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StarkWare sets its sights on revolutionizing Ethereum scalability, anticipating significant reductions in transaction fees and surge in TPS on its Starknet.
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With a commitment to enhancing user experience, StarkWare is positioned to become a leading player in the Layer 2 scaling solutions, giving users more economical options.
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CEO Eli Ben Sasson stated, “You can take it to the bank,” emphasizing confidence in Starknet’s ability to achieve a phenomenal increase in transaction speeds.
StarkWare plans to drastically reduce transaction fees and quadruple speeds on Starknet, setting it as a competitive player in the Ethereum Layer 2 landscape.
StarkWare’s Ambitious Goals for Starknet’s Performance and Costs
StarkWare is on the verge of unleashing a robust upgrade for its Ethereum Layer 2 protocol, Starknet. According to CEO Eli Ben Sasson, the platform is projected to achieve a four-fold increase in transaction speeds coupled with a five-fold reduction in fees within the next three months. This ambitious roadmap aims to enhance Starknet’s throughput beyond the crucial 1000 transactions per second (TPS) mark, positioning it on par with established networks like Solana.
Technical Improvements Driving Starknet’s Upgrade
The anticipated enhancements stem from better compilation and faster execution on Cairo, Starknet’s native programming language. Ben Sasson revealed that recent network performances indicate an impressive average of 129 TPS, with peak stress tests achieving 857 TPS. This trajectory suggests that the upcoming improvements will not only sustain but significantly elevate Starknet’s operational capabilities.
Market Context: Starknet vs. Competitors
In a landscape characterized by fluctuating transaction fees, Starknet is currently the third-cheapest Ethereum Layer 2, trailing behind Optimism and Blast. With an average fee around $0.002 per transaction, Starknet remains an attractive option in comparison to Solana’s variable rates of $0.001 to $0.11 in recent months. These developments could serve to draw more users to Starknet as they look for cost-effective solutions in a high-volume blockchain ecosystem.
Future Expectations: Expanding Across Networks
Beyond its improvements in transaction speed and costs, StarkWare is eyeing further innovation through the incorporation of the OP_CAT proposal. If successful, Starknet would become the first Layer 2 solution allowing native settlements on both Bitcoin and Ethereum networks. This advancement is expected to roll out within the next 12 months, hinting at an exciting future that could position StarkWare at the forefront of cross-chain functionalities.
Conclusion
As StarkWare forges ahead with its ambitious plans, the company aims to address growing demands for improved scalability and reduced costs on blockchain networks. By achieving significant advancements in transaction throughput and lowering fees, Starknet is poised to enhance user experiences dramatically and solidify its place in the competitive landscape of Layer 2 solutions. The anticipated upgrades and developments not only hold promise for StarkWare but also indicate a larger trend toward more efficient, user-friendly blockchain protocols.
