TL;DR
- Starknet is set to enhance transaction speed and reduce fees, aiming to increase TPS fourfold and reduce fees fivefold within three months, making it the cheapest Layer-2 solution.
- The upgrades will enable Starknet to surpass 1,000 TPS, directly competing with top Layer-2 solutions like Solana, and attract more users and developers to the platform.
- Starknet plans to integrate Bitcoin transactions, supporting native settlements on both Bitcoin and Ethereum, creating a more unified and efficient landscape.
Starknet, a leading ZK-Rollup solution for scaling dApps, is set to undergo significant upgrades aimed at enhancing transaction speed and reducing fees. Announced at DevCon 2024 in Bangkok, Starknet’s CEO Eli Ben Sasson revealed plans to increase the network’s TPS fourfold and reduce transaction fees fivefold within the next three months.
That’s a wrap! So long and thanks for all the vibes at Stark Space Bangkok! 🌟
A huge thanks to everyone in the Starknet Community and beyond who brought energy, curiosity, and community spirit to make Stark Space a truly memorable part of the #Devcon2024 experience!
Day 5… pic.twitter.com/KREycJhDx3
— Starknet 🐺🐱 (@Starknet) November 16, 2024
These improvements will be achieved by optimizing the compilation and execution process on Cairo, Starknet’s smart contract programming language.
Competing with Top Layer-2 Solutions
With these upgrades, Starknet aims to surpass 1,000 TPS, directly competing with other top Layer-2 solutions like Solana, which currently processes between 800 and 1,050 TPS.
Starknet’s current average transaction fee is already low at $0.002 per transaction, but the planned fee reduction will make it the cheapest Layer-2 solution available. This move is expected to attract more users and developers to the platform, further solidifying Starknet’s position in the Layer-2 race.
Starknet’s Bitcoin Integration
In addition to speed and affordability improvements, Starknet is also exploring the integration of Bitcoin transactions. The network plans to introduce the OP_CAT improvement proposal, which will enable Starknet to support native settlements on both Bitcoin and Ethereum.
This integration is expected to roll out within the next 12 months, making Starknet the first Layer-2 solution to offer such functionality. By bridging the two major blockchain ecosystems, Starknet aims to create a more unified and efficient digital asset landscape.
Overcoming Challenges and Future Prospects
Despite facing challenges such as the controversial airdrop in February 2024 and the resignation of the Starknet Foundation’s CEO, Starknet has continued to push forward with its ambitious goals.
The network’s recent achievements, including breaking the Layer-2 record for sustained TPS and maintaining ultra-low transaction fees, demonstrate its resilience and commitment to innovation. The upcoming upgrades and Bitcoin integration are expected to further enhance Starknet’s capabilities and attract a broader user base.
Starknet’s planned upgrades and Bitcoin integration mark a significant step forward in the evolution of Layer-2 solutions. By enhancing transaction speed, reducing fees, and bridging the gap between Bitcoin and Ethereum, Starknet is poised to become a leading player in the blockchain space.
