Kakarot Becomes Part of the Eterna Capital Portfolio
We are excited to officially announce our recent investment into Kakarot.
OFFICIAL ANNOUNCEMENT here.
Kakarot is a zero-knowledge Ethereum Virtual Machine (zkEVM) written in Cairo, enabling it to be deployed on Starknet, a Layer 2 scaling solution for Ethereum.
Our investment in their recent seed round was led by Stake Capital and LongHash Ventures, with participation from Fenbushi Capital, OKX Ventures, Foresight Ventures, SevenX Ventures, Builder Capital, Bixin Ventures, Signum Capital, among others.
Starknet is a Layer 2 scaling solution for Ethereum created by StarkWare. It is a zero knowledge rollup that exists to address the scalability challenges of Ethereum by enabling drastically faster and cheaper transactions. Besides being a ZK-rollup, Starknet has other foundational pillars like its native Cairo programming language. Smart contracts written for the Layer 2’s execution environment must be written in Cairo instead of Solidity. While Cairo enables fast and secure development of smart contracts capable of processing thousands of transactions per second at a fraction of the cost and latency of Ethereum, it is incompatible with the EVM. This means that developers who want to use Starknet must learn Cairo and rewrite their contracts, which can be time-consuming and costly.
Kakarot is a ground-breaking Type 2.5 zkEVM built on the CairoVM. Overall, it aims to present to developers an abstraction layer they’re familiar with, the EVM. As such, Kakarot solves Starknet’s EVM incompatibility issue and enables developers to build and deploy as if they were working on Ethereum.
In its first phase, Kakarot will be deployed as a smart contract on Starknet. Following this, it plans to integrate with Starknet’s Madara sequencer to form a unified stack to facilitate Layer 3 zkEVMs, which will enable teams to deploy zkEVM app chains and settle transactions on Starknet with validity proofs.
Kakarot plans to eventually evolve into a Type 1 zkEVM. This advancement will allow every L1 node to produce Stark Proofs. Furthermore, Kakarot is actively investigating additional Zero-Knowledge Proofs (ZKPs), account abstraction techniques, and various scaling strategies to enhance and fortify the Web3 ecosystem.
With our participation in this round, we are pleased to be part of Kakarot’s mission to revolutionise the Ethereum ecosystem by bridging the gap between Starknet’s advanced privacy features and the power of the EVM.
About Kakarot
Kakarot is a zero-knowledge Ethereum Virtual Machine (zkEVM) written in Cairo. It aims to allow users to leverage the scaling benefits of validity rollups while maintaining compatibility with the Ethereum ecosystem.
For more information, visit https://www.kakarot.org/ or follow Kakarot on Twitter.
About Eterna Capital
Eterna Capital is an investment company focused on blockchain technology. Eterna Capital supports entrepreneurs that envision bold innovative ideas, and have the plan in place to make them happen. Eterna Capital is committed to help them reach their ambitious goals by providing unique insights and support.
For more information, visit www.eternacapital.com or follow Eterna Capital on LinkedIn and Twitter.
Disclaimer: This post is for general information purposes only. It does not constitute investment advice or a recommendation or solicitation to buy or sell any investment and should not be used in the evaluation of the merits of making any investment decision. It should not be relied upon for accounting, legal or tax advice, or investment recommendations. This post reflects the current opinions of the authors and does not necessarily reflect the opinions of Eterna Capital, its affiliates, or individuals associated with Eterna Capital. The opinions reflected herein are subject to change without being updated.
