Starknet Turkey Interview with Vitaly Yakovlev from ZKX
Hello everyone. I’m Caner Budak from StarkNet Turkey and the Fibrous Finance team. I met Vitaly Yakovlev, CTO & Co-Founder at ZKX, at the StarkWare sessions where we will talk about Starknet, DeFi, and all things ZKX.
Let’s get into it.
- What is your overall impression of StarkWare Sessions and the panel discussion on Starknet and DeFi? How do you think the ecosystem is evolving and what role does ZK play in it?
Firstly I’ve been to many events, but the StarkWare Sessions brought together developers from different ecosystems who are open to discussion and development, making it one of a kind event.
Coming down the panel now, it was focused on the increasing interest from developers in the Starknet ecosystem, driven by the belief that zero-knowledge (ZK) is the future. The consensus was that the influx of talent creates competition and leads to better products and systems, constantly challenging developers to innovate and improve. Another point was that some might want to keep it exclusive; having more people leads to better products through constant challenge and improvement.
Overall, the ecosystem is amazing to work with and offers great opportunities for growth and development.
2. Okay, thank you so much. Could you share your background and journey leading up to the creation of ZKX?
I’m a USC graduate with an MSc in computer science and math. I’ve been in commercial software engineering for over 25 years, working mostly for large enterprises before shifting my focus to startups and scale-ups over the last decade. Startups are exhilarating because of the opportunities to work with smart people and new tech while staying close to the technology itself. Blockchain is where the action is, so I’ve been involved with it for the past seven years, starting as a trader before diving into building. My passion lies in developing technology as a product, identifying the roles of technology and users, and blending them together seamlessly.
Moving on to ZKX, our founding team brings a diverse range of backgrounds to the table, which has been critical to our success. It’s an exciting blend of tech and business, and the journey has been nothing short of amazing, although of course there are always challenges to overcome. Finding exceptional blockchain developers has been an uphill battle, but our brand has helped attract more talent to our team. Our success with Starknet has been phenomenal, and we’ve been able to bring numerous developers into the ecosystem.
3. Yes, that was another point I wanted to ask. Why did you choose StarkNet to develop ZKX when there are many different Layer-1 Blockchain or Ethereum Layer-2s?
There are three reasons for our technology stack choice. Firstly, we found the idea of spending days or weeks to withdraw funds was not ideal, making Optimistic Rollups unsuitable. Secondly, after researching Ethereum and ZK technology extensively, we found Starknet to be the most viable solution for our business needs. Lastly, the quality of engineers and products in the ecosystem, coupled with the friendly and capable community, solidified our decision.
4. Then I think these things you mentioned are sufficient and necessary reasons to build a Perpetual Protocol with ZK technology as DEX. Am I right?
We agree that every product has various options, and finding the right pieces is like solving a big puzzle. Our natural and native choice was ZK as the underlying layer because we believe that it is the game changer for DeFi, and a decentralized way to store and work with data is crucial. Decentralized protocol was never an option for us, and we worked hard to find the pieces that complete each other to create a clear picture. That’s our approach, and we’re lucky to have found the right fit.
5. So let’s talk about the ZKX Puzzle. Can we go a little more into the architecture of the ZKX and talk about what sets it apart from other competitors?
We created a Node Network that combines the best features of Virtual AMMs and CLOB while avoiding their limitations. This network consists of nodes that use a consensus algorithm for decentralized order matching, prioritizing scalability and performance. The Node Network has two fundamental parts: the DLOB, a decentralized limit order book that directly interacts between users, smart contracts, and the ZKX node, and the DPS, a bridge between external data sources and ZKX’s pricing. All order book matches will happen off chain within the node network, enhancing the system’s scalability. However, all fundamental checks are still within the L2 of Starknet, ensuring security and privacy. The ZKX Decentralized Node Network offers a future permissionless node client, making it one of the most innovative features of the system.
6. You’re currently on Testnet. What should users expect from ZKX?
So, our code and product have been audited by Nethermind, and our Testnet is now live. We believe in growing ZKX based on the environment we are in, which includes our tech stack and understanding of the ecosystem.
In April, we will transition to the new version of Cairo 1.0, which was recently released and has significant technical benefits. We do not believe in just one release but rather in a continuous approach where we release more based on feedback. Our team will gradually release testing functionalities, following the principles of major application development used by large Web3 and Web2 projects. This may involve multiple Testnet releases and monthly updates until all Mainnet features are available on Testnet. Ultimately, we aim to offer traders a good variety of trading tools and instruments, and we plan to expand our node network to benefit other protocols pursuing decentralization.
7. Then let me ask you my last question. Which project or projects were your favorite during StarkWare Sessions?
Braavos is undoubtedly the best due to their focus on account abstraction, which will drive mass adoption and solve industry problems. They’re the only team I know that’s laser-focused on this aspect, specifically for end-user wallets, with amazing ideas and an outstanding team. Their engineering is fantastic, with a focus on simplicity.
8. Okay, thank you so much. It was a great conversation for me. So would you like to add something for our interview…
I highly encourage everyone to check out our testnet and give them a try. Whether you’re a developer or simply curious, I urge you to experiment with Cairo and explore the possibilities. We have an abundance of resources available due to StarkCon, including workshops and hackathons, to help you get started. You’ll be amazed at what you can achieve. For traders and users alike, I encourage you to take advantage of our testnet and experience it yourself. Give it a try; I’m confident you’ll find it enjoyable.
Caner Budak: Really thank you very much for this deep conversation. I hope it has been a very instructive interview for everyone who listens/reads it.
