Argent, Starknet Foundation Tag ‘Several Millions’ for New Startup Studio

To kick start more buidling on the layer-2 network Starknet, the eponymously named Foundation and Web3 wallet provider Argent are teaming up to launch a new startup incubator.

Called Hito Studios, the platform will provide all the bells and whistles a new startup needs, including legal support and hiring.

Starknet-based teams like Unframed, an NFT marketplace, and Ekubo, a Uniswap-esque decentralized exchange native to Starknet, have already joined to assist the launch.

“We have achieved significant milestones in enhancing the performance and scalability of Ethereum on Starknet,” Starknet Foundation’s CEO Diego Oliva shared with Decrypt. “Nevertheless, to achieve widespread adoption, it is also crucial to foster the participation of numerous teams in developing products that address substantial issues and deliver meaningful value to users.”

The move comes after, per Argent co-founder Itamar Lesuisse, the industry more or less solving concerns around scalability and user experience.

“We’re at a stage where we have an infrastructure, we have the wallet and the UX. But what we need, obviously, is use cases,” he told Decrypt.

Lesuisse said that Hito has earmarked “several million” in funding for several projects that leverage the “uniqueness” of Starknet’s capabilities to build out basic primitives. “You will need the NFT verticals, DEXs, derivative platforms, options, and lending. It’s a no-brainer,” he said.

Argent and Starknet have been working hand-in-hand, with the popular Web3 wallet being the go-to wallet service for new users joining Starknet.

The wallet was one of the first to really pioneer account abstraction in production, turning to features like account recovery and experimenting with ideas like session keys (or the ability to let transactions to your wallet occur for a set period without needing you to constantly sign off on them).

Starknet is the other side of the equation, offering a layer-2 solution to really expand the abilities of Ethereum.

Launching Hito Studios is thus a play to bring in this final feature: more user activity to Starknet.

“We are surfing on Starknet’s growth, it’s really where the action happens for us,” said Lesuisse. “It’s more important for the ecosystem to grow than Argent’s market share to grow.”