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 companies that operate directly or indirectly on the blockchain ecosystem have greatly suffered the consequences. However, some market players appear not to have been negatively impacted by this bear market. One of the significant examples is Sorare, the game that combines sports team management and virtual card collection (NFT). The magic potion for such an achievement consists of the following ingredients: an NFT collecting game, a low entry price, cheap commissions thanks to StarkEx L2, and all guaranteed by Ethereum (ETH).

StarkEx: the Sorare engine

StarkEx is a STARK-based scaling engine for cryptocurrency exchanges developed by the StarkWare company. This tool uses cryptographic evidence to prove the validity of a batch of transactions and updates an exchange status reservation. This technology therefore allows exchanges to provide transactions with non-hosted wallets, high liquidity and low 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 implemented on Ethereum’s core network since June 2020.

Ethereum: a popular blockchain

Blockchain is considered to be one of the most important technological developments of the 21st century. Overall, this is a peer-to-peer distributed data network that has fostered the creation of decentralized currencies and smart contracts. Bitcoin (BTC) is actually the pioneer in the successful launch and implementation of blockchain technology and its impact has been felt in the press and the economy. This technology has aroused the interest of a plethora of industries thanks in particular to its usefulness. Now, it is the Ethereum blockchain that is gaining popularity. The second cryptocurrency on the market has multiple applications. Ethereum is a decentralized and open source blockchain platform. It uses its native ETH resource to pay for transaction fees called “gas”.

Ethereum: a versatile ecosystem for Sorare

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

Other companies escape the aftermath of the bear market besides Sorare. This is for example the case with BAYC, Punks or Axie. This game looks like web2 game with web3 game mechanics and win. This kind of play-to-earn could see exponential success as web3 grows. Renaming a multinational like Facebook to Meta is a positive indicator for blockchain games.

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Sami AYADI avatar

Sami AYADI

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

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