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AMA on Starknet Migration
Recorded: Aug. 13, 2025 Duration: 0:43:00Space Recording
Short Summary
The recent discussion centered around the migration to StarkNet, highlighting its advantages for project growth, user experience, and strategic partnerships. With 1,500 users already migrated and a focus on enhancing liquidity and yield opportunities, the project is poised for significant expansion in the DeFi landscape.
Full Transcription
Thank you. Thank you. good morning just letting you know there was some background noise um with your mic this
long so maybe go into one of the call points yeah sure Thank you. you
maybe you can start off with uh the reason why we migrated to StarkNet and all of the advantages that we get once we migrated. Just letting you know that I can see that you unmuted your mic but we cannot hear you. everyone hear me now yes we can hear you yeah sorry there were some technical issues
uh yeah so thanks everyone for joining right it's a pleasure having you out just before we start a very brief uh a very
brief um agenda for today right and by the way glad to see advisor and our affiliates blur and
their tile right so thanks for thanks for joining as for the agenda for today basically i want to cover just a couple of topics
right so one is why we migrate right uh the second one is like basically how the migration
works for the users and changes post-migration right uh lastly we'll after that i will share
some stats on the migration right and lastly I will talk about our short-term priorities
aside from the migration,
so the things that the team is focusing on, right?
So essentially, starting off with the first topic
on why we migrate, right?
So basically, we started off as a perpetual DEX, right?
And we used Starkex as our settlement infrastructure, right?
And Starkex is a great tech, but it's unfortunately only limited to perps.
So basically, the settlement infrastructure was settled in store.
And to deliver our longer-term roadmap,
which basically includes offering cross-asset collateral unified margin
with integrated spot, the lending markets,
basically allowing users to use any non-stable
for an asset as the collateral,
we've changed the trade firms, right?
We essentially needed to have a more customizable solution,
and hence this is the primary reason for the migration.
So to sum up, essentially, the migration enables us to build up towards our longer-term roadmap.
I will cover the immediate priorities and how we're getting to that roadmap.
But that's basically the main reason for the migration.
But that's basically the main reason for the migration.
Now, as for the choice of StartNet as the settlement layer,
basically, it's super simple.
So we need this super performant settlement layer.
And I think among the public L2 blockchains,
StartNet is effectively the only one which can handle the required throughput, right?
Basically, as an example, yesterday,
on the new instance of the exchange,
on StartNet, we're settling up to 30 trades per second, right?
And this is besides deposits, withdrawals,
transfers, mark prices, and other things
which were settling on chain.
Basically, we're settling first trades per second, right?
And they don't think any other public blockchain would be able to keep up with that pace, right?
So that's the core reason, a very simple one, why we're choosing StartNet as a settlement player. Now, as for the changes from the user perspective, right,
post-migration, essentially everything remains more or less the same. So basically as of now,
the startnet instance of the exchange is very similar to what you guys have seen on startlets,
right? There are a couple of differences.
The first one for the deposits and withdrawals,
effectively for EVM users who will be supporting now
six major chains, as well as all the limits
for deposits, withdrawals for all the chains
have been increased and will be further increasing them.
So that experience should have improved.
That's why.
Second, we've also revised the margin schedules
and we've removed some of the markets,
which we didn't see having any traction on Starpex.
Right? So we have removed them from our StartNet instance.
But besides that, the trading experience should be one-to-one so
post-migration users shouldn't see any difference right from between the
StarkX and the Starknet versions so all the EVM users can still use the EVM
wallets there is no need to interact with Starknet unless you want to right
we obviously will support all the
StartNet wallets, Argent, Bravas, but effectively this is not mandatory for
our existing users or for any of the EVM users. Now as for the migration flow and
migration stages overall, basically the migration will happen in three stages.
Now we are in stage one where effectively both exchanges, the StartEx and when migration stages overall, basically the migration will happen in three stages.
Now we are in stage one,
where effectively both exchanges,
the StarTax and the StarTax one,
operate in full capacity, right?
Meaning that both exchanges support deposits,
withdrawals, all the trading activity.
