Crypto, Sorare is not a victim of the bear market

The year 2022 marked the arrival of a crypto winter. The value of cryptocurrencies and the companies that operate directly or indirectly on the blockchain ecosystem have greatly suffered from the consequences. Nevertheless, some market participants do not seem to have experienced the negative impact of this bear market. One of the significant examples is Sorare, the game that combines sports team management and virtual card (NFT) collection. The magic potion for such a result is composed of the following ingredients: An NFT collection game, a low entry price, cheap fees thanks to StarkEx L2 and all secured by Ethereum (ETH).

StarkEx: Sorare’s Engine

StarkEx is a STARK-powered scalability engine for cryptocurrency exchanges developed by the StarkWare company. This tool uses cryptographic proof to attest the validity of a transaction batch and updates a commitment on the state of the exchange. Thus, this technology allows exchanges to provide transactions with non-hosted wallets, high liquidity and reduced costs. StarkEx currently supports ETH, ERC-20, and ERC-721 tokens and can easily support tokens from other EVM-enabled blockchains. StarkEx is now a mature platform that has been deployed on the Ethereum mainnet since June 2020.

Ethereum: a popular blockchain

Blockchain is considered one of the most important technological developments of the 21st century. Overall, it is a peer-to-peer distributed data network that has promoted the creation of decentralized currencies and smart contracts. Indeed, Bitcoin (BTC) is the pioneer in the initiation and successful implementation of blockchain technology, and its influence has been felt in the press and the economy. Such technology has attracted the interest of a host of industries, particularly due to its utility. Now it is the Ethereum blockchain that is gaining popularity. The other cryptocurrency on the market has several applications. Ethereum is an open source and decentralized blockchain platform. It uses its original ETH asset to pay transaction fees called “gas”.

Ethereum: a versatile ecosystem for Sorare

This ecosystem is particularly versatile. It allows the movement of currencies and non-fungible tokens (NFTs) that can represent any asset. It also allows the execution of advanced processes using smart contracts. Blockchain players can thus use the Ethereum network to run decentralized applications (dApps) or issue cryptographic assets called ERC-20 tokens. With the announced merger, Ethereum will use a new consensus system, “Proof-of-Stake” (PoS). This would enable it to be 2,000 times more efficient than it is today under the “Proof-of-Work” (PoW) model. Such developments will make ETH a faster, more scalable, greener and cheaper network.

Other companies are escaping the consequences of the bear market apart from Sorare. This is, for example, the case with BAYC, Punks or Axie. This game looks like a web2 game with web3 game and wind mechanics. This type of play-to-earn can be exponentially successful as web3 grows. The renaming of a multinational like Facebook to Meta is a positive indicator for blockchain games.

Receive a summary of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the Cointribune essentials!

Sami AYADI avatar

Sami AYADI

To the angelism of the current monetary system advocates, I am against DeFi, digital assets and the metaverse. Lawyer in Luxembourg, I am interested in cryptocurrency investment funds.

Leave a Comment