StarkWare, a development company L2 networks Starknet plans to increase transaction processing speed by four times and reduce fees by five times in anticipation of an increase in user activity. StarkWare CEO Eli Ben Sasson talked about this in an interview with the publication Cointelegraph.
The performance gains will be due to “better compilation and execution” of code in Cairo, Starknet’s native programming language. The developers plan to implement the necessary updates within three months.
Project 29 October send personal record for average movement per day – 127 TPS. According to Ben Sasson, after updates this figure will exceed 1000. For comparison, at the time of writing the Solana network processes 800-1050 transactions per second.
The promised fivefold reduction in commissions will control Starknet list of the cheapest networks. Currently, users pay $0.002 per transaction, and after the update the cost should drop to $0.0004 – three times cheaper than the current leader Hope an average of $0.0014 for the past month.
CEO StarkWare expects that cost reductions in operations will be made over the next year. In his view, this is an essential part of preparing for what is to come increase in market activity.
The developers already have put to use solution with lower gas prices Starknet v0.13.3 on the test network. The update is expected to be published on the main web by the end of the week.
One aspect of Ethereum’s L2 scaling is increasing its blob capacity. The other part is rollups becoming more efficient in terms of data. Good to see you @Starknet rising to the challenge.
I would like to see more EVM rolls increasing data efficiency as well (see https://t.co/HZijLDNqog ) https://t.co/0MTasPyPEg
– vitalik.eth (@VitalikButerin) November 18, 2024
Vitalik Buterin proposed Strarknet work to create more efficient rolls and he noted that this is part of the solution problems L2 scaling.
Coinbase 15-minute chart STRK / USD. Data: TradingView.
At the time of writing, the STRK token is trading around $0.48, up 6% in 24 hours.
Let us remind you that Starknet users on September 13 vote to start the STRK stack.
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2024-11-18 16:36:00
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To continuously monitoring and enhancing our performance even after these updates go live. What are the expected long-term benefits of these updates for users and developers on the StarkNet network?
Interviewer: Great to have you both here today. Could we start by discussing the upcoming updates that StarkWare plans to implement to increase the speed and reduce the cost of transactions on the StarkNet network?
Guest 1: Absolutely. Eli, can you elaborate on the specific improvements that are being made to achieve this significant boost in performance and how they will impact the network’s scalability?
Guest 2: Sure, StarkWare is working on improving the execution and compilation of Cairo, StarkNet’s native programming language. This will lead to better performance and faster transaction processing speeds. What other advantages does Cairo offer over other languages commonly used in blockchain development?
Interviewer: Yes, that’s interesting. Eli, can you talk about the potential for increased adoption of StarkNet as a result of these improvements, particularly in terms of decentralized finance (DeFi) applications and NFT marketplaces?
Guest 1: Definitely, the aim is to make StarkNet more attractive to developers by providing a user-friendly, high-performance platform. We believe that these improvements will make it easier for developers to build innovative DApps and attract more users to the network. Can you speak to the potential impact of these increased transaction speeds and reduced fees on the broader adoption of Layer 2 solutions?
Guest 2: Vitalik Buterin recently noted the importance of efficient rollups in solving Ethereum’s Layer 2 scaling issues. As a leader in the space, how does StarkWare plan to address this concern and ensure that its solution is not only efficient but also interoperable with other Layer 2 networks?
Interviewer: It’s fascinating to hear that Vitalik is keeping a close eye on your work. Speaking of which, with the release of StarkNet v0.13.3 on the test net and promised updates to the main network, when can we expect to see these performance improvements go live?
Guest 1: We’re hoping to have everything finalized and deployed by the end of the week. We’ve already seen some encouraging results on the test network, so we’re confident that we’re on the right track. Furthermore, we’re committed