The only difference between the two exchanges
is that we are not distributing any points on StartEx.
So points are distributed on the StartNet and we obviously encourage all the users to migrate as soon as possible
because now there is a chance to earn more points since we've doubled them for the next two epochs on the StartNet instance of the exchange,
which is basically to reward the users who migrate early.
Now, that's for the stage one.
Stage one will end in two weeks
when essentially the StarCax version
will be removed into the reduce-only mode.
So users will not be able to deposit funds
into the StarCax version of the exchange,
as well as the positions.
So the only things they can do is to effectively close
their existing positions, right?
And migrate or just withdraw points.
And after, the Starcax exchange will be in reduce only mode for
two weeks and then we'll get to the final stage to the wind down when basically all the positions
on starcax will be closed at the mark price right and the only option users will have
And the only option users will have is to withdraw funds if they haven't migrated by then.
So that's on the migration.
Probably the last short thing on the migration stats, I think we'll already see approximately 1.5 thousand users who have successfully migrated to StartNet and in total they've transferred approximately 15 million in TVL,
right, out of which 6.5 million of Vault TVL has also migrated, right.
And yeah, we expect effectively the majority of users to migrate this week
and we'll continue focusing on expanding the StartNet instance of the
exchange.
So that's very briefly on the migration, right?
Yeah, I don't know, Kasper or anyone else, if you want to add something.
So to put it in short, for one week, the StarGag instance will be live, but will be reduced only after that.
We have two weeks of double points.
So instead of 1.2 million a week, we have 2.4.
And we are migrating to Stargag to improve our infrastructure
so that we can do spot and so that we can do lending
and all of more things on top of that.
Am I correct?
Or did I say anything wrong?
Yeah, that's correct.
That's correct.
The high level.
Cool.
Then moving on to the next topic, right?
The short-term focus and the priorities for the team aside from the migration, right?
So basically, there are four or five things
on which the team is focusing.
The first one is we have approximately
30 different prioritized user feedbacks
which the team is currently implementing
across the entire exchange.
That relates to many different things,
many minor different things on the exchange,
mainly UI and the minor UX features.
So that's one.
The second thing is we'll be releasing builder's code shortly
so that external teams will be able to build on top of our infrastructure.
And the logic will be very similar to the builders code logic of Hyperliquid.
I think we already have more than five teams which
are building on top of us.
So there are three teams which are building Telegram bots
slash apps.
There are two teams which are building
various funding arbitrage strategies and vaults on top of extended.
And then there are a couple of wallets
which are integrating extended natively into their UI,
right, to offer perps in their apps.
And we are expecting more teams to come
once the builder's code is released.
So that's the second priority.
The third priority for us is revamping the mobile
application, right? As we've communicated multiple times, basically we've now released only the MVP
version of the mobile application and we've gathered quite a lot of user feedback on that,
right? So thanks a lot to everyone who provided it.
And essentially we are now focused on revamping the mobile app
just to make it a bit more convenient,
a bit more sleek.
So that should be also done in the next,
I would say one to two months.
And then the last thing on which the team focuses
is to tokenize our own vault shares.
So basically, that will be the first non-stable coin asset that will support on the exchange.
Essentially, in very simple terms, users will be able to deposit funds into the vault and then they will be able to use 70 percent of the value which they've
deposited into the vault back as the collateral on the exchange right so essentially as a user
you will be able to both earn yield of the vault right as well as to use those assets that collateral to trade in the extent.
So these are the four main things which we are focusing on in Q3.
After that, once this is accomplished, we'll focus on introducing a general unified margin logic,
supporting other non-stable coin assets as the collateral,
and expanding the universe of uh of those uh of
those assets so yeah so that's the road map so to put that in average show language um if i deposit
for example a hundred thousand into the hyper um the extended vault um i can borrow 70,000 against that
if my collateral is 100k
and then I can use that 70k
to trade on perpetuals
and then in case that I get liquidated
on my 70k position,
my vault position would be liquidated.
Correct?
Correct.
Sounds pretty nice.
Yeah, we just, I mean, overall, right, the direction towards which we're working, right, is offering a much higher capital efficiency for all the users, right?
