Introducing xBank — The Premier Decentralized Non-Custodial Liquidity Market Protocol on StarkNet
After multiple months of preparation, we are more than enthused to announce that xBank will be launching on StarkNet in March 2022!
Before we go into the announcement details, we’d like to take this opportunity to express our gratitude towards StarkWare who has provided us with invaluable guidance and a grant to support xBank’s early development efforts.
So, what is xBank?
xBank is a decentralized non-custodial liquidity market protocol, written natively in Cairo & Solidity. xBank manages deposits for the lenders and facilitates lending of the deposited asset for the borrowers while performing appropriate risk management to protect the lenders from risks of illiquidity and insolvency. The lenders earn passive interest income from the algorithmically derived interest rate while the borrowers take out a loan of the supplied assets in an overcollateralized & perpetual manner by paying a floating interest rate as determined by the supply and demand for the asset.
As a decentralized protocol, xBank’s ledger will be publicly-inspectable, ensuring transparency for all key stakeholders.
Introducing the Core Team Behind xBank
The xBank core team consists of multiple experienced DeFi veterans:
Chris — I am xBank’s Strategy & Product Lead. Before xBank, I was a management consultant, having worked with many leading financial institution clients on various topics such as product strategy and loan pricing. With my experience in TradFi and love for DeFi, I will be spearheading xBank’s product & strategy efforts.
Timothy — Timothy is our Engineering Lead. Timothy has worked as a team lead for a blockchain development studio, having developed contracts for multiple battle-tested DEXes, NFT platforms, and lending platforms. With an extensive smart contract development experience under his belt, Timothy decided to leave the development studio to focus his effort on building xBank.
Eddie — Eddie co-leads the development effort with Timothy. After working as a lead developer at a publicly-traded TradFi institution for multiple years, he left the financial institution of the past and embarked on a journey to building the financial institution of the future, xBank.
Park — Park is our Product Owner. As someone who’s very passionate about DeFi, Park is a frequent user of many prominent DeFi protocols, allowing him to develop sharp eyes for great products. Having worked as a Product Owner for multiple DeFi projects alongside Timothy, Park is ready to leverage his past experiences to build the best work of his career to date.
There are four primary reasons for choosing StarkNet to be the home base for xBank:
- Usability: StarkNet uses the zkRollup technology which compresses transactions and send the them back to Ethereum (L1) for validation, allowing fast interoperability between L1<>L2 interaction, and thereby significantly shortening the confirmation time.
- Performance: StarkNet is up to 20x cheaper than other L1 blockchains, making it one of the most, if not the most, gas efficient L2 solutions due to its efficient use of L1 calldata space. It is also massively scalable, as evident in the recent scaling efforts of dYdX, DiversiFi, and Immutable.
- Decentralization: Although StarkNet is much faster and cheaper than other L1’s, it does not sacrifice security and still possesses the same degree of decentralization as Ethereum.
- Support System: StarkWare has a strong management team and is backed by multiple prominent VCs and crypto-heavyweights such as Paradigm, Alameda, Ledger, OKex, Three Arrows, and Sequoia among many others.
Given the reasons above, we have high confidence that StarkNet will become one of the most adopted L2 solutions in the market. If you would like to learn more about StarkNet, you can find the latest status update in this article.
xBank is scheduled to launch in March 2022. In the coming weeks, we will provide more details on the launch plan as well as our whitepaper. In the meantime, please follow our Twitter and Medium to keep up with our latest developments.
If you’d like to get in touch with us for any potential collaboration, please do not hesitate to reach out to me via the following channels:
🔗 Official Links
Below are the official links for xBank: