June 29 (Cointime) - StarkEx's Layer 2 network has recorded over $1 trillion in cumulative volume for on-chain trading and swaps since its launch in June 2020, according to StarkWare, the developer behind the network.

The majority of the trading volume on StarkEx comes from dYdX, a crypto derivatives trading exchange, while other apps such as ImmutableX, Sorare, and Rhino have also contributed significantly.

StarkEx is an Ethereum Layer 2 solution that aggregates transactions from Ethereum's mainnet to reduce congestion and transaction fees, using a zero-knowledge rollup technology called "Starks" to increase efficiency without compromising security. StarkWare operates StarkEx as a SaaS solution to help Ethereum projects scale, and also contributes to StarkNet, another Ethereum Layer 2 project.