And that's the first step towards that.
So essentially, you can deposit funds into the vault and then simultaneously use the same funds
to trade on the exchange.
As well as once that feature is live,
we'll be, I think, lifting our vault cap,
so that the vault will become available to more people.
What is currently the reason
that we limit the maximum deposits on the vault?
I mean, honestly, it's very simple, right?
Is we want to preserve the yield for the vault depositors, right?
And that's as simple as that.
And we are increasing our cap along with the growth of the exchange.
All right, so you want to keep it at a certain level of uh apy as well i'm assuming
uh yes like we don't have a very specific target in mind right but we are aiming to keep the apr
above 20 right it becomes bigger great right but basically that's how we that's how we manage the cap.
What do you consider the next steps after we migrated to start?
I know that we want to go to Spot, and I know that we want to go to money markets like lending and borrowing.
But what are the first priorities?
And also, when it comes to the mobile application, because a lot of applications like Hyperliquid, for example, you know, they have a web app, but we want to go for a native application that you can download from the Apple Store or the Google Play Store.
How are those priorities exactly in line?
Yeah.
So in short, right, there are three main priorities overall for the team.
One is improving the liquidity on the exchange. And we have a couple of larger market makers lined up for the integrations.
So hopefully the liquidity on the StartNet instance will be significantly better than what you guys see now.
That's one.
Then the second priority is basically tokenization of the vault shears,
because that's the first step to support non-stable coin as the collateral.
Because basically, the logic is pretty much the same for the tokenized vault shears,
or let's say for LBTC or RAP-DTC or RAP-Stake Thief to support them as the collateral.
And then the third priority is the mobile application.
So currently, we only have the web app.
And the immediate priority is to essentially revamp
the existing web app to implement all the user feedback
that we have.
Once this is done and once everyone is happy with the web
app, we're going to focus on the native applications, right?
Which UI wise will be very similar to the web app, right?
But effectively will be just,
will be just working as regular applications.
All right. Yeah, I know that makes sense.
And I think it's also like, you know,
I just want to give a shout out to
our users like who are giving feedback and telling us how we can improve because you know um from my
perspective for example like my job is to give feedback and one of those things is the user
interface but i will admit that our users have been giving amazing feedback that i didn't think
about yet um and like you know i have to give them a pat on the back for that.
They've really given a lot of useful insight that I didn't think about.
Honestly, I 100% agree, right?
So most of the features that basically we've released over the past month,
right, have come from our users, especially on the UI side of things.
And that has been super helpful, as well as
with the revamped mobile application.
It's basically inspired by the user feedback again,
the new designs.
And that really helps us improve the product.
So essentially, the feedback which is shared either
in private or in Discord tickets or in the feedback channel,
we are basically keeping track of every feedback item.
And then we are internally prioritizing them
based on the number of requests that we've received
from the users.
So I know you might have seen that we've recently revamped
the market selector based on the user feedback.
We've added quite a lot of features to the order form,
right?
So basically showing the current position there,
showing the slippage, a couple of other features, right?
And that all came from the users.
And that's extremely helpful i know i totally agree
like um for example like the the way that we handled uh favorite markets that it becomes like
in its uh you know separate navigation bar i was honestly very jealous about the people that were
uh saying that because i was thinking to myself, fuck, I should have thought of this myself.
This is such a simple thing.
It stares at your face in all of other exchanges,
but I didn't think about it myself.
So our users, I'm really grateful that they gave that feedback.
When it comes to the mobile application,
currently what I see a lot with uh these mobile apps it's basically that they import a react application into a native app and it looks
pretty slow uh we're not going to do that uh correct or maybe you can give some more insight
in that or maybe i don't know if fabio is in this current call, but maybe he can give some feedback on that.
Yeah, I don't think Fabio is here, right?
But I'll answer for him.
So...
I'll tag him on Discord then that he needs to join.
Okay, okay.
But essentially, I mean, the first step
will just revamp the web app.
And after that, we'll focus on the native applications, right?
Honestly, from the technical standpoint, we're still figuring out what would be the best and the most efficient for the implementation, right?
