We have already showcased AA’s potential on zkLend through multicall features such as:

  • Authorize deposits amount and execute deposit
  • Execute multiple withdrawals and repayments of different assets

These initial steps lay the groundwork for more sophisticated functionalities to come, such as:

  • one-click long/short strategies
  • asset swaps, swapping your assets directly into deposit of another assets
  • loan swaps, swapping your existing loan into another asset liability
  • self-repaying loans, where users can repay their loans using the deposited collateral directly.

Ultimately, this evolution will lead to the development of the Transaction Builder, a versatile tool enabling users to tailor and combine multiple actions into one seamless transaction. Want to take a short ETH position by depositing your USDC, DAI, USDT in one go, borrowing ETH, only to swap it back into USDC all in one click? No problem.

Transaction Builder would also allow users to pre-run the series of transactions so that users can know the total transaction cost involved before execution, and ensure that all transactions will go through successfully with a single transaction signing. Ultimately the Transaction Builder will empower users to easily craft, extend and simplify their financial strategy.

Omnichain Lending: Unite Layers and Unleash Liquidity

Our endgame for 2024 will be an Omnichain protocol that utilizes Starknet as a base and a portal to L2 liquidity. We are in a unique position to leverage the latest advancements in storage proofs and modular data availability to tackle the fundamental issues in DeFi including liquidity fragmentation and unsynchronized cost of financing across chains. The goal is to build on top the existing foundation of Starknet’s scalability and speed, and create a singular, reputable, lending market with deep liquidity.

There will be a separate White Paper released in the coming months detailing on zkLend v2. Stay tuned for more soon…

Concluding Thoughts

While we set our goals to deliver on product development in 2024, we’re also committed to fostering a vibrant community, crafting initiatives aimed at building loyalty and engagement outside the protocol’s direct functionalities. To fully concentrate on these pivotal projects, we’ve temporarily paused the development of zkLend Institutional. This strategic decision allows us to prioritize immediate innovations that promise to reshape the DeFi landscape, with plans to resume and expand our institutional offerings in due course. Together, these steps underscore our dedication to not just enhancing DeFi technology but also nurturing the ecosystem that supports it.

P.s.! On a lighter, fun note: we’re announcing a new mascot to represent our brand.. Hopefully we can share it in the coming weeks.

About zkLend

zkLend is the native money-market protocol on StarkNet, an L2 scaling solution combining zk-rollup scalability, superior transaction speed, and cost-savings with Ethereum’s security.

Website | Twitter | Telegram | Discord | Spotify

zkLend’s 2024 — Embracing Creative Modularity was originally published in zkLend on Medium, where people are continuing the conversation by highlighting and responding to this story.

]]> <![CDATA[#zkLendMainnet now LIVE!]]> https://medium.com/zklend/zklendmainnet-now-live-120efde91b67?source=rss----ab87c846b80c---4 https://medium.com/p/120efde91b67 Thu, 19 Oct 2023 10:55:43 GMT 2023-10-19T10:55:42.935Z

Link to App

zkLend: From Alpha to Mainnet Mastery

Today, zkLend proudly announces its full-fledged mainnet launch, marking an important step since our alpha release. In a short span of less than five months since our mainnet alpha, we have not only grown exponentially to over $7mn in TVL but have also firmly cemented our position as Starknet’s premier borrowing and lending platform.

Redefining DeFi with Cutting-Edge Innovations

zkLend’s mainnet debut isn’t just about maturity; it’s about pioneering innovations.

  • Enter multicall: Say goodbye to the tedium of multiple transaction signings for a singular task.
  • More assets to support your DeFi ambitions: We’re thrilled to introduce an expanded range of assets, prominently featuring wstETH, a game-changer in the realm of staking. Users are now able to craft even more sophisticated DeFi strategies involving wstETH deposit and lending.
  • A codebase more secure than ever: nothing is more important than ensuring our users are in safe hands. Our strategic choice to harness the power of the Cairo VM demonstrates our unwavering commitment to offer unparalleled scalability and continuously improve security in the DeFi landscape.
Our mainnet launch introduces a new wstETH market.

Leading the Pack in Starknet’s DeFi Space

As of today, we are not only the largest lending protocol on Starknet, commanding a staggering 17.6% of Starknet DeFi TVL. Our milestone of being the first money-market protocol on Starknet to deploy, was simultaneously complemented by Nethermind Security’s audit and Formal Specification. The team is not just committed to shipping products but also to long term product security and longevity for users. Read more about it here.

Our audit report from Nethermind is available to read. Source: https://twitter.com/NethermindStark/status/1714952881512616409

Charting the Path Forward

In the immediate term, we’re gearing up to introduce user-centric features such as one-click bridge & deposit, transaction builders, and many more. Our goal is simple — be the most intuitive DeFi lending market for users to navigate.

Our overarching vision is to redefine DeFi’s liquidity layer, bridging the gap between multiple L2 rollups, serving both retail and institutional clientele. As we continue our journey, we invite you to be a part of this revolution, shaping a decentralised financial landscape that’s both robust and revolutionary.

For more insights and to be a part of our journey, visit zkLend’s website and join our communities below.

About zkLend

zkLend is the native money-market protocol on StarkNet, an L2 scaling solution combining zk-rollup scalability, superior transaction speed, and cost-savings with Ethereum’s security.

Website | Twitter | Telegram | Discord | Spotify

#zkLendMainnet now LIVE! was originally published in zkLend on Medium, where people are continuing the conversation by highlighting and responding to this story.

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