But that's the question which we'll answer right once we revamp the web app.
question which we'll answer right once we revamp in web app.
Uh, I'm sorry, I didn't pay attention to the last five seconds.
I was messaging with Fabio, who is currently going to join the spaces.
Okay, cool. No worries. I mean, I just told that we'll firstly revamp the web app
and after that we'll figure out how to implement
the native application.
So you want to, yeah, okay, that makes sense.
Like you want to figure out, you know,
how you want to organize the user interface layout
before you actually build it in a native application.
That totally makes sense.
So we'll first gather, we'll essentially release
the new version, gather feedback,
and then proceed with the native application.
Are there any points currently that you're like,
damn, I really want users to give feedback
around this specific topic at the moment?
Because maybe, now that we're running a Spaces,
that would be an amazing point that they could give feedback
on, and maybe they could even earn the desktop wall.
Yeah, I mean, honestly, we would appreciate
the overall feedback on any user feature that we have,
as well as it would be great to understand
what are the most desired user features which right, which we're currently lacking.
I think that would definitely help us prioritize the roadmap
and focus the team resources accordingly.
Yeah, sounds logical.
All right, Fabio or Mr. Jason, could you maybe
give us some info on what makes a big difference between having
a native mobile application in the App Store or in the Google Play Store versus having
a web application that is mobile native like we currently have?
I mean, so far the difference would be like a different distribution channel.
So now if you want to download the application,
you just have to go on the browser
and click Save to screen.
Whereas if we have this mobile app,
they will be able to just download it from the App Store.
And in the future, we would be able to implement
some specific native features,
but that is depending on the roadmap as well.
Okay. But like, let's not talk from a developer perspective.
I would love to hear it from a user perspective.
Like for example, is the native application in the Google Play Store or in the App Store
going to be faster or what's going on exactly here?
The way we saw it was to wrap our existing web app into into a wrapper and that way it
would become a native app so in my opinion there would be no no performance gain like
there will be not much difference from the developer perspective
okay so there there will not be a a difference a user perspective, but like, you know, is it,
you know, going to load in like the web tag into the native application or, you know,
what am I looking at? Because, you know, I'm expecting that it would load faster,
you know, on the native application, or maybe I'm wrong there because I'm not a back, you know,
I'm not a front-end developer. I'm mainly a back-end developer.
I mean, there will be, like, there can be a couple of differences, right?
Like one is notifications can be handled much more efficiently
in the, let's say, native application, right?
Meaning that currently you will only see a notification
for the web app in case you are inside the application right as for the uh as for
the uh as for the loading etc etc right i mean native applications they tend to be
i think they indeed tend to be faster right right? But again, that depends on the specifics of the implementation.
I know, but like when I'm thinking about it, for example,
like one security, of course, is going to be a lot safer
because a lot of people can like impersonate your application.
But if you're on top of the leaderboard,
when you search for Xtendr, for example,
like you're going to have a huge advantage.
I think when we're talking about building the application itself,
I am assuming that we're using React.
Maybe I'm wrong.
I also know we are using Kotlin.
Personally, I haven't used that,
but you're calling the Kotlin API,
then you're calling the backend API
that calls to the
backend.
Compared to this, we will have our own, how can I say, direct API that will call every
function.
I'm not a frontend developer, but I can see this being a lot faster than the current solution
that we have.
But I think the big difference is that we are going
to be a lot safer just because we won't have impersonators
in the Google Play Store or in the Apple Store.
I agree.
Cool. Thanks, Kasper, for covering in detail the mobile application roadmap
and the roadmap overall.
I guess now we can move on to any questions
the community can might have, right?
So guys, in case you have any questions,
yeah, please feel free to ask them. Thank you. you
okay i guess there are no questions right then i suggest we wrap it up, right, so thanks everyone for joining,
right, and thanks for the bonvo, um, that's perfect for all the questions. I just saw, um,
Leonis, uh, joining as a speaker, so maybe he has a question, so let's, you know, let's give it a minute for him to maybe ask something. Sure.
Yeah, anyways.
You guys hear me okay?
Yeah, we can hear you perfectly.
Perfect.
Good meeting you.
Yeah, nice.
It's been a great conversation,
so thank you very much, guys,
for your time putting this together.
What I kind of want to speak about was, obviously, as you kind of touched on liquidity
and expansion, obviously, just now,
I know we are growing kind of organically and in time,
but is there any kind of plans to try and onboard?
Maybe you've touched on that.
Maybe I've slightly missed it.
But is there any plans to kind of onboard
some of these larger
traders
I don't want to say
KOLs but
obviously you do see a lot of
traders on
crypto Twitter
I just want to know
is there any affiliate programs
or is there anything we'd like
is there anything that'd like is there anything
that um you've got kind of lined up on that side of things i don't know if uh hussam wants to reply
to this or if he prefers that i reply to this but uh i'm just going to give him the mic uh and give
him the option for whoever replies to this yeah i can give my response and then you can you can
you can add your thoughts, right?
But basically, I think there are two questions, right?
One is on the market making side of things and on the liquidity, right?
And the second one more on the affiliate side of things, right? So as for the market making, basically the way it currently works, right,
is we have three types of market makers on the exchange, right?
One is our own vault, right, into which people provide liquidity, and then we use that liquidity
to market make on the exchange, right?
The second one is our own internal market maker, which uses segregated funds, right,
of the extended company to market make on the exchange.
And the third type is the external market makers.
So essentially, now the focus is on two things.
Once we migrate, we will be increasing the cap of the vault
and hence we'll be increasing its TVA
and the funds which are available for market-making for the vault.
And secondly, we are onboarding quite a lot of the new market makers on the exchange, right?
Because we had a couple of the larger firms,
which were essentially waiting for our migration to start that, right?
To kick off the integration, not to do the work twice, right?
So we expect them to be onboarded in the next couple of weeks, right? And we should
have, we should see the liquidity improving on the exchange, right? And basically these are all DeFi
native market makers, right? So they've been super active on Hyperliquid and other
projects and now they're coming to extend it as well, Now, on the second front, on the affiliates,
essentially, basically, we run an open affiliates program.
So anyone who meets certain conditions
effectively can onboard as an affiliate to Extended, right?
And then help us onboard users, right?
But on that front, I will let Casper effectively comment
and add his thoughts.
Yeah, so to keep it simple,
like when we're talking about market makers,
we don't do any paid deals.
We do a fair game for everyone.
And for example, with Extended,
there were a couple market makers
that were very interested in, you know,
integrating Extended to form the points
and also provide liquidity.
But they were a little bit scared
because of the migration.
And like, I understand it
because you have, you know, inventory risk.
And because our migration took a little bit longer you know they also took a little bit more time but that's
you know coming around the corner and then we have affiliates uh like Ruston said like that's a
totally different topic but I'm going to be honest like um as we said, we don't pay for market makers. We don't pay for KOLs. And currently, we have a few big players that are very excited to join us.
So in KAM, during Ethereum CC, one of the biggest affiliate managers for WooX is going to shill us to his Korean community and ensure that those KOLs basically get on board
on the extended affiliate program.
Because he knows that he earns points with it.
He knows that he earns the USD referral with it,
which makes it very appealing for him.
We basically are copying the Hyperliquid playbook.
The thing is,
I think that we are a lot more appealing just because we have a better
user perspective,
you know,
like we are really focused on the user experience while hyper liquid is
focused on,
you know,
more of the institutional trader,
but like,
you know,
at the end of the day,
we're trying to get that,
you know, at the end of the day, we're trying to get that, um, you know, uh, retail, um, flow.
Uh, and that's basically it.
But I mean, overall, our essentially approach to growth is very simple, right?
We don't do any paid marketing or we don't do any paid market making deals right so we focus on the genuine organic and
long-term growth right and effectively on offering the best possible product experience
right so that we organically gain users that has always been our approach and we want to stick to
it yeah absolutely agree with that like i'm sometimes bad with my words, but I'm totally agreeing with Huston.
I appreciate the answers, guys.
And just one final thing.
Obviously, there's been the migration of the StarkNet.
Has there been any involvement from the actual Star Connect core team?
As in, do you think there's going to be any potential rewards from the team, etc., for over there?
Or are they allowing you to onboard no problem?
Obviously, I think one thing a lot of people kind of
if I'm perfectly honest with you
people were surprised by was the
migration to Starknet
because a lot of people feel like it is a dead chain
but again you are just using the
infrastructure and you want it to be seamless
so nobody actually
matters on that
but I want to know how the actual Starknet
team,
core team, have you had involvement with them?
Yeah, look, essentially we are obviously in touch
with both the Starkware and the StarkNet team, right?
I can say that from the Starkware's perspective,
we are getting quite a lot of the support
on the technical side of things, right?
And essentially, in my opinion, they are one of the strongest engineering teams in crypto overall, right?
Obviously, StartNet didn't really pick up as a chain itself, right? At least for now.
But I think regardless of that, in terms of the tech, they are probably one of the most advanced players out there,
and that's basically the reason we've chosen them, right? As I've mentioned in the beginning of the AMA, right,
is that yesterday during the migration, we were settling approximately 30 trades per second, on the public chain and they don't think any other
l2 out there would have been able to handle that throughput right so in that regard our choice of
startnet is basically driven purely by the need for the most efficient and trustless settlement layer. And they do think that's essentially the only option
which was viable for extended in the longer way.
Right?
Now, as for the rewards from StarkNet,
from StarkNet, as far as, like,
obviously I cannot really kind of answer it for them right but
first of all i'm just letting you know that you just got off uh for like five seconds
yeah i was thinking which one
okay so what was the last thing you heard guys you were talking about
something start net tech wise but like you know um to be honest i wasn't paying too much attention
so maybe i fucked up there yeah but that was basically in the nutshell right one is tech wise
they are the best choice for us right just because of the throughput, settlement time, etc., etc., right?
As for the specific rewards from the StarkNet to the community, right, as far as I know, they are working, like, I cannot really give an answer for them, right?
But as far as I know, they are working on a new general rewards program, right?
And from our side, obviously, we'll
try to make sure that Extend is part of it.
And we do expect to be effectively
the major application on StartNet in terms of users, CVL,
transactions throughput, et cetera, et cetera.
So we should definitely be part of it. But again, it's at their full discretion, not ours.
Okay, I appreciate that.
I'll let someone else, or if there's anything,
I think one thing I would say,
if there's anything you would like,
the kind of community, obviously,
that are forming around extended, are pushing extended, if there's anything you would like, the kind of community, obviously, that are forming around extended, are pushing extended, if there's anything, I think, you would like to push.
I think that would probably, or you would like to see from the community, if it's maybe getting more builders involved, they're just obviously spreading the word then.
I think that would be good to touch on.
good to touch on yeah i i personally thought when uh when you were asking the question uh i'm just
gonna say lyo because um you know you have a pretty long name um like when when you were asking
the question i was thinking like does starknet support us or not um and you know in case of that
i would say like you know go to the starknet twitter and just see how much they retweeted us
how much starknet affiliated people you know retweeted us, how much StarkNet affiliated people
retweeted us. I think
if that was a question, I'm not saying
you did, but that was
just the vibe that I was getting.
I think we can say
pretty comfortably that StarkNet is a
big fan of us, especially because
we're like 30% of the TVL.
Nice.
Okay.
Thanks, guys.
Cool.
Thanks for the question.
If anyone else has any other questions,
please raise them. Cool. I think there are no other requests for questions, right? So I suggest we wrap
it up and thanks everyone for joining.
Have a good day, Gaston.
Yeah, have a good day too. Thanks for the convo.
Okay, is there another question?
Yeah, I have a question. Not really a question. Actually, I think the Discord link which you have on the website is broken.
The core link on the website?
Discord. Discord. Discord.
Okay, we'll check that. We'll check that right after the EMA. Thanks a lot.
That's right after the EMA.
Thanks a lot.
Cool.
Thanks, everyone.
Thanks for joining.
Right and enjoy the rest of the day.
Bye bye. Thank you.
